Evening star., 1909-02-19
MARKET IS UNSETTLED
Price Movements During Ses-
sion Highly Irregular.
STEEL ABSORBING SUBJECT
U. S. Common Dealt in Upon Enor-
nous Scale.
LONDON GENERALLY WEAK
Americans Below Parity With Local
Closing Prices Yesterday-For-
eign Houses Sellers.
Special Dispatch Ia The Stal

Special Dispatch Ia The Star.
NEW YORK, February 19.-lt was
perhaps tobe. expected in view of the
general characteristics of yesterday S
dealings that this mornings stock mar
kct should open with feverish and un-
settled tone Such indeed, was the case
but before the passage of the first half
hour it became plain that general liqui-
dation was by no means as urgent as 1t
was yesterday, and furthermore. that
supporting orders had been introduced
into a number of stocks Price move
mtnts throughout the day were, how
ever highly irregular, and at the close
of business the net results were decided
ly mixed.
Conditions in the steel trade were again
the absorbing subject of interest and dis
cuSsion. During the greater part of the
business session the promised official an
nouncement by the 81 eel corporation was
withheld but there was strong intlma-
tions that the official statement would
take the form that pending an adjust
ment of current trade conditions an
open market would he declared for the
various manufactured steel and iron prod.
ucts with the exception probab bly, of steel
rails.
Erratic Fluctuation.
United States Steel common was again
dealt in upon enormous scale. and the
stock fuctuated in an erratic fashion. A
further decline of l point was scored in
the opening transactions, after which
the stock enjoyed a substantial rally and
later fuctuated irregularly.
Amalgamated copper recovered the
whole of an early decline notWithstand-
ing a further reduction in the selling
ment shares were all weak. while cotton
oil was exceptionally strong
The traction stocks were practically
neglected during the greater part of the
day.
The expected announcement of the
Southern Pacific bond issue was made
early in the afternoon. The amount was
fixed al SS2. 100000. In addition. the reg
ular dividends were declared upon both
Union and Southern Pacific stocks. Other
active features of the railway list were
Reading. New York Central, st. Paul and
Atchison. The last named continued ex-
ceedingly firm.
Currency Movements.
Previous to the opening of business the
quotations for American shares in the
London stock market were commonly and
substantially below parity with New
York's closing prices of yesterday.
The London stock market was generally
weak, chiefly because of revived uneasi-
ness with regard to the political situa-
-tion in southeastern Europe. Foreign
houses were sellers in the local market OF
upward of JO.C00 shares but there was nc
little suspicion as to the real origin OF
these orders The foreign exchange mar
ket was strong. partly i'll connection WITH
sthe London selling of securities. but little
alteration was shown in the money mar
ket.
= The principal movements of currency
during the week as set forth in the pre-
1iminary estimates. indicated only small
change in the cash position of the banks
despite the fairly large returns OF gov
ernment balances to the subtreasury-