New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-03
Closing prices Of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.

In the two hours Of trading in yesterdays
stock market the tendency in values as a rule
was in the direction of lower quotations declines
Of ! FER cent and more being common among
the active issues For brief period following
the publication of the bank statement prices
hardened under the influence of covering Of
shorts. but before the close weakness again de-
veloped. leaving the final level we'll under that
of FRIDAYS market Transactions were made
up in great part Of the operations Of the pro-
fessional element. representing realizing sales
and bear pressure. though commission houses
reported some selling Of marginal accounts
which were unable longer n stand the down
ward course Of prices IN American Smelling
Anaconda Brooklyn Rapid Transit Canadian
Pacific. 81. Paul. Missouri. Kansas & Texas.
Pennsylvania and Union Pacific net losses aver
aged about 10 per cent. while in the Hill stocks.
Northwestern and PETERBOROUGH Metropolitan is
sues declines were heavier, Northern Pacific los
ing more than per cent. Great Northern 35s. In
terhorough- metropolitan common 3ls the pre-
ferred Sls and Northwestern 312. Declines were
not accompanied by news developments adj
versely affecting the intrinsic worth Of securities,
but traders utilized pessimistic utterances by
railroad officers. decreased net earnings by the
Pennsylvania Railroad for the month of Janu-
airy and low bank reserves as arguments for
cheaper quotations.
IN the case Of the marlborough Metropolitan
securities the decline was due to professional
selling based on the expectation of greater ac-
fivity the part of The state authorities in
compelling tho local traction companies to pay
up back taxes due under the Franchise Tax law.
Roth the common and preferred shares Of the
marlborough Metropolitan Company made new
low record prices the preferred selling at G6.
despite the fact that the issue pays Ia pcr cent
quarterly. Wall Street processes great uneasi-
ness over the general outlook because Mt Hill
recently emitted one If his characteristic gloomy
forecasts, because Mr.. Hartman believes that
the Interstate Commerce Commission is antag-
onizing business interests, because Mr. Mellen
Of the New Haven, believes the rate law spells
disaster for the railroad industry. and because
federal and state governments are disciplining
corporations. And so operators for the decline
are sadly and almost with tears in their eyes
pounding securities values. Meanwhile the rail-
roads are handling so much freight traffic
that they cannot run their passenger trains on I
time. From the Wall Street point If view the I
outlook Is indeed dark, but It is noteworthy
fact that Wall Street operators who have idle
money on their hands are quietly increasing the (
supply of stocks they carry in safe deposit
vaults. though they. too agree with the bear
trader that the future is something dreadful 70 /
Securities have had bad slap from
the developments incident 10 Investigations Of /
corporations but the fact that rotten spots have
been discovered and viii be wiped out ought to /
encourage holders Of securities and create CON
hdence in the future of corporations and their I
issues.
The weekly showing of the Clearing House in
stitutions showed smaller falling off in cash
than expected. while the reduction in loans was
much less than hoped for the latter amounting
10 only s4,274,800 AS a result Of all changes /
reserve above legal requirements declined $3.50 +
925 to s3,S5s650, compared with So COS $50 in the
week year ago and $3.50 700 I
in 1905