The daily morning journal and courier., 1906-02-08
STOCK MARKET FEATURES
4 DULL DAY AND 4 SLUMP AT
 THE CLOSE.
A Steady Contraction in Business---In- stead of 100000 Shares Day Only 100000 Yesterday.

100000 Yesterday.
 The change that has come over the stock market this week is indicated by the lessened business. Plungers fear to plunge, and the public looks on shiver- ing.
 Instead of 2,0O0O O00 shares a day, yes- terday's business was 100000.
 There was but little doing in other ways yesterday. Even the big deal ru- mors had a rest yesterday
 Still, it must be said that prices re- sisted the pressure pretty well.
 Underlying conditions are just as good as they were, but sentiment has changed, especially as the new big deals talked of do not pan out.
 Early in the day the tip was given out that Union Pacific was going higher, but it was weaker.
 There is again some uncertainty about the dividend date on Union Pa cific. It is quite possible that the exec utive committee may recommend the rate to-day and the directors declare it on the 18th.
 Amalgamated Copper is probably the most popular stock on the list with traders throughout the country. As it goes, so do they regulate their opera tions in the market as whole.
 Estimates were made that the sur- plus of Union Pacific is between $50, ,000,- 900 and $11O,OOO,0OO the latter being based on the theory that all of the Hill securities have been sold and the pro- ceeds put in treasury.
 In spite of the fact that Union Pacific interests admitted that Illinois Central had been accumulated for the purpose of effecting a change in management there was nothing in the movement of that stock yesterday to indicate a con- : test for control.
 Foreign operations were about as they have been. The transactions were 5000 shares, with 15,000 shares purchased, Most of this was in Union Pacific and Steel.
 The decline in the market during the closing half hour was ascribed chiefly to disgust at the inactivity of the mar ket There was also the usual tendency of professional traders to reason that if stocks will not go up, then they must go down.
 It seems to be the impression of stock exchange houses that the Hull in the market reflects conditions which may be operative for several weeks.
 Various news factors served to check buying, among them being the appar- ently poor showing of the local banks as to the movement of cash. The labor situation in the coal regions continued somewhat of disturbing element.
 January gross earnings of the New York Central were $1141 900 over 1905. The average monthly gain since July has been about $1,000O00.
 The weakness in the last three-quar- ters of an hour centered on Amalga- mated Copper and Reading. It was quite apparent that most of the cliques had withdrawn support,
 The regular 21S per cent, dividend was declared on Baltimore and Ohio com mon. The heaviness of Canadian Pacific was due to disappointment that the dividend was not increased to a per cent. basis
 Distillers Securities were strong yes terday owing to pool operations and the talk of withdrawal of the internal revenue tax on alcohol. This has been reported favorably in committee. In- siders are more confident of the sue cess of it than they have ever been. The pool is predicting 75 for the stock. Earnings are better than they have ever been.