New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-13
BONDS.
STOCK MARKET OPERATIONS.

e.,,i-s ,rsra weak fp the two hours % trad
ing on q moderately active volume Of business
with net losses in most issues at the close
There were no news developments in the DAY ac-
counting for the declines. but the Street was
sIad with rurnars REGARDING various properties,
while the usual report that the Northern Sc
curities decision would he handed down to-mor-
row Was neard from one end Of the financial
community to the other. Extreme weakness in
Metropolitan. amounting TO a loss Of more than
4 points. was not explained by Developments az
fectiug the company. i was reported that sell
ing came from sources holding important IN
formation regarding the traction situation IN
this CITY and Il was rumored that the Corpora
zion Counsel was about TO begin proceedings
against the Metropolitan for the collection OF
hack taxes. The report that the Metropolitan
would not secure subway privileges also afecteo
the stock.
Delaware and Hudson was again weak on
sales that doubtless represented operations by
1,eople who believe that they VIII he able 10 buy
their stock back at cheaper prices before the new
stock is issued. Since the announcement of the
new stock the price OF the old has declined over
17points It appears 10 be the custom now in the
caseof new stock offerings at a price much under
the market quotation for the old stock 10 tend
toward the subscription level. Pennsylvania it
may be recalled. reacted last year after the an
rfounoenent Of the new stock issue at 10 from
above $50 to the subscription price. in yester-
days market Pennsylvania went under H. and
eSev-Yorx under 113. ST. Paul received mod
crate support: also Baltimore and Ohio. st.
Paul has at the present time as many friends
any Of the prominent railroad stocks. II
not more and well advised operators buy ii
on all declines while investors who appreciate
the actual value OF q security Ike 10 include
large number OF 81. Paul shares among their
holdings St Paul has not been issuing new
stock or bonds. 1t has not been forced 20 come
into the loan market for money its notes. and
u 81 has not gone crazy. as some companies have.
over extensions and entanglng alliances with
other properties When depression in the rail-
road business develops St Paul viii not find
itself burdened with an enormous capitalize ton
on which dividends cannot be paid Before the
Great Standardization Pacific interests Sc
cured control CT the Burlington system they en-
deavored 70 buy the St Paul company. but the
people back Of St Paul were too wise 10 nibble
90 the halt dangled before them II was a fort
innate thing for the holders Of St Paul stock
that the company did not figure in the Northern
Securities merger.
The weekly statement Of The Associated Ranks
showed few important changes as comDared
with week age. Loans decreased. deposits
decreased. cash decreased and reserve al hove
legal requirements declined Sc %. TO S2q 49,
o55 as compared with Sl024O 600 At the CORE
spending time last year and S31129O0 I'm 1902
The market continued its decline after the pub
lcation Of the Clearing House figures. closing
near the lowest Of the DAY. Total dealings I'm
She two hours were larger than In the five hours
n business on Friday. amounting 10 1929
shares. Room sentiment at the close was bear
ish. and the theory was advanced that If values
could be forced several points lower the public
might be induced to come into the market The
public, however. seldom speculates when prices
ure down. u the market should ne pushed Up
zen points there would be a better chance OF at
tracing the public than there is AZ the present
level