The Washington herald., 1907-10-05
WALL STREET NOTES
Absence of Business Is Chief
Topic of the GoSSips.
S0UTHERN'S NEW LOW LEVEL
Stocks Break to I3 Ia
from IL, Due to Stngnancy of Mar
ket and Big Selling Order-B. r.. t.
Annual Report Kills RumOr of New
Dividend-ROad Damages Too High.

New York. Oct. 4.-There was little
doing and so little TO talk about to-day
that brokers seemed 10 find lack of bus
mess and the absence Of news the most
fruitful topics Of conversation.
Parallels were drawn between the pres
ent and past periods of dullness, leading
to the telling Of stories of experiences.
At Intervals some one took the trouble to
find out how some particular stock was
selling, and he saw that half an hours
difference Of time made no more than a
very small fraction of difference in quo
tations, and the movement was likely 10
TO be reversed by the time he noted the
prices again.
Among those who talked most loudly of
a decline in the market the favorite asser-
ton was that the topics were held up so
that some interest or interests might sell
stocks. and that without this kind Of
special trading, quotations would quickly
faH to a lower level 1t is, Of course easy
10 make an assertion of this kind, but
very difficult TO prove or disprove It.
How difficult It is 10 sell stocks IN a
stagnant market was well illustrated in
the ease Of Southern Railway common.
which dropped from Il TO a new low rec
ord of 13lt on the execution of a selling
order of 1000 shares. The preferred stock
yesterday shared the weakness Of the
common, and bond houses reported that
there was only q poor market for the 5
per cent notes. The few buyers seemed
bent only on getting bargain.
Fanclful tales were brought out by the
weakness OF Southern Railway, concern
ing chiefly the alleged intention Of the
company 10 take unusual measures to
rio itself Of the harassing conditions I'M
posed by the governments Of some Of
the Southern States, which, the railroads
claim, have made 1t practically impossible
10 operate a large percentage Of the rail-
road mileage Of the South except at a
loss. These rumors were denied.
The Southern Railway, since its reor-
ganization, has made a splendid effort
20 keep pace with the business OF the
South in the expansion. which, but for
the roads fostering care, would never
have been possible. The Southern Rail
way gave this business its impulse, and
the impetus was SO great that the re-
sultant increase in prosperity practically
swamped the roads own facilities.
The rumor about a dividend on Brook
lyu Rapid Transit met with an uutimely
end-killed by the annual report, which
showed only 4 II per cent earned on the
stock, the surplus, after charges. being
smaller than that for the preceding year.
Gross earnings showed a gratifying In
crease, but Improvement In this item was
more than Offset by the higher rate OF
operating expenses. resulting from the
high costs Of labor and supplies and from
the heavier outlays on account Of dam
ages.
The cost Of damages. upward Of N.l00,-
900, is a very large item, and II seems as
II the company ought TO be able 70 cut
II down. Except in this respect the re-
port was a good one, and so considered
in Wall street, where it had been ex-
peCted.