The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-02-29
NEW YORK STOCKS
IN GENERAL DECLINE
Union Pacific Leads With a
Loss of 8 Points-Many
Bearish Influences.

NEW YORK. Feb. 29.--ClOse.-Market
conditions were unfavorable this morn
ing, and tie market took a course the
reverse Of what il has followed for the
last few days. The bears assumed
d little more aggressive tone, and hit the
list here and there, using Union Pacific
as the club. The report is that an in
junction will shortly be applied for,
against the payment Of tie dividend on
the Southern Pacific shares held by
Union Pacific. In view of the recent de-
cision or the court in the Fish-HarTi-
man case. il is somewhat difficult 10
understand just how a road might be
within its rights in owning and voting
a block OF stock in another road. ana
vet not receive its dividends on the
stock.
There was a general opinion that
some unfavOrable development was
hanging over the market. although there
was enough unfavorable news in the
railroad earnings TO account for more
than fractional declines. The state
ments made by officials OF railroads re
garding the effect OF immediate adOp-
ton Of the nine-hour law, and other in
formation relative to difficulty in meet
ing operating expenses, etc, all tend 20
impress conditions on the public as fully
as bad If not worse than they really
are.
There was but little business between
New York and Europe. The action OF
Union Pacific. which is generally termed
THE natural leader of the market" was
discouTaging.
Smelling, Copper, and a few other In
dustrials have furnished the peg on
which to hang the fractional advances
that have been made and lost from
day TO day. but not so much Of prom
Using conditions as on manipulation To-
day they turned weak with the rest
Of the list and caused liquidation of
stock acquired within the last few days.
Severe Declines.
The losses in the short session today
were greater than all the gains of the
week. There was more stock put on the
market and the support was entirely
lacking. the market being permitted to
take its own course. OF course. there
was the usual average crop OF rumors,
but nothing that looked as If there was
more than a possibility OF their being
true. The scheme for the reopening
OF the Knickerbocker National Bank
was generally discussed as an infiu-
ence for good sentimentalIy. provided
il went through. Other possibilities were
equally vague.
Against these were discouraging rail-
road earnings. the reported injunction
mentioned above, and the threatening
something that was perhaps inspired
by the actual weakness,
In London the Grand Trunk shares
dropped 3 points. From Texas came the
, threat of the governor of that State to
put the Texas and Pacific in the hands
Of receivers in line with he present un-
explained antagonism of the world 10
railroads and corporate interests.
The Losses.
Union Pacific s points. st. Paul ~.
Southern Railway preferred l. or TO
2Slh. lower than in the middle OF the
panic I'm October; Reading a point.
Pennsylvania 2, Louisville and Nash
vile y. Northern Pacific 11z, Western
Union "a, Mexican Central a point
Copper and Smelling 115012( Baltimore
and Ohio a, Missouri Pacific =, and the