New-York tribune., 1907-03-08
Closing prices Of active bonds dealt in. with
,et changes foIlou,-
STOCK MARKET OPERATIONS.

While stock market values moved over a wide
range there was no evidence Of the nervousness
and excitement that attended the course Of
trading in the dealings Of the preceding day.
The decentralization that ended in a bear panic
in Wednesdays market was not resumed at the
opening, and though efforts We're made at one
time in the day to bring about a situation IN
Union Pacific similar TO that which carried
Reading up 10 points the day before there
was no indication Of weakness in bear accounts
and no support of Importance from substantial
interests on the bull side OF the market. There
were advances at times. but the general ten
dency of prices was toward a lower level de-
clines being especially pronounced in the So
called Morgan issues-namely. Erie Reading
Southern Railway shares and United States
Steel common. The weakness in Reading was
based on the rapid advance Of the preceding
day, which afforded profitable opportunity for
buyers at a lower level 10 get out of the stock
while the decline in the Southern stocks was
due 10 selling induced by the falling of in the
company's January earnings and the impression
in the Street that the company will reduce the
dividend on the preferred stock at the meeting
Of the directors to-day. The Southern Railway
property has made great progress in the last
few years. II has been an important factor in
the expansion Of Industrial activity in the
Southern states and the growth Of its business
has made necessary the expenditure of large
sums on the road for rolling stock, double track
ing. extensions and other Improvements. and if
the directors should decide 10 cut the preferred
dividend stockholders need not assume that the
company is going backward. = lower dividend
will mean more money for improvements The
road always has been conservatively managed
and the wise policies Of the late Mr. Spencer
are being followed by the present able executive
head of the company.
Failure Of Wednesdays Reading rurnors to
materialize into facts. the temperance Of Iqui-
dation in various parts of the market, the
known weak position of many spectators who
not many months ago We're classed with the
substantial interests, and conflicting opinions
by prominent bankers over the markets outlook
served TO leave sentiment in an unsettled and
mixed condition, while they encouraged in the
last hour an active resumption of the pounding
operations by powerful bears. resulting in sixty
minutes OF extreme weakness throughout the
list Of railway and industrial issues At the
close Reading showed net loss of 51a Louis
Vile & Nashville ); Southern Railway. So.
Southern Railway preferred, 51s: Atchison, 3s
Canadian Pacific, 4; Consolidated Gas, 3l2; Great
Northern, ~ Chesapeake & Ohio 3; Union Pa
cihc IL. and United States Steel 1% The ex-
cellent showing made by the Union Pacific and
Southern Pacific in their gross and net returns
TOT the month or January had particular
effect on the stocks Of the companies, while
news developments from trade centres showing
sound business conditions failed to figure in the
considerations affecting the position. of stocks
Wall Street is beginning to worry over the
future of the couEtrys industries fearing that
the liquidation in securities is not due alone TO
speculative conditions, but foreshadows the ap-
proach of a time when the railroads will be
compelled 10 cut dividends or else allow the
physical condition of their properties TO become
badly impoverished. The business Of the country
is sound enough. but high finance in Wall
Of this higher circle blame the federal and state
administrations for present troubles. and in
cidentally they are trying 20 convince the pub
lie that the foundations of the nations industrial
prosperity are in danger Of falling rs a result
Of government enactTnents against corporations
The government is seeking to protect vested
rights and speculative declines in stock values
do not mean that these efforts viii be unsuc-
cessful.
In the last few days there has been a mod
erately large amount Of investment buying in
tho stock market and active purchases for the
account OF interests who have placed the Sc
curities in safe deposit boxes to hold for higher
prizes that may develop in a week. six months
or q year; but the greater part Of the trading
on the buying side has represented the trans
actions of the professional element. which
has made big profits on the short side of specu-