The Saint Paul globe., 1904-06-25
WORRIED BY WABASH
PASSING OF INTEREST DEPREsSEs
STOCK MARKET
This Weighs SympatheticaIiy Upon the
Entire List-UnIon Pacific Makes Strong
Resistance to the Depression

NEW YORK, June 24-Speculative
sentiment was a good deal depressed to-
day by the announcement over night that
the semi-annual 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
1898. There has been besides, an extensive
speculation in the debenture B bonds on
the assumption that the company'S sur
plus earnings were such as to promise
an early distribution on those securities.
to which the A bonds are prior. Even
yesterday the B bonds enjoyed a specula-
tive advance on the increase in net earn
1ngs reported for May by reason of cut
ting down in operating expense, and 1t
was favorably commented upon that the
small decrease in gross earnings was the
first to be reported by the system in over
| nineteen months. Notwithstanding the
downward course of railroad earnings in
general in that time
The passing Of the interest, although it
is contingent liability, was quite a
shock to speculative sentiment and
weighed on the whole list in sympathy.
The Wabash's stocks broke violently, the
A stocks themselves 71s, the 3 debenture
common stock 1s. Union Pacific made
vigorous resistance to the depression, the
buying of the stock for London account
being feature 1t yielded momentarily,
but afterward rose we'll above last night
and steadied the whole market. The
balance inclined gradually to the side Of
depression. Strength in the wheat mar
| ket on reports of excessive rains in the
| West and Southwest supplemented the
effect of the Wabash weakness.
: Scramble to Take Profits
There was also a weak return of net
| earnings for May by Baltimore & Ohio,
the decrease from last years totals
reaching upwards of l per cent Some of
| the stocks which have been lifted by
| speculative movements during the week
| suffered from a scramble to take profits
| when the reactionary character of the
| market was perceived. United States
marked sentimental effect on the hopes of
an advancing market. which the move
| ment in that stock aroused. The dealings
We're largely in professional hands and the
suspicious of traders as to the operations
Of competing operators constituted most
of the motive for the dealings. The usual
| preliminary estimates of the weeks cur
rency movement indicated a strong flow
| bilities pointing to another rise in New
Yorks record bank reserves Of nearly
| Sc, 1000 000 A
An expanse of loans rs expected to re-
suit from the railroad bond operations of
the week, but scarcely sufficient to offset
the advantage to the surplus of the cash
inflow. The stock market was benefited
by the forecast Of the bank statement by
mercial outlook by the mercantile
agencies. The large buying of Union Pa
cItic was supplemented by a gain of 1 u
and Southern Pacific came into the ad-
vance to the extent Of r. The general
| market responded with a recovery which
wiped out large proportion Of the de-
cline, leaving small net declines. The
| closing, however, was barely steady.
Bonds were irregular in sympathy with
stocks. Total sales. par value SO 400. 900.
United States bonds were unchanged on
call.
Closing List