The Washington herald., 1910-02-01
WALL STREET NEWS
Greatest Lethargy Of Year
in Stock Market.
READING AND COPPER STRONG
Interest IS OccasiOned in Fore Part
of Day by Successive UDbidding in
Reading, Rock Island, and Anal
Gamated Copper Shares-These
Stocks Barely Rank as Leaders,

New York, Jan. S1.-Up to the last
twenty minutes Of the stock exchange
session to-day the security market was
in state OF greater lethargy than It has
been at any time since the beginning of
the year. Transactions in stocks for the
entire day were in fact the smallest since
January l, and the sluggishness Of the
market was intense
Some little interest, indeed, was occa-
stoned IN the fore part of the day by
successive upbidding of the Reading,
Rock Island. and Amalgamated Copper
shares. Rather especial strength was also
at one time shown by Consolidated Gas.
Nevertheless, these movements did not
stimulate tho market as a whole. The
stocks named are hardly those that in
such a situation OF affairs as at present
exists can be ranked as market leaders
The Reading common shares frequently
fluctuate widely without exercising any
decisive influence upon quotations else
where.
Consolidated Gas IS IN class by itself,
and an advance In the Amalgamated Cop
per and Rock Island shares does not usu-
ally enlist outside buying. At any rate.
the gains made, even IN these directions
to-day were not large and finally the buy
ing movement stopped. and the stocl,
market came 10 a standstiH altogether.
At Its Equilibrium.
Superficial reasons for this inertia were
OF course apparent. The contention from
a speculative point OF view has strong
grounds for It's justification that the mar
ket has momentarily reached a state OF
equilibrium.
A good deal OF liquidation has taken
place which has left commission house
accounts IN more fortified shape. Prices
have been marked down to levels that
have attracted a certain if still not con-
siderable amount Of outside and "odd lot
buying, and money has become so easy
that Wall street houses in high credit
and In a position to offer collateral OF the
best grade can obtain funds for SIX
months at per cent.
On the other hand. the season Of tht
year, uncertainty as to the character OF
the decisions Of the Supreme Court in the
American Tobacco and Standard OF
cases. the suH problemaucaI results OF
the current range Of high commodity
prices and the very unsettled state OF
the general political situation tend 70 holC
large speculative purchases OF stocks II
check. Under such circumstances, a fair
~ large number OF professional operators
usually abstain from venturlng in the
market for either side Of the account
with the result that comparative duIlnes.
is established in the market itself
Steel shares Plentiful.
The torpid condition of affairs al ",
described was. however, broken toward
the close OF the business day. Close OBJ
servers Of the speculative trading declared
that throughout the day the United States
Steel common shares seemed 10 be freely
supplied whenever their prices touched
certain point even II no especial pressur,
10 sell the stock was manifest when IN,
price receded.
Whether as a result OF manipulation
designed to create a new short interes
IN this leading stock and in the genera
market as well, or for whatever othe
reason, support TO the stock was suddenl.
Withdrawn and steel common broke witt
violence TO a level Of Is points below
its final price on Saturday, closing at tn
lowest Of the day.
This directly affected the entire market
and brought about at the close a con
fused mixture Of advances and decline
IN price, with declines, however, predomi
mating. No specific reason for the breal
WAS forthcoming