The Washington times., 1908-02-02
MARKET LISTLESS,,
MESSAGE IS SLOW
TO AFFECT PRICES
NarroWneSS Discharges
Holders Who Bought
Anticipating an
Advance.

NEW YORK, Feb. 1-FOr five days
the stock market has been very duh,
relieved now. and then by a slight ad-
vance in certain stocks, but with neither
life nor animation. Each day there
were less favorable influences, and each
day the market ignored them, Wnll5
prices moved, slowly and by small frlc-
lions to a better range, with occasional
slight setbacks.
Three big banks IN New York sus-
PENDED during the week, three haro
pressed in the OCTOBER pane, nervous nervous
and in questionable condition every
since, but they passed out, ana me
Street took on the attitude that TINS
was but clarifying OIL the atiiiospIltI
and, therefore, not TO be considered d
bearish influence. SO far so good
one Of the Dig railroads OF the coun-
try the Big -Four, a vanderbilt raw
orite cut its dividend IN two, and put
its large bond issue out the high grade
New England class. But TINS was not
sufficient TO cause any uneaslness. me
bears We're not looking for lower prices
as q result OF some little untOWard N
cident they were waiting for a cyclone.
and knowing the relative strength OF
The market in the face OF the extreme
duIlness. they were not taking liberties
the very narrowness of the market
discouraged investors They have been
close observers OF market conditions Tor
the last sixty days, and many nave
been in and out or the market, on ions
stock as Il permanent investment me
public IS a bull on stocks When the
market is lively and moving up the Of
fees of the brokers In every large city
arc. crowded, and when cOuulLiOuS are
grating 10 nervous operators they stay
away and leave the market To follow
its bent usually placing stoD-ordeIs or
getting out of the market.
This is exactly what many tradefs olI
early in the week and more followed
suit later on.
Hear of the Message.
And then it became known that the
President was preparing an extra mes
sage for Congress. Following the call
for a conference Of the Cabinet TO con-
slider the formulation of a reply 10
the charges that have been made con-
corning the responsibility Of the Presl-
dent for the recent financial crisis, the
announcement OF the proposed message
was awaited with some uneaSlness-
Expecting something rather starting
there was q StODpage or the buying,
and prices eased off for Oay or two,
and then they became 1rmer, as the
Street realized that IL would be but
Q. case of talk, and the impression was
that the President would but repeat IN 2
same old charges and stories,
Wall Street holds that President
Roosevelt has not done much OF any
thing indeed 10 destroy confidence bul
rather that his words have been very
effectual on the bear side
Nevertheless the stories Of the mes
sage termed il a tail twister,' an
there was considerable selling IN 4
ticipatiOn Of the outcome, yet so IN
different was the market concerning 1t
that the declines were scarcely com
mented upon, but dizziness, extreme
Quietness became the feature.
Fuu Effect DELAYED.
on the publication OF the message the
market stinened up, assumed an air
OF Indifference, and actually advanced
prices a little, even on Saturday when
some Of the strongest organs in the
country We're deprecating the tone OF
the message and others were praISin :
Fl. But the more the message was read.
the closer followed. the more uneasy
did the stock market become. It finally
ignored all other Influences, and broke
from l to points, with generous SELF
ing. and yet with only moderate bear
pressure.
The fact that there is so much
money and that the banks are so
strong, where a few weeks ago they
were weak, kept the market on the
right side during the first part Of the
49, week, and II also kept the bears from
putting on pressure for q big break IN
the closing hour OF Saturday
The chief effect was i'm the disgust OF
investors who bought at low prices, and
nave looked FOR sharp advances, finding
some gains. but are discouraged by
the ease with which the market be-
comes inactive. even though not re-
spending 10 bad news Other investors
have been watching the market closely
for the bull movement promised walt
ing and watching for a sustained up
ward turn, and this class Of traders
kept out OF the market by its -dullness
have been led TO forget it because OF