Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-05
Disturbing influences Upset
Market Today.
DECLINING TENDENCIES
Severe Break in American Smelling
Helped the Slump.
RAILWAYS HEAVY LOSSES
Impaired Net Earnings Furnished
RAILWAYS HEAVY
Sp.cial DISPATCH to The Star.

Special Dispatch to The Star
NEW YORK, February 1.-The declining
tendency of today's stock market. Whcr
was not, however, uninterrupted by up
ward reactions, was variously accounted
for, according to the individual point OF
view. For one thing. very disagreeapie
Impression, particularly so far as the
Wall street community was concerned.
was created by the speech delivered last
evening by the most conspicuous candi-
date for the democratic nomination Tor
the presidency. Following upon the re-
Gently transmitted message of the Presl-
dent of the United States to Congress.
Mr.. Bryans remarks certainly gave
something for members of the stock eX-
change to think about.
Then, again, the wholesale discharge OF
1aborers by one of the most important
locomotive works in the world. announced
this morning along with the reasons for
this action, was likewise regarded as dis
turbing. and this intelligence was reflected
in pronounced weakness in all the So
called railway equipment stocks.
Probably. however, the most direct
cause of the downward drift in prices
was an exceedingly severe break in Amer
vious to the decline in that instance. the
market at large had shown a generally
steady tone. The selling of American
Smelling. which appeared to represent
very positive predictions that the forth
coming dividend would be fixed at re-
duced rate.
Earnings of the Pacific.
The December earnings of the Union
Pacific and Southern Pacific were pub
lished early in the afternoon. and while
both lines made relatively favorable show
ings. the heavy losses in net earnings re-
ported since the close OF the fiscal year.
especially by the Southern Pacific, ex-
cited some disquietude as to the integrity
of the dividends upon those stocks. The
traffic returns of other companies report
ing today were mixed exhibits, but in
most cases heavy losses in net earnings
We're shown.
Other factors referred to in connection
with the sagging tendencies of the mar
ket were the announcement from Wash
1ngton that a revision Of the tariff would
undoubtedly be undertaken after the pres
tdential election and the further rise in
the grain market.
The great speculation now in progress
in grain Is naturally not liked In conserva-
tive financial quarters, where. 1t is point
ed out, that the quotations for the Sep
, TENDER wheat option, which represents, of
course, the new CROP have been estab-
lished at. figures which would seem to
practically discount very serious short
age III the crop.
Reduced Wheat Yield.
In fact, operators in the Chicago grain
pit are said to be proceeding on the
theory that the wheat harvest of this
year in view OF the bountiful returns of
recent years. will almost certainly be a
greatly reduced yield.
London played little part in the local
; dealings. and for the first time in many
days consols showed a reactionary ten
dency.
Transactions in the local stock market
showed a great increase in volume in COM
parison with yesterdays dealings and a
general distribution of interest Union
and Southern Pacific. Reading and the
Hill stocks furnished a large proportion
of the total transactions in the railway
list
United States Steel common, Amalga-
mated Copper and American Smelling oc-
cupied similar position in the industrial
quarter.
Money market circumstances exhibited
no substantial alteration