Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-02
Trading in Limited Volume and
Almost Characterless.
Sentiment WAS APATHETIC
Many Contradictory Trade Stories
Cause Conservatism.
THE FLUCTUATIONS NARROW
Union Pacific an Active Feature and
Regained Fraction of Saturdays
Loss-Coppers Advanced.
Sentiment WAS APATHETIC
THE FLUCTUATIONS NARROW
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK March 2.-Trading in the
stock market today was limited in vol
ume and almost characterless. The one
principal difference from last week was
q plain exhibition of support made In
the second hour of the morning. Senti-
ment, such as 1t was. was apathetic.
There were a number Of minor news de-
velopments. but they were SO nearly
balanced in their opposite effects as to
leave security prices practically I'M
changed.
The upstate public service commits
sion's refusal to permit the Erie rail-
road to pay dividends in scrip on it's
preferred stock was looked on by finan-
ciers as being of much more Importance
in it's wider aspects than. in its par
ticular application to the Erie securi-
ties. But. as the chairman of the COM
mission remarked in his statement ac-
companying it, the decision is not final.
There is little doubt. however. but that
the road will accept the ruling of the
Commissioners, which is thought in Wall
street to be the best thing that could hap
pen to settle once and for all the scrip
dividend as an expedient in hard times.
With the volume of trading down to
fewer shares for a week than are often
sold in a day, there is plenty of time for
discussion in the financial district. The
improvement in the business situation is
referred to often. but there are so many
contradictory stories about it that it is
not always accepted as fact. AS for the
financial situation proper, all that bankers
and brokers alike ask is that they may be
left alone There are few of them whb
do not believe that recovery is being de-
layed. and not fastened by the efforts of
III, federal government to mend the credit
1t has so seriously marred.
Another matter that is hurting the
prospects of the securities market is
the apparently unnecessary zeal of a
certain state officer to provide receivers
for closed institutions which ere al
ready we'll on their way to resumption
under presumably able receivers,
against whom no cause for DISQUALIFIED
ton is known. Besides this, the failure
or the knickerbocker Trust Company
to resume business is having a depress-
ing effect on sentiment
The support in the market, already
referred to, kept prices today within
narrow ranges of fuctuation. Union
Pacific. which suffered a heavy decline
Saturday, regained a fraction Of its loss
when the rumors regarding it were not
today.
American Smelling and Refining COM
mon stock declined only slightly on the
announcement that its annual dividend
ideC Hdu occh cut III Hall, from . 10 per
cent. The cut had been expected by
nearly everybody, and its effect discount
ed The coppers. particularly Amalga-
mated, advanced with the news that the
Butte mines had been reopened.
Railroad reports were generally more
encouraging in their proportion of net earn
ings to gross. showing that operating ex-
penses in most cases had been cut heavily.
Atchison. Topeka and Santa Fee was an
exception to this rule, however, its Janu-
airy returns showing q disappointing in
crease in operating expenses nearly equal
10 the saving in December. In the Penn
sylvania report there was an indication
that $1,500OOO had been saved by reduc-
tons in salaries.