The Washington herald., 1908-02-12
MARKET LACKS SNAP
Advances and Declines With
in Narrow Limits.
SLUMP BELIEVED AT AN END
Total Fall of Average of More Than
Five Points In Standard Railways
and Gradual Recovery Is in Evil
dehee-PennsyIvani Weak.

New York, Feb. 1.-THE decline, which
up to the opening Of business on the
stock exchange this morning had been
carried on consecutively for five days,
which eliminated IN yesterdays sharp
break, and amounted TO total fan in
average price of the Standard railway
shares of 514 points, indicated, according
TO all orthodox conceptions of technical
movements in the stock market, that a
sharp rally was close at hand; and, after
a period of weakness I'm the very early
trading, the market did display g stronger
undertone, and reeoveres OF between one
and two points were made In a number
of the leading shares. But the upward
movement was plainly not Of vigorous
character.
The market was utterly lacking in snap
and as the advance progressed the buy
ing power that presented itself made its
appearance in a gradually dwindling way.
Transactions became less and less, and
the impression IN the Wall street COM
mission house grew very strong that most
of yesterdays selling Of stocks was due
TO real liquidation, rather than to any
mere attack on values by spectators.
Finally, in the afternoon. prices again
broke so that, although final quotations
were usually higher than those made at
the end Of business yesterday, the ad-
vanees were in nearly all instances small
10 Reduction Expected.
Less was heard of yesterdays rumors
concerning a possible reduction this week
in the dividend distributions on the
Union Pacific and Southern Pacific COM
mon stocks, and. indeed, whether rightly
or wrongly, the prevailing opinion i'm
Wall street was that those dividends
would not be Immediately curtailed.
IT was pointed out that although the
earnings of the Union Pacific and South
ern Pacific systems had been lessened re-
Gently they had net fallen away in such
degree as 10 impair to any considerable
extent the power of the company to pay
dividends at the present rate, although of
course, less confidence was expressed as
20 the probability that current dividends
would be maintained upon the stocks Of
many of the railroad companies Of which
the Union Pacific is now such a large
holder
In general belief as to the permanence
of dividends upon the two stocks named
seemed 10 be less sure in the case Of
Southern Pacific than i'm Union Pacific
this Judgment having for its basis the
greater ability shown by the Union Pacific
system as compared with its sister COM
pany 20 reduce its operating expenses
during the present period of depression
Selling Pennsylvania.
The one particular weak feature Of the
stock market was the Pennsylvania
shares ON which continual pressure was
manifested although this seemed to be
the result in the main of q seeming
switching process conducted by one large
commission house which sold Pennsyiva-
mia stock heavily during the day and was
@ buyer ia a way equally decided of other
stocks.
In view of existing conditions, gossip as
10 the continuance of the Pennsylvania
dividend is. of course. INDUCED i'm 10
considerable extent and while business
remains as PROSTATE as it is the same
kind OF talk is naturally heard in the
ease of all the coUntgv's leading railway
and industrial corporations. The strong
est quarter of the market was to-day as
It was yesterday, the United States steel
common and preferred 'shares-that Is 10
say, the strength was relatively greater
here than in other stocks,