The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-05
NEW YORK STOCKS
CLOSE VERY WEAK
Declines Follow Utter Lack
of Support or Develop
ment of Buying Power.
Declines Severe.

NEW YORK, Feb. 5.-ClOsing.-DUr-
ing the last hour the bear movement
reached considerable proportions. Stocks
were offered right and left and while
TO great volume of business was trans
acted, the price list melted for declines
Of an average point, making net losses
for the day OF not far from points
and in some cases points.
The market did not offer much resist
GnCe to the bears. nor did the latter
have to sell much stock to bring about
the decline. The Street Is In the dumps,
orders are few and Indifference very
general.
NEW YORK, Feb. 5.-Noon-WaH
street is still in the dumps. The bulls
started TO advance the market on the
opening, but they soon found that the
eUOrL vas q waste OF time, in fact,
useless, as there was some pressure of
stock and the demand was of such a
character as 70 restrict operations to
the limit
There is no use Of seeking for influence
the echo OF the Presidents message
sent TO the National Capitol a week ago.
Is stlu powerful 10 restrict speculation
end TO keep the public from buying or
selling stocks.
Commission houses and brokers' offices
are more or less deserted. Profess
slOndlS watch the market from force Of
laDlt but they are not doing much
Of anything. Yesterday was the dull
est day OF the year. TOdays total Of
transactions will probably exceed yes
leTddy S, but the situation was not the
less hopeful nor one whit more hope
1ul- The Street has settled down 20
the belief that only some unforeseen
good news, some unexpected develop
ment will cause an Improvement. Back
OF their hope is the fact that prices
gre low. If they We're anywhere near
where they We're year ago. the most
H.rrHF ID
vent the most serious declines in stocks
but as II is. the market has dis
counted about the worst possible COndi-
items, unless unforeseen conditions arise.
Attention has been called, In a per
1unCJOTy way, to the Industrial sltua-
ton through the announcement that the
Pennsylvania and New York Central
roads had opened q number or their
machine shops and that there were
some signs on the part of steel mills,
Of an early resumption OF the manu-
facture Of rails, under the new agree
menU between railroads and manufaC-
tuners as 10 process work
Upward Movement Early.
There was something of an upward
movement in the initial transactions,
but the display Of strength was only
temporary. as the utter absence Of buy
ing orders Though commission houses
could not De ignored. Soon after the
opening the list started on a downward
turn and this decline was not checked
until noon, when there was a slight,
very slight recovery.
Smelter was the weaIling of the day.
II broke from coz, the opening, t. 63a4,
or three points lower than on yester-
day; with a recovery to SIS Copper
lost = to 51@s. ALChls0n was on y:
Brooklyn Rapid Transit. "a; Great
Northern, as Northern Pacific from
1855, the high point of the morning
Eain, 10 1855. with . recovery from
low. New York Central easier, but not
materially lower Pennsylvania fairly
steady At q loss. Reading opened AT
lU-ls. a point gain. advanced 10 1929.
and broke TO 101i4. Sugar lost g; South
ern Pacific and st. Paul q, and Union
Pacific a full point Steels were slight
y easier, but not particularly changed,
2 p. m.-EnteTing the second hour OF
the afternoon the market was practical
y where IL was in the closing hour OF
the morning Traders did not find the
market TO their liking, and many
trades were closed out, while the crowd
of inactive spectators and room traders
increased in numbers The fluctuations
in prices were not worthy of special
mention and the volume of business was
very light