Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-03-28
STOCK LIST SLUMPS
Market Evidently Under Heavy
Selling Pressure.
REASON IS NOT APPARENT
Nothing in News Developments to
Force Liquidation.
COPPER STOCKS BIG LOSERS
u..+;nehouse Leads in Decline and
other Specialties Fall In
Sympathy.
oeAs0N is NOT APPARENT
COPPER STOCKS BIG LOSERS
s,..;., Dispatch to The Star.

Social Dispatch to The star
NEW YORK. March 2s.-Probaoly very
-, traders of more bullish nope tnah
.onadence regarded 1t as very sooo
- that the stock market, after the
".....nd recess, developed pronounced
..;,-,ty very much at the expense OF
800 values. There had been nothing
!. The interim news developments to en-
courage either liquidation or bearsn
.n.rations. On the contrary, much or the
1 r..rketwise news over the week END was
.orravvhat reassuring, including. az 1t did,
~. ,rnroyed state of our foreign tartn
,.,.t,ons. the pacification Of some labor
,,.,.,,es. and somewhat less disturbed
nol,t,cs at the National Capital
The money market, OF course. did not
provide particularly cheer1ul Iea.Ifes, 800;
nec,ally in respect to the actual condi-
lion NJ the clearing house banks. although
The fact was generally recognized that
the new financing must have been largely
,asnonsfble for the striking increases IN
loans and deposits.
Little Demand for Money.
Wall street-that is. speculative Wall
street-Is making relatively little de-
mand on the money market just now. as
IL shown by the comparative easiness -oi
local money rates. For this reason, there
fore. the money market is after all not
much of a present factor in stock market
calculations If it were 1t might be as
sun,ed that the prospect of an immediate
increase in the Bank of Engiand's dis
parently promising eoutlook for gold ex-
ports from this side next month account
ed for a good deal of todays liquidation
In stocks
Railroad earnings such as came to
hand with the exception of the Atchi-
sons statement for February showing q
loss In net almost equal to the gross in
crease Of $685., 900, were not very depress-
Ing. Many roads, including the Chesa-
peake and Ohio, Louisville and Nashville
and Missouri Pacific, made returns for
the third week in March showing con-
tinuing increases in gross and denoting
thereby a well sustained volume of gen.
sral business. Moreover, the American
Railway Associations report for the
fortnight ended March 18 exhibited only
q slight increase in the surplus Of idle
freight cars. 1t was obviously not in the
news, therefore, that an explanation OF
today's stock market was to be sought.
Evidence OF Liquidation.
That there was liquidation was unques-
,ionable, but It WAS only after persistent
and artivecpressure. probably of profess
Lonal origin, had uncovered quantities of
Stop.loss orders in the early forenoon
and had broken prices sharply all
around.
As was the case in most Of the declin-
ing movements lately today's downwarl
course was inaugurated by breaks In spe'
cialties. Westinghouse was the leader ir
this quarter, and early weakness in the
copper metal, stocks helped to unsettle
the, general list CRANKY fell violently ir
Boston, and as Its rapid decline has be.
gun 10 be accompanied by more or less
iscandalous intimations in Wall street, II
was not difncult to start liquidation In
other copper stocks here. Anaconda.
American Smelling and Amalgamated
Copper were about equally heavy losers
In the railroad quarter the so-called
Hill stocks and St. Paul exhibited such
persistent heaviness as was reminiscent
OF the way in which they inaugurated the
January decline. Rallies until well into
the afternoon were feeble. and In each
successive hour up to that time the HIST
made new lower prices.