The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-07
DULL TONE PREVAILS
Stock Market Unable to Re-
cover from It's Lethargy.
LITTLE CHANGE IN PRICES
Final Rally Not So Pronounced as Ii
was on the Day BefOrc-MissOuri
Pacific stock the One Weak Place.
No OmciaI Statement OF Labor At
fairs Issued by PennsyIVnnia.

fairs Issued by Pennsylvania.
New York. Feb. 6.-To-day's stock mar
ket. in point OF dullness and lack of nota-
BILE features, was pretty nearly a duplicate
Of that Of yesterday. Just as was the case
yesterday. the market was strong in the
early morning hours under the lead Of
higher prices in London, very inactive
around midday and weak in the afternoon.
Later it recovered portion of the de-
cline. Here the exact parallel ceased
however, for the final rally in the market
was not as pronounced as it was yester-
day
1t was still Of sufficient force. however
TO leave prices very little changed from
those at the close of the preceding session.
Yesterday the Pennsylvania Railroad
shares were the center Of attraction by
spectators for the fall, because of ru-
mOrs of labor troubles on the PennSyl-
vania system. To-day the practically
weak spot in the market was Missouri Pa
cifc stock, which declined at one time
over three points upon stories that a
large issue of Missouri Pacific short-time
notes was impending. and what happened
ON both occasions was that the weakness
in the two stocks named failed 10 ma
terially affect the rest of the market. The
rather plain inference from this. of course.
is that the market generally is enjoying
an aCCretion of strength.
No Statement Forthcoming.
While there was no official statement
forthcoming to-day as to the result of the |
recent conferences between the PennsyI-
vania Railroad Company and committees
representing trainmen and fremen on the /
questions regarding wages that have been I
debated at these meetings. II was cousld- /
cred in well informed quarters that the I
matters in dispute had been practically /
settled by a refusal on the part OF the /
railway company TO grant further in /
crease in rates Of compensation in view /
of the large advances previously made on /
dates so little distant and also of general I
recognition by the employees of the road Of /
the fact that public sentiment under pre- /
vailing conditions would not approve OF /
any attempt on their part TO enforce their /
wishes
Nothing definite could be learned re- /
garding the Missouri Pacifc's money /
raising plans, and il was not commonly /
believed that the company proposed % /
execute any such plans in the near future /
There were many who thought that ,he
fall in the price of Missouri Pacific viii +
DE attributed more TO the agitation 4
now current in the State of Missouri for /
reduction of railway passenger fares
than to any other cause; but all news (
paper dispatches were TO the fact 1hat
such reduction, if it were directed by .
the State legislature. would not be OF /
practically serious character.
short Interest Enlarged.
What really happened in the stock mar /
ket was that the short interest was en- /
larged without material depreciation iu I
the price Of stocks. There was steady /
buying of all the standard shares. and
advances occurred In the Industrial list
especially. Such stocks as Anaconda
mining, Great Northern ore certificates.
United States Steel preferred. and Pressed /
Steel Car made good net gains. Steady
support. too, WAS accorded to stocks of
the class Of Union and Southern Pacific.
Pennsylvania, Reading. and St. Pau. and /
the behavior OF the market was I'm every
way satisfactory TO those who hold the
opinion that the period of falling prices
has passed.
There was again in London to-day a
recurrence OF the more cheerful sentiment
mat mas been lately exhibited there.
all this taking its rise in the increasing
tendency toward ease in the foreign
money situation. and there is very little
doubt that the Bank Of England discount
rate would be reduced tomorrow were
1T not Tor the fear that large exports Of
S2-u rom LONDON 10 this side would fol-
'i-e act
''oid coming soon.
rs IL IS imports Of gold by our bankers
Ia considerable quantity in the ensuing
Ilo'''ls are believed 20 be inevitable
mere Is admittedly. realization Of the
l4et In London tibet the amount of in
ueotedness of this country i'm England and
on the continent Of Europe has been re-
Gently aosurdiy exaggerated, and has been
ieuuced TO comparatively small figures
"'''Ns inc last few months 10y shipments
% merchandise in payment The truth
- III b1et, that our power to take gold
from Europe at the moment is only a
matter OF our forbearance.
ne money situation In cur own coun- /.
us 100 Is continually getting into
stronger shape and our leading bankers
40 EoI hesitate TO say in private that they
40 hot expect 10 see anything that will be
az an worthy of the name of money ]
S1iil'sehcy until the crop-moving exigen-
a Nrsa nrr