The Montgomery advertiser., 1904-06-25
WALL STREET REVIEW
SPECULATIVE SENTIMENT GOOD
DEAL DISTURBED.
Passing of Interest ON Wabash De-
benture A Bonds Has its
Effect ON the Market
Buying of U. p.

New York. June 24-Speculative SEN
timent was a good deal disturbed 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 specu-
lation in the debenture bonds on the
assumption that the company's surplus
earnings were on a scale to promise an
early distribution on those securities
TO which the A bonds are prior. Even
yesterday the B bonds enjoyed specu-
lative advance on the increase in net
earnings reported for May by reason
of cutting down in operating expenses
and 1t was favorably commented upon
that the small decrease in gross earn
ings was the first to be reported by the
system in over nineteen months, not
withstanding 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 speculative senti-
ment and weighed on the whole list In
sympathy, The Wabashs themselves
the preferred stock 2 IA and the com
mon stock / is. Union Pacific made
vigorous resistance to the depression,
the buying of the stock for London
account being a feature. 1t yielded
momentarily. but afterwards rose well
above last night and steadied the whole
market. The balance inclined gener-
ally to the side of depression.
Strength In the wheat market on re-
ports of excessive rains In the West
of the Wabash weakness. There was
also weak return of net earnings
for May by Baltimore and Ohio. the
decrease from last years total reach
ing upwards of one-third. Some of
the stocks which have been lifted by
speculative movements during the week
suffered from a scramble to make
profits when the reactionary character
of the market was perceived. United
States Steel preferred was amongst
these, with marked sentimental effect
on the hopes of an advancing market
which the movement in that stock has
aroused. The dealings were largely
in professional hands and the suspi-
cions of the traders as to the opera
tions of competing operators constitu-
ted most of the motive for the dealings.
The usual preliminary estimates of the
weeks currency movement indicated a
strong flow still in force towards New
York, probabilities pointing to another
rise in New York's record bank re-
serves of nearly $4,000. 900. An ex-
panslon of loans is expected to result
from the railroad bond operations of
the week. but scarcely sufficient to Off
set the advantage to the surplus of the
cash inflow. The stock market was
benefited by the forecast of the bank
statement and by intimations of a
cheerful view of the commercial out
look by the mercantile agencies. The
large buying of Union Pacific was also
resumed with gain of 1 IA and
Southern Pacific came into the advance
to the extent of rs. The general
market responded with a recovery
which wiped out a large proportion of
the decline, leaving small net declines.
The closing, however, was barely
steady.
Bonds were irregular in sympathy
with stocks. Total sales par value
$3,400,000. United States bonds We're
unchanged on call.
NEW YORK STOCK LIST.