New-York tribune., 1905-03-08
BONDS.
STOCK MARKET OPERATIONS.

A disposition the part Of the larger specu-
Iative interests to permit the market to look out
for itself for a brief period encouraged selling
by room traders and liquidation by lightly mar
gined operators. and a consequence the gen
eral level Of values was lover in the greater
part of the day. Doubtless The labor trouble
Of tbs Interborough Company considered a
bear card among the spectators who were
working for a decline. but it is interesting to
note that the shares of the companies affected
by the strike presented no evidence Of liquida-
tion while in the case OF Interborough, on the
curb the demand for the issue was sufficiently
heavy to cause advance in its price OF sever
al points, buyers apparently taking the view
that the refusal of the employees TO work would
not long interfere with the proper running OF
the trains in the subway and on the elevated,
owing to the efficient preparations of the IN
terborough Company TO meet the current ener-
gency. The investment value or the elevated
and subway shares will not be affected by the
rresent strike and that this Is the prevailing
idea among investors was reflected in the total
absence of important selling in either issue N
Yesterdays market. The decline in the general
list was accompanied by contraction IN the
volume Of business. transactions IN all STOCKS
for the day showing falling off as compared
with the dealings OF the preceding day OF over
$4,000 shares.
Traders were active sellers of the Hartman
issues and the Southern iron stocks; also of Erie
Pennsylvania New-York Central and Louisville
and Nashville while in the afternoon there were
also heavy sales of Metropolitan holders of the
stock evidently taking advantage Of the early
advance TO convert paper profits into cash. AS a
result of this selling the stock sold down per
cent as compared with Mondays closing, while
Manhattan ended the day at net gain of per
cent The gain in the shares of the companies
adversely affected by the strike and the loss in
the stock of the company that naturally will
profit heavily from the trouble on the elevated
and the subway the interesting features OF
the trading. Among the few shares that closed
at net gains were American Smelling issues,
American Woollen. Atchison, Consolidated Gas,
Reading and 500 common Sentiment in lead
3ng Wall Street circles was not besrish at the
close Of business, despite the reaction in the ma
3ority Of stocks, and it was generally thought
that prices would sell higher in to-Gay's opera
tons Little setbacks such as the market ex-
perienced yesterday serve to preserve the health
OF bull speculation, and instead of feeling de-
pressed over q movement on the bear side the
Dull operators. in the present case at least well
come the decline. The action of the Hartman
stocks suggested that the Northern Securities
decision had been discounted but friends of the
issues contended that the future course OF
Ihese shares would be in the direction of still
higher prices on buying that would be based on
developments that would enhance the invest
ment value Of the various securities. Money vas
easy and in light demand while sterling ex-
change was a trife nrmer
Heavy decreases in earnings ~, +,,o ,,,. A.
Al u4e 0oulh and the Southwest for the last
week IN February and for the month are not
significant of conditions a6ectiha the ,rae5c
situation throughout the country In the Soutf-
erh aho southwestern States unusually adverse
"eather prevailed in the last month Interfering
SERIOUSLY with the movement of freight and it
- therefore not surprising that receipts fell off
Noiie Sueh companies as the Missouri Pacific
the Missouri, Kansas and Texas and the South
ern Railway. The last named company suf-
iered loss for the last week in the month under
review Of Sl3S777, while the Missouri Pacific
showed for the same time a decline in gross of
So4SvVo making for the four weeks a reduction
OF SozoOOO as compared with the corresponding
period IN the preceding year In view of the
lact mat comparison is made with a period
"heh earnings were heavy. the results this year
are better than they appear on the surface.
Tnere is nothing wrong with the industries Of
the South That part of the country is advanc-
ing aiohg safe ana prosperous lines and the de-
clines in railroad earnings now being reported
DOUBTLESS soon will be followed by exhibits
showing a largely increased traffic over the
same period In 1904. In the greater mart of tba
United States the winter weather this year has
lnterfered with the handling of railway traffic.
but returns Of earnings nevertheless have been
surprisingly good Railroad officers express un-
"O0iioeo commence IN the future of the trans
PoI'aooh business a reflection of which is pre-
sented in their willingness to enter the market
ior new equipment. Orders for new cars ard
locomotives and repairs 10 present eounrnant
are keeping the locomotive and car buIdipo
companies busy, and the reports of earninoss
OF these concerns in the current year will rnala
therefore, far different showing from tba
statements OF 1904
BOND MARKET TRADING.