The Washington herald., 1908-03-05
STRONGER AT CLOSE
Market Shows Upward Ten.
dency in Last Hour.
LISTLEss EARLIER IN THE DAY
Volume OF transactions Up to
Within Final HOur Amount to but
Little Moro Than 100000 shares.
Weakness OF Union and Southern
Pacific Has No Effect on other Lines.

New York. March 4.-Up 20 the last hour
OF business on the stock exchange to-day.
the dulIness OF the security market was
intense.
The volume OF transactions in this
period was only a little more than 100000
shares. or such as to fully warrant the
belief that the days business. as a whole
would be the smallest but one of any
day since January J. The only matter at
ell that stirred the dead level of torpidity
which the market presented was the rela-
tive weakness OF the Union Pacific and
Southern Pacific stocks coupled with the
fact that the pressure here exerted no
sympathetic influence upon other stocks.
Close observers Of the speculative trading
maintained as they did yesterday. that
the selling OF the two stocks was specula-
tive In its nature. and the view expressed
in banking circles was that Il was hard
10 make out what the supposedly unfav-
orable developments concerning these
stocks were that could lead to sales at
current figures.
The earnings OF the two companies de-
rived from the operation Of their roads
have not yet been so reduced as to sug-
gest the necessity Of more than a slight
reduction if at all. OF dividend distrbu-
tions, and il appears 10 be settled that
the government will not ask for any in
reference with the continuance\of divi-
dend payments while the slow process OF
determining the right of the Union Pacific
10 control the Southern Pacific is vending
its way through the Federal courts.
No Help from Abroad
Neither did to-day's stock market derive
any help from foreign buying. The Lon
don stock exchange and the continental
bourses were in the same state Of stag
nation as our own. although more or less
liquidation was in evidence in Paris.
where business troubles OF one kind or
another are recurring II any movement
at all in prices here to-day was visible
after the early attempts to depress the
Union Pacific and Southern Pacific shares
were made. Il was in an upward direction
and this appeared 10 be in consequence
of the fact that the extremely firm under
tone displayed by the market was be-
coming more or less disquietlng 10 specu-
lators for the fall. who realized what
might happen II any considerable number
OF them should set out 10 retire their
contracts for the fall with stocks in their
The hardening tendency OF tbe market
here was more notable. inasmuch as the
news Of the day was II anything m
favorable to values. The Calumet and
Hecla Mining Company, the countrys
best-known copper-producing concern. re-
duced its quarterly dividend rate from 10
10 o. this comparing with a 500 quarterly
dividend paid at the corresponding time
last year, and shortly afterward came
the news that the Wolverine Company.
another Lake Superior mining concern.
whose stock Is entirely held by investors
and the conservatism and ability of
whose management is Of the same sort
exactly as that OF the Calumet and
Hecla, had reduced its semi-annual divi-
dend 10 5. as against a SO rate at this
time in 1907
Might Have Kept Old Rate.
The strong probability Of course. is
that both of the copper companies
named could. II they had wished. de-
clared a much larger dividend to-day
than they did. but that it was their de-
sire. In view of present trade conditions.
to keep larger cash surplus on hand
than they usually do The announce
ments, although they were more or less
unsettiing in the Boston market. the ac-
ton of the Calumet and Hecla company
in particular being something os a sur
prise, did not cause any liquidation in
copper stocks here
In the final hour Of the stock exchange
session, however, and more particularly
in the final half-hour. the character of
the market underwent r surprising
change. The dealings rapidly enlarged,
and in very little time advances OF be-
tween l and 2 per cent were made In most
OF the active issues