The Washington times., 1909-02-25
METAL STOCKS BRING BAD SLUMP
IN EARLY STOCK MARKET.
RAILS RECOVER.

NEW YORK, Feb 25.-1 p m--Atter
the strong closing given to the market
on Wednesday afternoon II was TO ne
expected that the opening this morning
would be much the same, ana I9rdIy
TO be expected that the mood would
he entirely different Again 1t was
the unexpected that happened. The ac-
tion OF London on the opening indicated
that New Workers were selling stocks
Jn London and the tap Of the opening
bell on change showed I'm the rush 10
sell that all was not we'll
Wall street discovered new goat
and it was sick mamie. From time
10 time in the days. weeks. and years
past the condition of today's scat has
been a matter OF deep worry 10 the
stock market. Anna lgamated Copper
was the goat. and Smelling was an
associate worry.
Open Market in Copper.
It was also a case Of a. declaration of
en- open market for copper and other
metals, following on the heels Of the
Generalization occasioned by the open
idea in steel and iron that turned the
market right about face and sent the
whole list on the down grade. with
Coppcr. Smelling, and Steel leading the
procession.
Naturally such serious losses and
weakness in the industrials was quickly
reflected in the rails, and the situation
represented a duplicate of Tuesday
when the bears had the best Of it and
prices melted rapidly.
Close observers Of market conditions
40 not believe that the short lines have
been covered. nor de they look for
any immediate recovery OF permanent
character It is likely that the insiders,
the big men of the Street, will give
whatever support may be necessary TO
prevent utter Generalization OF the
market, and yet continue liquidation on
strong spots. Some of the best houses
on the Street advised purchases of
Reading after the low point Of the
morning had been reached. Others ad-
vised ignoring the market for the time
being.
Cuts Do Not Tempt Buyers
II is stated that the pTiCe-CUtting in
Steel products has not been successful
in stimulating orders. The big users OF
the products have observed with evident
satisfaction the radical cuts that have
been made because Of their holding of
and they will hold off yet little longer
They have come to believe that the
revision Of the tariff Will be along dras-
tic lines and that it will lead to fur
ther reductions I'm prices.
Reports were also current that opera
tions in the anthracite districts would
be suspended within few days. II
has been a bad winter for the Goa
companies.
Banks Lose Currency.
The banks have been severe losers
OF currency during the week Money
has so far been favorable TO the opera
tions of the bull pools and against the
bears. Now the chances are that the
loans to strengthen reserves.
Ten thousand shares Of Copper were
thrown on sale at the opening, and
after a few sales at 69bMI0 the price
quickly dropped TO 6594. thereafter re
covering a point or 50. Smelling drop
ped TO 7S7s or 3bs points with a recovery
OF about a point. Anaconda, , points
of; Steel common started at = loss. o.
at 45S+, broke to g, and recovered abOu
a point The preferred touched poin
net loss and recovered part Thereon
Republic Iron and Steel was a pOin
lower: Lead from a close a a TO ia
Tennessee Copper. 194. and Steel car, !
TIE rails Joined in the slump afte
making a little show Of resistance
Turns Stronger
And then, when things looked tn
weakest. the bears took notion L
ooveY. This idea seemed to prevad
the entire ranks OF the bears and IN
wav they covered started the Who'll
market on The up grade. The mOvennen
toward higher prices had not culTninate
al O'Clock, but seemed 10 be slated 10
another hour at least And yet TN
iaa -. was nervous and unsettled. som
eIor,S- still being materially below IN
closing uGures OF Wednesday.
The recovery was chiefly in the rail-
and IN steel common and preferred
not being as much in evidence in Coz
ger and Smelling, although here theI
was also some recovery.
There was nothing in the late new
Of the day TO cause any change an
the nervous condition OF affairs VA
evidenced here and there throushOu
the list ANY evidence OF a turn &c
ward weakness would have bTOugf
out q flood Of selling orders
In the recovery Copper rose 10 oi&
Smelling, TO S0as, Anaconda. 10 3S%s
steel common, 20 1872; the preferred
10 109al a net advance Of 2. and Othf
6ndustrials fractionally and by points
Rails Move Up Sharply.
In the rails, Southern Pacific recor
rred its entire loss, Union Pacific with
- Of its loss; ST. Paul all but p, an
tne other rails within , point of q
closing Of yesterday, Reading being q
exception in that IL was still IL lowe
Atchisou. Canadian Pacific. Baitimol
and Ohio. Great Northern. and Illiuo
central made slight gains. being fir