The Washington herald., 1907-03-02
MARKET DEPRESSED
Slight Net Decrease Shown
in Prices of Stocks.
RAILROADS ISSUING NOTES
Missouri Pacific stock Especially
Weak During Forenoon on RumOr
sOIfdated Gas Strong, but shows No
Net GRin-Traders HeIieved.

New York, March lit was a rather
drawn battle to-day between the play
offers making. respectively. for higher
and lower prices in the stock market,
and as q matter of fact. these forces
We're not very powerfully exerted in
either direction. The volume Of business
was about the same as yesterday. and
dealings were largely concentrated in q
few active stocks. Prices opened, ruled,
and closed irregularly, with the net re-
suit that final quotations were, for the
most part slightly below those of yes
terday
They were in the first half hour of trad
ing somewhat higher than they closed on
the preceding day. but soon declined
sharply on what appeared to be a resump-
ton Of speculative operations for the fail
by the professional element The only
news upon which this attack was based
was so far as could be learned. the ru-
NOR, which soon became a certainty. that
an issue of $4,000 year per cent
notes had been sold by the Louisville and
Nashville Railroad Company, and that a
similar issue Of 100000 of notes had
also been sold by the Atlantic Coast Line
were not stated. but were not believed
To be as onerous as those at which the
obligations of certain other railroad com
panies have been disposed Of in recent
months.
Bond Issues "a Factor.
The announcement Of the sale of the
notes was also accompanied by further
stories. which assumed a more definite
phase than they have recently Of an issue
of notes or debenture bonds by the Read
ing Railroad Company; but up to the
close of business no confirmation was
afforded Of any such transaction, actual
or prospective. In the afternoon the mar
ket advanced as vigorously as it had pre-
viousy declined, under the leadership Of
Reading common, which was by all means
the most active stock during the day. The
larger share of the losses previously
made was recovered, and although at the
close there was again a little selling of
stocks. the market exhibited the presence
Of more optimistic sentiment, generally
among habitual spectators
Missouri Pacific stock was at one time
during the forenoon especially weak.
caused by the prevailing impression IN the
the present rate of dividend disbursement
upon the stock is questionable.
Consolidated Gas strong.
The Consolidated Gas shares that have
so long been dormant were. on the Other
hand, particularly strong. although they
made no net gain in the day as "a xhoIe.
IN general the contending influences in
the market to-day We're "a feeling of relief
on the part of active traders i'm stocks
over the outcome OF the Hartman inves-
usation. the probable passage of the Al
oTlch currency bill and the near adjourn
meut OF Congress and Of many State leg
isiatures, with a consequent cessation Of
legislative attacks ON Incorporated inter
csts and on the other side the fact that
there are still no signs Of any awakening
OF pablo interest i'm the stock market and
the serious considerations that have re-
Gently been presented regarding the i'm
pairment Of railway net earnings bv the
high cost of labor and other drawbacks
OF ike nature that have become effective
In recent months.
Money situation Not Relaxed.
The money situation. too. is not re-
garded quite as hopefully as it was some
time since in that evidences seemed to
have gathered that there viii be no mate
rial relaxation for "a considerable period
in present rates for the use of time funds.
The preliminary forecasts Of to-morrow's
bank statement indicated "a loss by the
banks of from S25e000 10 2S00000 this
loss being largely due. apparently to the
recurrence of a drain Of money from this
center 90 the interior of the country.
These interior demands have been fur
Their attested in the last two or three days
by "a marked rise in the discount on New
York exchange in Chicago and other large
Western financial centers. London was
for the first time yesterday in q fortnight
seller Of stocks to-day on balance this
undoubtedly representing profit-taling.
Canadian PacIRc's Decrease.
The Canadian Pacific Railroad reported
this morning a net decrease in earnings
for the month of January of $4,000 of
which $4,000 represented a decrease in
gross. The market appeared to regard as
a matter OF small Importance the unofH-
ciaI announcement that an issue OF S110.-
CO0,O00 Japanese > per cent bonds was i'm
pending and renewed talk Of possibilities
OF labor trouble on the leading railway
systems
Reasons Tor this We're presumably. the
fact that the issue of new japanese bonds
is merely TO refund the per cent Jana
nese bonds issued in 1905. and the belief is.
so far as labor difficulties are concerned.
that all such matters Will be satisfactorily
compromised, as they have been in the re-
cent past.
ROSVON EVOCTCS