Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-18
Reaction Followed Exhibition
of Strength at Start.
AN OUTPOURING OF STOCKS
Reading and St Paul Led the De-
clines.
SOME DISPARAGING REPORTS
Price Movements Were Governed
Largely by Technical Considera-
tions-Copper Stock Strong.
AN OUTPOURING OF STOCKS
SOME DISPARAGING REPORT
Special Dispatch to The Star.


NEW YORK, March 1S.-After a brief
exhibition of strength at the start the
market reacted sharply today under A
general outpouring of stocks that were
apparently the accumulation of the rise
of yesterday afternoon. The immediate
success for the reaction was the cutting
OF the New York Central dividend to
basis of per cent. the news of which was
received shortly after the market opened
The speculative bear element made use of
his to make a general attack and with
a degree of success that carried prices
Considerably below yesterdays closing
level. with Reading and st. Paul the
leaders of the decline. During the second
hour the market rallied somewhat. but
there seemed to be plenty of stocks offer
ing throughout the list.
While, as above stated, the cut in the
New York Central dividend had an adj
verse sentimental effect upon the mar
ket. ii cannot be properly said that the
reduction should be received permanently
in any such light AS is well known.
the directors of the New York Central
were criticised for lack of conservatism
in maintaining the dividend rate at per
cent on the occasion of the last disburse-
ment. and it is not improbable that had
a similar policy been pursued on this oc
casion they would have been subject to
severe condemnation.
Some Pessimistic Comment.
The February report of the Baltimore
and Ohio. showing loss in net earnings
of approximately 100000, was a subject
of pessimistic comment and assisted ma
terially in bringing about the reaction.
The trading was, however, SO profess
sional in it's nature that price movements
were governed largely by technical con-
Siderations. There was another revival
of the rumors in connection with securi-
~ dividend in Union Pacific which accom-
panied a considerable advance in that
stock during the early trading, while we'll
sustained strength in Brooklyn Rapid
Transit was attributed to expected favora-
Bile Legislative developments in the mat
ter of the present fare controversy.
The Hill stocks were somewhat neglect
ed, nor were the Steel shares given today
their usual measure of prominence.
Amalgamated Copper Strong.
Further reports of betterment in the
copper industry were cited to account for
the comparatively strong tone of Anal
gamated copper, but the Improvement in
this direction is not yet accepted as a SUBJ
stantial one in all quarters. The Erie
and the Southern railway shares mani
tested unexpected strength.
IN the broader aspect of the financial
situation Wall street expressed regret over
the fact that the clauses relating to the
use of railroad bonds as security for bank
notes had been eliminated from the AL
drich bill. but the fact that the way seems
now clear for this measure of currency
REFORM TO become law even in it's emas-
cufateds form was regarded with a grea.
deal of satisfaction
The matter of the Presidents message
appears still to be in allegiance. but the
dispatches from Washington Indicate a
more conclliatory policy, even though il
may have been adopted for purely po-
nllcai purposes. Locally the prospect for
speedy resumption of one of the recently
closed hanks by the removal of unneces-
ton.