The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-03-29
WALL STREET NEWS
Declines in Nearly AllStOcks
Feature of the Day.
DUE TO A COPPER COLLAPSE
Granny shares Hard Hit, and others
Suffer as ResuIt-Easter stock HoI-
idayE Prolonged I'm LOndOn-Littie
Pressure 10 Sell Despite the De-
cline in the Market.

New York. March 2S-The highest
prices for stocks to-day were made az
the opening of business, and these were
generally at slight fractional advances
from those shown at the close of the
stock exchange on Thursday afternoon.
From then on until the last half hour Of
the exchange session the course of the
security market was steadily downward
and declines running from one to three
points were common
In the last hour Of business the mar
ket exhibited a little greater steadiness,
but toward the very end again hesitated
leaving prices somewhat. but not great
Iy. above the lowest OF the day. One
characteristics of the market was that
there was at no time any decided pres
sure to sell stocks.
Falls of Its Own Weight.
The market seemed to fall slowly and
rather sluggishly by it's own weight
alone, and 1t has been very long time
since as great declines as those recorded
to-day were accomplished on such a
small volume OF trading While il could
not be said that there was any decided
feature in the market to-day, except as
thus generally outlined, the fan was
greatest in the Amalgamated Copper
American Smelling and Refining, and
other metal stocks, and this appeared TO
be specifically due 10 the unfavora bic
influence exerted against all copper min
ing securities by the collapse in the last
few days Of the market for Cranky min
ing stock, one of the country's best
known copper producing companies.
This is a stock listed on both our own
stock exchange and that in Boston. Al
though the property of the company pro-
duces a low grade of copper, its ore re-
serves have always been supposed TO be
very large. and the plant of the company,
which comprises smelling works in addi-
ton to copper mining proper. is the larg-
est in Canada. The directors of the COM
pany are men in the first rank of the
general financial, and business as well as
copper mining world, and the rapidity
with which the decline in the stock has
taken place as well as the entire market
action Of the stock since the organiza-
picion whatever that any so-called in
side liquidation" has been conducted.
Little Ore in Sight.
Tie heaviest losers, II any losses at all
are eventually sustained, viii be the men
whose names are identified with the
company who are by all means the larg-
est stockholders. So far as any reason
for the break in the stock has been made
public, it refers TO a report made by an
officer Of the company to the effect that
there is only relatively small amount Of
ore now in sight in the property.
In London to-day the Easter stock ex-
change holidays were prolonged. There
was therefore. to-day no business done
here for London account. Nevertheless
the run of news since the close OF bust
ness last week in the British capital has
been to the effect that indications rather
enhanced than otherwise the probability
OF a further advance in the near future
IN the Bank of England's discount rate