The Birmingham age-herald., 1909-02-20
STOCK MARKET
 IN HALTING MOOD Developments in Iron and Steel Trade Cause Weakness SOME FACTORS BULLISH Copper IndustriaIs. Show Little Weakness But Railroad Stocks Afe Helped By the Southern Pacific
 Bond Issue.
SOME FACTORS BULLISH

New York, February 19.-The latest de- velopments in the iron and steel trade have resulted in great confusion of opin- ion over what consequences are to fol- low. This state of confusion was respon- sible for the halt in speculative aeuVlty in the stock market late today, rather than any conviction that the market hao adjusted itself to the new conditions Tn the sharp fall in prices. The peileI IS common that a large waiting requirement. exists in the steel trade, which will come out at signs of revival in industry. Ihe statement was current that the leading steel-nalkers had canvassed the railroads of the country thoroughly with view to ascertaining what volume of orders lor steel rails would be brought out by cut from S2S to s25 per ton. The result was reported to show a failure to bring out the amount of orders deemed necessary to justify the action. ..
 In this case the great deterrent to pres ent action in placing orders is sald to pe the uncertainties of the tarltt ehaiises and Likelihood that new adjustment ol prices must be made anyhow when tne new duties are fixed. The realization tiaI the same difficulty must apply III gieaee, or less degree to the market TOT alt steei products complieates the Whole ptopiei That the recently maintained leNea VI va1ues of steel industrfals was an artiHeiai one in view of the state of trade was the oninion expressed with sufficient eXplcit- ress bv the price movement which has followed the knowledge of the new move bv the leading authorities in the steel trade.
 The liduidation of United States Steel continued today on very large scdle both for home and foreign account. Ihe whole market was affected, but m varying degree. The copper industrials showed more sympathy with United States Steel today than yesterday. This was partly accounted for by reports of another dras- tic reduction in the prices at which lead ing producers were offering refined cop per.
 On the other hand there were points or resistance in the railroad list. The Southern Pacific bond issue, although eX- pected in an indefinite way, came as a surprise in many of it's details. The SS2,- OO0OOO to be offered proved larger than generally looked for The decision to or fer the issue to stockholders at price designed to form a privilege seemed to be taken in it's favor and the fact that the portion thus to be allotted to the Union Pacific interest in it's capacity of stockholder would meet the sum to be paid to that company in its capacity as creditor for advances to its subsidiary promised to facilitate the financing of the new bonds and lessen the strain on the money market. The two Hartman stocks were inclined to firmness after the bond issue was announced.
 The money market was not materially affected by the estimates of the week 8 currency movement, which indicated un- important cash net changes. The foreign selling of stocks in this market helped to a sharp upward movement in foreign rates. Revival of uneasiness over the Balkans position was factor in the de- pression abroad.
 Bonds were irregular. Total sales, par value $i,716,e00.
 United States bonds were unchanged on call.