The Washington herald., 1909-01-29
RECESSION DEVELOPS
Advance of the Previous Day
Leads to Heavy Selling.
SEVERE BREAK N READING
Trades Closed By Professional oPer-
atOrs TO Gain Small Profits Afford
ed by Rise IN Prices, Which oc-
Cured Wednesday = Decision Adj
verse to Coal Roads Is Feared.

New York, Jan 2S-The stock market
displayed weakness to-day n about the
same degree that It displayed strength
yesterday. nor vas It to-day any more
than on the day before other than a
strictly professional speculative affair.
Under such narrow conditions OF trad
ing as at present exists, habitual buyers
and sellers OF stocks ore accustomed TO
close their trades whenever prices move
so as to afford a profit, even II this
profit be exceedingly small Inasmuch
as the market rose yesterday, it was.
therefore. due 20 fall to-day. and as
London turned for the third day In sue
eession as seller, prices OF the active
stocks were at the beginning below those
Of yesterday.
The local selling, however. conversed
upon one or two stocks generally, and
the Reading issues in particular. Pres
sure upon the market seemed .undoubt-
edly Of speculative origin, and was osten-
sibly based upon the large piling I'D Of
unsold quantities OF copper, metal, which,
It Is alleged. IS taking place both IN this
country and in Europe Stress was also
laid naturally upon the relative dizziness,
for the time being, Of the iron and steel
business. and it was argued in quarters
hostile 10 the market that no improve
ment could be expected IN this relation
until the present tariff discussion was
past.
To Keep Metal Prices Stable
So far as stocks Of copper metal are
concerned. il IS a matter OF c0ngTatula-
ton that information OF a trustworthy
character was adduced for the public
benefit through the work Of the newly
organized copper producers. who have
effected a revival OF an old association
for a similar worthy purpose that came
10 an end several years ago. The func-
ton OF the present association, as was the
case with its predecessor. viii be 70
produce stability in the copper trade, so
far as it is possible 10 DO so. through
The publication OF statistics OF production
that VIII be regarded in every quarter
or the business world as accurate and
official
i publication Of this sort as 20 the
stocks OF copper on hand on January !,
may be made about a fortnight hence,
and the truth VIII then be disclosed re-
garding 2 matter Of prime importance
which has for ten years back been only
subject to speculative rumJT mOngering.
The reason for the fall Of nearly three
points in Reading common stock to-day,
that being the largest decline that the
stock has experienced IN 2 single day
for a considerable period. was variousIy
said to be fear OF a decision adverse 70
the coal carrying companies IN the So
called commodity clause case now before
the Supreme Court OF the United States
10 apprehensions that the coal companies
may find difficulty in arranging a new
agreement with their miners when the
existing agreement comes 10 an end by
limitation on april ]. and TO the IN
satisfactory condition during the present
season Of the coal trade proper
Prices Lowest at Close.
II IS. OF course. absurd TO place anv en-
phasis upon the legal controversy re-
ferred TO. inasmuch as the commodity
case has only Just been argued In the
Supreme Court and TIE court Is on Mon
day 10 take 4 three weeks recess. Al
though It is not improbable that the
miners union may endeavor 70 obtain
concessions from their employers. greater
than those which were awarded 10 them
under the adjudication Of President
Roosevelt's famous commission several
years ago. and which are now in force.
public sentiment VIII certainly be so
strongly aroused against any efforts in
this direction as 10 make it impossible
1or the miners 10 succeed, and IL is well
known that the miners unions are now in
4 highly GisorSanized state The market
closed to-day about al its lowest prices.
but with declines not notable anywhere