The Birmingham age-herald., 1904-06-25
EIbLENT BREAKS
 IN WABASH STOCK Due to Passing of Semi-Inter- est on Oebenture "A" Bonds WHOLE MARKET DISTURBED
Dealings Were Largely In Professional Hands ard the Suspicious of the Trader as to Operations
 of Big Operators.

New York, June 24-Speculative senti- ment was a good deal disturbed today by the announcement over night that the semi-interest on the debenture "A" bonds of the Wabash had been passed by the directors. The per cent interest on these bonds has been paid regularly since 1seS There has been besides an extensive spec ulation in the debenture "B" bonds on the assumption that the company's sur plus earnings were on a scale to promise an early distribution on such securities to which "A' bonds are prior. Even yes- terday the "B' bonds enjoyed a specula- tive advance on the increase in net earn ings reported for May by reason of cut ting down in operating expenses and it was favorably commented upon that the small increase in gross earnings was the first to be reported by the system in over 19 months, notwithstanding the downward course of railroad earnings in general in that time. The passing of the interest, although 1t is a contingent liability, was quite a shock to specula- tive sentiment, and weighed on the whole list in sympathy. The Wabash them selves broke violently, the @As" them- selves 71h points, the debenture "Bs" 4 points, the preferred stock, 2A, and the common stock IS. Union Pacific made vigorous resistance to the progression, the buying of the stock for London ac- count being a feature. It yielded momen- tarily, but afterwards rose well above last night, and steadled the whole mar ket The balance inclined generally to the side of depr ession. Strength in the wheat market On reports of excessive rains in the west and southwest supplemented the effect of the Wabash weakness. Tbers was also weak return of net earnings for May by Baltimore ana ohio, the de- crease from last years total reaching upwards of one third,
 Some of the stocks which have been lifted by speculative movements during the week suffered from scramble to take profits when the reactionary character of the market was perceived United States Steel preferred was among the those af- fected with marked sentimental effect on the hopes on an advancing market which the movement in that stock has aroused The dealings were largely In professional hands and the suspicious of the traders as to the operations of operators consti- tuted the motive for the dealings. The usual preliminary estimates of the week 8 currency movement indicated a strong fn- flow .stil in force towards New York, probabilities pointing to another rise In New York's record bank reserves of near ly s7000,000 An expansion of loans is ex- pected to result from the railroad bond operations of the week, but scarcely suffl- cient to offset the advantage to the sur plus of the cash inflow. The stock mar ket was benefited by the forecast of the bank statement and by intimations of a cheerful view of the commercial outlook by the mercantile agencies. The large .~T-. .1I with a gain of 1A, and Southern Pacific came into the advance to the extent of E. The general market responded with a recovery which wiped out large propor- tion of the decline. leaving small net de- clines. The closing, however was barely steady.
 Bonds were irregular in sympathy with stocks Total sales par value 8, 100000 United States bonds were unchanged on call