The Washington herald., 1910-02-16
WALL STREET NEWS
Prices Sag with a Market OF
Unusual Inactivity.
DUILEsT PERIOD IN FORTNIGHT
RumOr that Copper Merger Had
Been Abandoned Cnused AmHIga-
mated Securities 10 Fall. but There
Is Not Evident Reason for the De-
cline and Lack qf Demand.

New York. Feb 15-To-day the natural
tendency of the security market seemed
to be toward a lessening of activity and a
moderate decline IN prices. The market
was, in fact. the dullest and least in
teresting seen for a fortnight. and was
almost wholly made up of the in and out
operations Of professional traders.
At the opening quotations for most of
the leading stocks were generally a little
lower than at. yesterdays close, but they
rallied with considerable vigor, led by
particularly sharp advance in Reading
common stock. The rest OF the day the
market sagged. Transactions were IN
decidedly less volume and It was OBJ
vious that there was absolutely no pres
sure TO sell stock. On the other hand. il
had to be admitted that, except in the
case Of the issues, evidences of steady
buying or Of definite accumulation of
stocks were wanting. Final prices were
as a rule at not far from the days lowest
and. although not a few net gains were
shown. declines were, nevertheless, gene
raj A particular stock was Canadian
Pacific, for which reason was supposed
to be found in the fact that the directors
OF the company early declared the regu-
lar semi-annual dividend upon the stock.
when it seemed TO be the case that in
London there was some expectation that
an advanced dividend might be ordered.
Cause of Copper Weakness.
Weakness in Amalgamated Copper was
accounted for by a rumor that the long
talked Of copper merger had been aban-
dOned, but stories of this kind did not
obtain much cTedence, inasmuch as it
has been understood for several months
past that the proposed merger would be
held up. pending a clear construction by
the courts of the antitrust law Mean
time, various smaller combinations of
copper properties are still going on.
Conversely, not little strength to-day
was shown by speclaltles like American
Cotton OIL International Steam Pump.
Virginia-Carolina Chemical. Missouri.
Kansas and Texas, and various other
stocks. In the case OF the fertilizer COM
panies, the buying might perhaps have
been based upon the weH-known fact
that purchases of fertilizers by the
Southern planters in preparation for the
seasons cotton crop viii undoubtedly be
on the largest scale ever known in the
country's history.
Decline Seemed in Order.
As a general proposition it may be
said that tO-days market decline was
reasonably enough explanable on the
ground that the market has risen sue
cessively in the last four business days.
and that despite yesterdays severe drop
in prices in the early part Of the day the
subsequent recovery was such as 10 stan
leave stocks at an advance.
II was also recalled that the entire adj
vance in the market since the demorau-
zation OF a week ago had been very con-
siderable. and the feeling was obviously
widely dispersed that from now on the
winter vacation-taking of prominent
fnanciers and others might exert, as It
usually does, an influence making for a
diminished volume Of market business.
It was said, however, in the most con-
servative and trustworthy financial quar-
ters that the Spectators, if there are any
SUCH who were figuring that during this
period signs might become very pro-
nounced Of a letting up in commercial.
Industrial and mercantile business would
probably find that they had reckoned un-
wisely