New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-25
THE WEEK IN WALL STREET.

number OF issues uulnportant net changes at
the close. There was no disposition among COM
mission houses 70 deal actively in securities.
while the more important market interests made
no efforts 10 direct the course OF values
either way. Trading was almost entirely for the
account Of the board room element Various
Developments in the week tended 10 discourage
speculative activity. but there was little in the
news that suggested the liquidation Of well held
speculative or investment accounts. The refusal
OF the United States Circuit Court at St Paul
80 entertain the contention OF the Hartman in
terests FOR intervention IN the Northern Secur-
ftiee case and the subsequent institution Of new
proceedings by the Union Pacific party against
the Hiu and Morgan element in the New-Jersey
court served to create certain amount Of I'M
easiness in speculative circles, although these
factors failed 10 bring about materially lower
level OF quotations. Mr. Hartman announces
that the Union Pacific position in the Northern
Securities situation VIII be vigorously fought
FOR and that the proposed distribution OF the
securities held by the Northern Securities Com
pany viii not be carried out without an ener-
getic fight the part OF the Hartman inter-
ests. The Northern Securities situation forces, or
course. an element OF uncertainty into the stock
market outlook as far as active speculation for
higher prices IS concerned. and a speedy settle
by the people who believe that stock market
values ought 10 sell well above the current level
There was moderately good buying in few
stocks IN the week notably In the anthracite
coal shares. Wabash preferred and Atchison'
while there was considerable speculative actlv-
sly n Consolidated Gas and number OF the SO
called specialties which were affected by special
developments. For instance, the shares OF the
United States Rubber Company were bought Tor
a turn by speculators who had advance infor-
nation on the action which the directors would
take regarding dividend on the preferred
stock. On Thursday il was announced that diVi-
dends on this ISSUE had been resumed. declara-
ton OF la per cent being made, the first pay
ment since January. 1901 Consolidated Gas
nuctuated over q wide range on dealings that
were based on the probable fate Of the Remsen
Gas bill In the anthracite shares buying was
. reported for the account OF traders who have
been studying the condition Of the hard coal
trade. The companies have enjoyed a prosper
Gus winter. their current sales are heavy, and
the prospects for the rest Of the year are most
encouraging. At the present price OF coal there
IS a large profit. and as consequence dividends
on the coal stOcks-that IS on the stocks already
paying divildends-are sure TO be maintained
An indication of the profitable business that
the coal companies are enjoying is reflected IN
the announcement by the Reading company Of
an advance IN us QlklNeAQ rae On us SSNDl4A
preferred stock 10 4 per cent Buying Of Wa
bash preferred created considerable interest.
and it was reported in various circles that
strong bull pool had been formed in this issue
and that purchases made at the present price
would be held for better quotation. The Wa
bash Company has made remarkable progress IN
the last ten years "a the matter Of Improve
lrents extensions. new rOadbed and new equip
ment. u is now in position TO handle more
traffic at a cheaper cost. while with its Piusburg
extension Il VIII receive az Increase IN earnings
which naturally viii make The preferred stock
more valuable There IS n possibility that the
Wabash debenture 3 bonds may De handled in
the same way as the Texas and Pacific inco.2:a
bonds. which were exchanged iTto per cen-
st. Louis. Iron Nou1taip and southern bond
For the last year there has been active accunlU-
lation OF the Wabash Gebeature Bs
Railroad earnings received in the week showed
for the greater number Of companies decreases
as compared with the same time year ago.
A noteworthy feature Of the returns for the sec
ond week In April was the falling OF in the
traffic Of the roads IN the Southwest. Until
within the last few weeks earnings in that part
Of the country made narteiiug exhibits in the
face OF declines among railroads In other sec
fions OF the United states. For instance. for
the second week .n April the Missouri Pacific
shows a loss n gross earnings Of Sfo"ta Texas
and Pacific a loss Of $500" and Louisville and
Nashville g loss Of over 500 In considering
the declines IN earnings this year from a year
ago It should be borne ta mind that comparison
IS made with a time when the volume Of traffic
was heavier than ever before recorded for
corresponding period. Railroad officers are not
alarmed over the outlook. for they believe that
after the Presidential election business in gen
eral VIII again show marked activity. and that
the railroads viii have al they can do 70 handle