New-York tribune., 1910-02-01
FINANCIAL MARKET
STOCKS CLOSE HEAVY.
Speculation Made Up IN Large
Part of Professional
Operations.

Transactions in yesterdays STOCK
market were light in volume on move
r7ent of prices that showed great lrreg-
rllarity, with final figures at net losses III
the larger number Of leading issues
The opening was firm, but the demand
Was light, while throughout the day there
was little evidence Of aggressive buying,
except to small extent in Reading ana
Amalgam mated Copper, which enjoyed
substantial maximum advances, though
their last quotations were well under the
best Union Pacific and United States
Steel failed to maintain the improve
ment recorded in Saturdays operations
The short interest appeared to be pretty
well eliminated in most parts Of the list,
and in the afternoon trading a moder-
ate volume of selling was reported, bear
pressure apparently being based on the
absence Of buying by commission houses
and the apparent lack OF interest IN the
market by the more substantial wall
Street operators. Commitments for short
account, however, were small, and, as a
matter Of fact, the general market was
on either side of speculation. Room
traders are waiting for some new factor
bearing on securities before putting out
extended lines.
The fact that the Supreme Court did
not hand down decision in the Ameri-
can Tobacco case encourage efforts TO
bring about public buying, but there
was absolutely no response from COM
mission houses. The larger number of
people in the Street believe that the
Supreme Court will uphold the decision
Of the lower court declaring the Ameri-
can Tobacco Company a concern oper-
ating in restraint Of trade, but no es-
pecial uneasiness over this probability
is reported, doubtless for the good rea-
son that interests identified with the
company have assured certain Wall
Street interests that an adverse court
ruling will in no way disturb the busl-
ness Of the Tobacco Trust If the COM
pany is operating in restraint Of trade a
decision to that effect should be a bull
argument, as il will force the company
TO adjust its operations to the law and
influence other corporations that may be
violating the law to amend their ways.
The general market was extremely dull
II the last hour, and attempts to induce
the impression that the Pennsylvania
Railroad will increase its dividend to-
day failed to stimulate trading. The
close was heavy in most parts of the list,
with Steel and Union Pacific weak feat
-1,s1 ctr inc
exchange was tride firrner than re
ported in Saturdays market.
The directors Of the Pennsylvania
Railroad Company will meet to-day to
declare the first quarterly dividend on
the stock since 1877. From the year just
named to 1909, inclusive, dividends have
been paid serci-annually. and the change
TO quarterly disbursements is in line with
the methods of the larger number OF
railroads in the country, and it cannot
fail TO give satisfaction to the many
persons who have funds invested in the
stock Of the company. Wall Street spec
ulators believe half-heartedly that the
prospects Of an increase in the dividend
rate are promising, basing their eXpec-
cent heavier distributions made by the
Pennsylvania subsidiary roads, but the
possibility OF the directors postponing
action Of this sort, owing to current un-
certainties in the political and labor
world, should not be lost sight of at this
particular juncture. Moreover, IN view
of the suits that are being brought 20
test the constitutionality Of the federal
incorporation tax law it doubtless will
be deemed wise TO keep the dividend at
per cent pending the settlement Of this
vexatious problem. The Pennsylvania
Railroad has outstanding stock to the
par value OF $500, 364.l5o. Since 1907
the company mas paid 6 per cent, while
for eighteen months preceding the rate
was per cent. From 1900 to the time
the per cent was paid the rate was e
per cent Pennsylvania. has an enviabie
aAT