The Washington herald., 1908-02-14
WALL STREET NOTES
Advances in Most Stocks,
with Sharp Exceptions,
MISSOURI PACIFIC IS WEAK
Unable tn Break the General List
Bears Attack Several Roads and
IndusfriaIs with Marked Success.
Smelling Dividend May Be Re-
duced-L. & n. loses Three Points.

New York, Feb. 13-The action OF the
market to-day accorded fairly well with
the opinion expressed in some quarters
on Tuesday, that the low prices had prob
ably been about reached IN the most
important issues. but that there were
enough traders and speculative operators
still on the bear side TO insure sharp re-
action. representing efforts to change the
main tendency, or at least afford an op-
portunity for covering.
To these operators was the reaction
in the last hour of business on Tuesday
ascribed, and to them also were to-day's
recession said 10 be due. They were no
longer able to break the general list, ii
was argued, but were still sufficiently
powerful in the absence of any important
buying demand to keep the market from
getting away while their large lines Of
shorts remained uncovered. Despite ex-
treme weakness in few stocks, prices
as a rule held above the low level Of
Monday and Tuesday.
The bears attacked Missouri Pacific and
Metropolitan with no resistance. The
extent OF their success and the ease with
which it was attained must have been
a surprise even TO themselves. Nobody
supposed that the position Of the stock
was strong, but neither did anybody sus-
pect that it was so helplessly weak as il
proved TO be- The price went to low
level for the present downward move
ment, and, indeed. dropped 20 lower
level than it had before touched since
1888.
American Smelling and Refining re-
celved its full share of attention from
the bears, and seemed to have been left
entirely at their mercy. with the result
that il dropped lower than il had before
since 1904 The decline was attributed to
the dividend outlook. which as viewed
by the trading community promised noth-
ing better than the reduction Of the
present per cent rate by one-half at the
next meeting of the board Nothing
definite was said as to the time at which
action would be taken, but according 10
precedent, IL should be in the last week
Of the present month OF the first week of
March. In the quarters where there is
usually accurate information in regard To
the business situation. it was said that
there were indications of Improvement
Rumors to the effect that a metal con-
Germ was in trouble were adOat both here
and iu London. but AZ neither point was
anything said that would indicate what
these stories referred 10. They were gem
orally discredited.
On a small volume OF business. Louis
Vile and Nashville lost more than three
points. although there was no unfavor-
able news on the stock beyond what Vas
supplied by consideration Of the semi
annual statement of earnings published
last week. That statement was quite dis
appointing, largely on account Of a heavy
increase in operating expenses. and the
impression created boy a comparison OF
the roads results with those Of some
other companies was that the stock was
selling further above other s per cent
payers like Atchison and Southern Pacific
than its relatively greater margin of
dividend safety entitled it 10.