New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-02
BONDS.
"Ex interest.
STOCK MARKET OPERATIONS.

ctfo-s In Yesterdays stock market were
made ND In great part OF the operations Oh 'ne
professional element, which worked LOT o"e-
ouotations and sales by commission MUS
traders who were anxious to take pTonts ieSNit
ing from the advancing tendency OF the preceu-
ing DAYS of the week Declines were not SIG ~
coT+ If adverse changes in the situation affect
ing the actual value of securities al'noueA
bear party endeavored TO make capital out Oh
.be cold weather that has retarded the growth
of the crops. and the uncertainty over the OUT
come of the Equitable Life affair. Indeed, IN
some quarters the primary cause of the DAY s
weakness was ascribed to the unfortunate sltua-
ton at No. 30 Broadway. OF course a poor
start in the spring wheat and corn peIls OAteh
means a late maturity of the crops, inVoVlns
the possibility of damage from frost Out inc inc
chances of most favorable weather, whlch Will
renoadv the current adverse climatic conditions.
are as good as are the chances OF late Damage
TO the grain fields, and at the moment there Is
therefore no good reason for rushing TO the
conclusion that the year 1903 viii be pau
one in the agricultural community. Inc oecLlie
Yesterday was not accompanied by liquidation
in substantial quarters of the Street. peyoIo re-
,lizing sales while al the low prices stocks were
absorbed by a good class Of buyers especially
III the case Of Reading, Union Pacific. Southern
Pacific ST. Paul. Canadian Pacific Analgamated
Copper and United States Steel preferred. In the
last named issue bear pressure was due to the
appearance of certain amount of commission
house liquidation. representing unimportant
holders and of course, the room heard many
new reports about depression in the iron and
steel trade, although, according TO trade au
thorIties, nothing beyond normal reaction ha'
N developed in the industry.
Among the few exceptions to the downward
-E,,- ,fcT
were strong in the greater part of the day or
fair volume of business even Metropolitan ad-
vancing in the face Of unfavorable report OF
earnings for the March quarter. The results OF
the conlpany's operations in the time named
showed deficit of 81, BE-. 406 as compared with
a deficit in the same period year ago Of $780,
551. gross earnings decreasing more than $780,
COO net earnings more than 100000 and total
income more than 100000 The company was
forced to contend with severe weather condi-
tons IN the time under review, yet operating
expenses increased only SS7.264. while the, in
creased traffic from the strike on the Interior
ough failed to make material impression on
earnings, Metropolitan has not been making
encouraging reports for long time past. but
the fact that the company doubtless will be-
come important factor in the proposed new
underground roads ought to suggest the wis
and the Metropolitan Securities Company. Talk
was heard yesterday of further opposition on
the part Of the traction companies to the pay
ment Of the franchise tax, and this may have
been an influence in the advance in the stocks
Of the various surface companies. The ma.
fet closed at small rallies from the best figures
Of the day. but the volume of trading too
small to bring about material improvement
Union Pacific, Southern Pacific and ST Paul
were especial targets of bear attack, closing al
substantial losses,
Commission houses thought that the stock
transfer tax, which viii go into effect on sales
of stock to-day factor in restricting
trade, as the tax will be paid by the customer
rather sa9an by the broker Now. If this tax is
going to drive business away from Wall Street
il might bega. good idea if the Stock Exchange
would revise or amend its rules to an extent
that would permit the broker TO pay the tax
instead of the customer. OF course, the trainers
of the measure intenqed that the tax should be
paid by the broker, and there is no good reason
why the operator in stocks. who already pays
q substantial commission TO his broker Should
be compelled TO bear the additional burden; and
perhaps If the Wall Street broker finds that
business is slipping away from him he will make
arrangements by which the burden viii fall OF
his own shoulders. There is however little
chance Of the tax on transfers becoming
an important restraining influence in specula-
tive operations. for the reason that man will
speculate no matter what restrictions may be
placed upon him. instanced in the period OF
the Spanish-American War. when. despite tbs
war tax on stock transfers. speculation was u
usually active The summer months are not
as a rule. accompanied by activity in Wal
Street. and therefore there will be little iusti.
fcation in blaming the stock transfer tax fol-
any reduction that may develop in the volume
Of speculation in the next few weeks.