The Washington times., 1910-02-01
LOWER LEVELS REACHED IN STOCKS
UNION PACIFIC AND STEEL
LEADING DECLINE.

NEW YORK Feb Market condI-
tons were more nearly as the big IN
terests v7c5ld have them today than
they have been for some time me
most noticeable feature Of the morHing
was duIfness. with a general lowering
Of values, effected through rather Sc
rious drive at Steel common, the FEVER
Of the whole list at the present ume-
The street IS almost uniformly DedTlsn
in its opinion. There seems 10 De no
F-,z-iDe- mower under the market. Now
and then IL rallies, displays a fairy
steady tone and then goes TO pieces IN
der a severe drive on one stock or an
other Boston vas IN evidence now ana
then in the attack on steel ana lneS
broke il 10 SIIe, disturbing the Is peg
~ the suDDort actually pulls this pes
nd -eru0fts steel common TO 80 peio"
that point. It would be dangerous 10 ne
rest of the list Lawson brokers 0i'e
his following were supposed 10 De p1-oA
Of the selling .,.4.,
The market IS IN just that conoltloH
where q bit OF good news Would Ia
a snAadv and serious effect on the IN g
short line II IS at times Ike these " -
the market has few friends tii@1 !. -
sometimes best 70 take the loAs
This is not saying that the IONS SIC -
favored Just at present pll u -
frsuEht with less danger Jlai t-ie 7-lo-
side. The short line Is extended All over
the hoard. and iu spots il Is very un-
ufeIdIv-its position IS VUiuelaole 20 t-s
efT0rt that might be made 20 cover '---
in the absence Of any news Lo- ems 49,
q movement the bears seem co-itg--- %
take their chances .-.,7--
improved Money is working easier anu
one OF the theories advanced IS ula- l--y
big people have money buL are o,t- oL
stocks Who, then, has inc DuIOen
Most ~ the buying for investment has
been on Odd-lOI orders, and much OF tHe
other buying By shorts 10 cover con
tracts although there must have been
heavy IiquidaJiOn-bUt where has II
me best advice that comes from the
Street TO traders is 10 keep close 20 Ine
shore Ready 10 follow the lead II i
looks good, but IT is a market IN F'hlcn
a trader may be easily WnIpsav-ed-
Those who looked for the declaration
Of All extra dividend on bennSy rs slLlle--
and there were some who dlo, were
doomed 70 appointment me FeSG-
lar distribution was declared ~ per
cent quarterly payable -sln ln@J-s 20
shareholders of record February =
There IS a change IN that the dlsJT1ou-
rion Is now made quartely instead OF
scu1i-auuuaL ly-
Further Investigation into the earlier
weakness In steel led 10 the belief that
levels at u hicl to cover
Reading was very strong at the open
Ing, indeed Il showed c.aSs all throISu
the session making actual gains, while
declines were the order Of the cay else
where It was believed that Reading
was being advanced 70 give strength
elsewhere in order 70 make market
elsewhere.
Reading sold up =, but LOST y net
Union Pacific opened AT 1914 sold TO
1Ff. and OF to 1874 10 ls5't- about z
urr loss SoutEe-u Pacific sold of 81
point at 125Ts and recovered 10 - g
PenDsvIvaufa. ~ New York Central, a
point Rock Island, "a Atrnlson5 =, ana
the list I'm rails 7 70 I point
In the fudusrTialS- steel common
started at So, dropped to sac. and then
gradually crept back 90 -, which was
Slightly better than the ciT.s0 ON Non
dav- copper Z point o. smelling 1@s-
and Anaconda =
Still Easier.
The market continues dull. with now
and then a little squirt Of activity. but
Ion