Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-03-10
DEMAND EQUAL TO SUPPLY
Price Level Maintained, Notwith-
standing Volume Of Trading.
COPPER MARKET OVERLOADED
Large Increase in the Stocks on
Hand, Despite Curtailment
of Production.

NEW YORK, March lot can hard
~ he said that stocks are as scarce
in Wall street now as they were some
thing less than two weeks ago. when
the rapid advance which has taken
place since then got under way. There
is no question that since Monday morn
ing last a process OF filling up the
market with speculative holdings has
taken place. On the other hand, 1t is
possible to attach too much significance
to the rather heavy total of sales this
week. because canvass among the COM
mission houses does not disclose con-
ditions which show that they have been
loading up.
As a matter Of fact. what the market
has been called on to absorb this week
to make a distinction which, while
rather technical, denotes a compre-
hensible difference.
The tightening Of long accounts went
on today, but In somewhat diminished
volume and a noteworthy circumstance
was the appearance OF foreign buying
on balance, for the first time in several
days. II any large proportion of the
contracts disposed of lately has repre-
scented the creation of a new or an ad-
ditional short interest. the market at the
prices which obtained during the greater
part Of todays session did not give
much leeway for the retirement Of bear
ish commitments.
Markets Opening Strong.
1t opened rather strong. and, with some
irregularity. gained rather than lost
strength until we'll into the afternoon,
features OF marked strength being Nor
folk WeafArn ~S~
ing. the Rock Island issues, the Harrf-
man Pacific, American Smelling and
United States Steel.
The course OF steel was particularly
innuential because of the resistance to
selling pressure which It offered
Third Avenue sold down to a new low
record price on obvious liquidation BY
stockholders who did not care to par
ticfpate in the Reorganization Of their
former property.
Technical considerations, rather than
news developments fresh or recent.
governed the transactions in stocks
The fact that prices had made a
depression in about a month seemed to
weigh more in the calculations of the
speculative community than factors
bearing on tho fundamental situation
On the face OF the returns made by
February bullishness on the copper stocks
seemed to be discouraged. The associa-
tons figures showed that domestic de-
liveries during February decreased more
than 100000 pounds from the January
deliveries and exports decreased more
than 1900 pounds.
Large Accumulation Of Stocks.
As the result chiefly OF these changes.
stocks on hand at the beginning Of this
month showed q gain Of more than a.
100000 pounds over the visible supply on
February 1. At the same time, although
curtailment of production IL making slow
Roadway. it 10 nevertheless gaining.
Whereas production in January showed a
falling of Of 1881 1858 pounds from the
December output. the February produce
ton decreased 1884, 794 from the January
out-turn
The most important railroad figure.
furnished during tho day were compila-
tons made for February gross earnings.
showing that on q number Of representa-
tive lines there was gain OF almost
per cent over earnings for the CORE
spending week last year. while for the
whole month the increase was not far
from o per cent There is indicated here
good volume Of general business Of re-
cent date.
Such information as was forthcoming
with regard to the Philadelphia strike
situation. especially on account of the
threat or general strike throughout the
state OF Pennsylvania. served perhaps to
hold speculative bullishness in check hut
Wall street has not changed its opinion
that the present demonstration of union
labor sentiment Will not prove seriously
inimical to the quoted values of securi-
ties.
Standard Oil Brief Discussed.
The filing of the government brief in
the Standard Oil case In the United States
Supreme Court served as another re-
minder to the financial district of the I'M
portant matters pending at Washington
and 1t may be that with the argument in
this case coming next Monday spectators
were more disposed to even UP commit
,uents FOR the time being than TO enter
into new ones.
An interesting feature of the Attorney
Generals contentious Is the allusion to
the Standard Oil Company's earnings and
the opinion expressed by the court in the
Consolidated Gas case
If the Attorney General proposes TO
argue that corporations engaged in pro-
ductfve enterprises should not be allowed
to earn more than 6 per cent on their
capitalization, II is apparent that the doc
trine of reasonable returns, as il has been
enunctated by the Supreme Court, re-
quires Qualification. 10 say nothing of
qualification
The most interesting monetary develop
ments of the day were provided by the
foreign bank returns These exhibited
strong positions at the leading European
financial centers. Our foreign exchange
market was steady. and in the earlier
dealings inclined toward further ease