The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-02-02
WALL STREET NEWS
Market Dull Following Drop
of Prices on Monday.
INTER.-MET. SHOWS WEAKNESS
Dealings In steel Common out of
Proportion and Stocks sFail to
OF the Year Pennsylvania De-
eIares Regular Quarterly dividend.

New York. Feb. L-To-day the stock
market was again in the doldrums, or
what was, at any rate. generally so con-
sidered as comapred with the activity
which generally characterized the market
through January. Yesterday the stag
nant condition of affairs was. II is true,
relieved by sudden break in prices
at the end OF the day.
To-day the market was dull without
interruption from start TO finish, even
II certain especial movements" did oc-
cur In particular stocks. Differing opin-
ions were naturally drawn from all this
by opposing speculative interests. The
one ran to the effect that the course Of
the market showed that yesterdays drop
was not bear raid as many thought
at the time inasmuch as no strongly
marked tendency toward recovery was
manifest.
shows Great Resistance
The contrary view was that to-day the
market showed greater resistance "a
speculative pressure for the fall than II
did yesterday, and that at the lower
level operators for the decline evinCed
some anxiety TO retire their contracts.
If there was any feature TO the days
business It was an outburst Of weak
ness in the Interchangeable
common and preferred, Third Avenue
Pittsburg Coal, Republic Iron and Steel
Wabash preferred. and certain other
stocks in which there has been specula-
ton for the rise. and which come 70
have q relatively poor market
The Third Avenue shares have in fact
been heavy ever since the formal an
nouncement some time ago of the date
for the foreclosure sale Of the companys
property. AS the Interborough-M Metropolis
tan stocks advanced last year without
any other reason TO account for il save
those OF mystery" so to-day there was
no known explanation Of the break IN
their prices. The fall was. however
attributed TO legal questions that have
recently been raised as TO the right Of the
ELECTROMAGNETIC Company to
draw any money from the subway prop
eTty. except such as is paid in dividends
upon the shares OF the subway company
Toward the close Of the day the market
was perhaps somewhat frmer than it had
been earlier but declines were, neverthe-
less. far more generally shown than was
the case yesterday.
Heavy Dealings In Steel.
Dealings in the United States Steel COM
mon shares still furnished to-day's dis
proportionate quantity Of the trading in
all stocks. At one time the stock fell tc
a level, but slightly above its low price OF
record since the beginning Of the year
Then the commission houses that were
the largest sellers Of the stock yesterday
turned buyers, and upon this the shares
advanced, but not with notable vigor
News from the iron aud steel trade was
OF unchanged character. and indeed lnan
ciaI developments during the day were
extremely meager. The directors Of th'
Pennsylvania Railroad Company declared
a quarterly dividend upon their ccm
pany's stock at the regular rate. and al
though there has been talk in ultra spec
ulattve circles recently that the dividend
was likely TO be increased at to-day:
meeting it is highly doubtful If there wa,
any real expectation on anybody's par
that such action would be taken.
Doubtless Wall street considered as tn,
most important announcement Of the dal
the published statements Of the Unior
and Southern Pacific railroads for De
cember. which were on their face, Of
course, highly unfavorable.