The Washington times., 1909-02-08
NEW YORK STOCKS OPENVERY DULL.
LATER BECOME ACTIVE AND
VERY STRONG.

NEW YORK, Feb 81 p. m.-Ioday
market was decidedly wearisome. The
sicSrr moved with the enthusiasm of a
vyater-IozEed steamer Iu an envelopius
foE-ouIv a little slower. That the mar
ket really presented "a rather steady
sront I'm view OF the inactivity was
rather remarkable. and yet IL indicates
The indfsposition OF the bears TO take
any liberties with a market as com
DIetelv in the hands OF a few operators
as this case is. No one looks for any
general rise in the market. Tt doesn't
seem possible that the list should move
upward under existing conditions which
have been enumerated over and over in
every financial publication in the
country.
Union PacihC's stOCkhoIdiugs continue
20 advance the interests OF Mr.. HaTri-
man. and his domiuancy in the interest
OF Union Pacific i'm other companies.
The story this morning is that the
Gouds are to abandon raiIroading as a
pursuit. in the interest of the greatest
Eailroad masnste of them all
A TiresOme Market.
The professional trader is thoroughly
tired of this market. Somewhere IA
the market there may be a short in
tcrest of moderate proportions, but 50
far as observation can indicate, there
S no short interest of amy Importance
whatever. That there isn't under eN-
ssting conditions is a tribute TO the fear
that the syndicate has inspired in she
hearts of the bears This very fear
has been largely responsible for the
ability of tho friends of stocks TO hold
prices as steady as they have
Price changes ln the majority OF stocks
Oh the list Were tucOnSequeutlal, except
Ou the upward turn in "a very few
stocks, Is in Reading, = IN Union PacI-
nc, = on Chicago Gas and small fraC-
TtoD9l losses and gains about equally
scatter. none OF observation-disclosures
Atlantic Coast Line was = or
Market Active and Fi1mer.
As the session advanced, the develop
ment Of strong spots here and there led
10 a little more activity. and the buying
really seemed 10 bs OF good character,
some large lots coming out and the
tlcker moved more rapidly.
The development in strength was es-
pecially noticeable IN the last hour, be-
tween u and o-clocr, and was attend
ed with a rise Of points in Norfolk
and Western 3 in Copper, and las IN
SmelteT. which was a leader iu the list
Reading extended its earlier improve
meut 20 U.s. while the entire market
presented a mTmer appearance. Balti-
more and Ohio, Brooklyn, and some OF
tile minor shares old not advance with
the leaders, nor did they display any
special activity.
The market was even more puZzlins
I'm its activity than in It's dullneSSs and
many predictions were made OF an cas-
ier closing,
BIZ 0. Criticised.
Baltimore and Ohio. prominent last
week as an active market leader, has
5ust negotiated a bond sale Bonds
for betterments and improvements.
This has caused attention to be d.
rected toward earnings.
For the year ended June so. 1905. the
company showed a decrease in cross
earnings Of SS,6351H. and In net, a
decrease of SIq05,939 The dividend was
not earned by Sl,300,l JU. Just the same
TIE semi-annual dividend Of 3 per cent
was declared at the close of the year
and the deficit charged 10 prOht and
loss surplus. For the first SIX months
OF the current year the company re-
ported a gain of S3fl, 4I3 IN net earn,
ings-bv reducing operating expenses
SETTLES.
an authority says that; "This can
only mean one thing I'm order 10 con-
1iuue the per cent dividend rate main
tenance appropriations were reduced n
the dividend. Now the management is
planning TO sell bonds for improve
FuFurs OF a minor character When
railroad earns its dividend by cutting
GENERATING expenses TO the bone and
then turns around and sells bonds "a
improve the property. ID a man in the
street, that railroad is paying diVi,
bends from the proceeds x a bond
sale