The Washington herald., 1910-02-06
WALL STREET NEWS
Slight Strengthening Helps
Keep Prices Firm.
COPPER SHOWS NERVOUSNESS
Practically the Only Development
OF Note Is the UnfavOrabIe show
ing Made by the Weekly Bank
Statement-FaiIure of Fisk 81 Rob
imsOn still Has Influence on Prices.

New York. Feb. 5-Yesterday's advanc-
ing tendency in the stock market was
continued to-day but again with no such
strong exhibition of a wide restoration
Of confidence as gave striking Importance
10 the movement. AT one time gains OF a
point or a little more were shown In a
few Of the prominent stocks. but in the
main the advance was without notable
vigor.
After a time the market became dull,
and shortly before the close OF the day a
selling movement set in which wiped the
greater portion Of the early gains. The
price Of the American Smelling and Re
fning common shares vibrated with espe-
ciaI nervousness, as IL has done ever
since the controversies and rumors Of all
sorts regarding greater and less copper
mergers have come 10 be daily fea-
ture Of Wall street news,
Particular strength was shown by Rock
Island common. but the entire action OF
prices during the day was. in fact, OF
desultory sort, comprising tho usual
amount Of professional covering OF
shorts" at the end OF the week, and
also as was obvious a further liquidation
or securities that had been carried
through the recent break.
UnfavOrabIe Showing Made.
Substantially the only development OF
note in the day was that contained in the
weekly bank statement which made an
unfavorable showing. at least superhclally
considered, In both the actual and aver
age forms Of the statement a large in
crease IL loans was reported and also 9
surprising decrease in cash. In the &C
tual statement this falling of in cash
amounted to Sl0O72,7o0. The result was
IN the actual figures a decrease in the
bank surplus Of s.. 22S. 325. and IN the aver.
age return Of $6g36.575.
The cause Of the decrease in cash seems
at the moment quite mysterious. The in
crease in loans is. however. plainly ac-
counted for by the work of the same fac
tors that have been operative ever since
money rates began TO decline. Under such
conditions there naturally take place a
large transfer back TO the clearinghouse
banks of loans that were in the relative
light money market Of six weeks ago
shifted from the banks 10 the books Of out
Of-town institutions and private lenders.
The fact that the stock market fell
this week TO a range Of prices lower than
any before touched during the year. and
this despite the practical decentralization
of the market that was witnessed in
January, Is in itself an indication that
financial confidence was again disturbed
and in rather more serious way than
It had been previously.
Due TO Failure.
This might have been due 10 the one
occurrence Of the week that easily out
ran all others in Importance, the failure
Of the bond house Of Fisk & Robinson,
which came Unexpectedly to the larger
portion of the financial community. OF
course stories started that the trouble
here might not prove to be isolated.
These rumors were, after a time, gener-
ally regarded as baseless. but they still
left Wall street uneasy and disturbed.
Spectators for the fall seized upon the
matter with avidity as a club with which
TO further attack values; but the direct
cause Of the break in prices Of the week
was. however, further actual liquidation
Of stocks in enormous volume by specula-
tors for the rise who grossly overloaded
themselves in last years boom. and who
did not regard the signs plainly given
at the beginning Of the year that the
much talked Of January boom was not
likely 10 put IN an appearance.