The sun., 1908-04-05
GOSSIP or WALL STREET.


The first six transactions In the stock ma.
ket yesterday we're in 100 share lol.. NJ m,
smallest sized sales recorded on The r,,s
The circumstance was singular, even fo,
dun market. and gave promise, later hJ'
filled, OF duh. inactive and unin'erp,iin,
market Even the professional Speculate,
on the fate Of Erie which was a hf keen /,
the closing hour on Friday. subsidized 10 aIp,o,,
nothing. The Street was tired OF aIkIngsnJ
Specializing on company which had On.
crossed attention throughout the Ucok ana
seemed inclined TO do nothing except wan
for actual developments The rumor marsT
was exhausted.
4 bit reactionary m the Gr-f hour. ib,
market recovered the loss suhsrmcntIv
principally, it seemed because uf the cue.
tomary retirement OF commitments a. tb,
week end There Was little initiative IN Nh.
trading and not hing that could be pspo'
well defined mo vement OF any stock m sn,
direction,
Though on account Of the Erie ,huloy
there was little activity In the stocks NJ h,
coal roads. fanciers Of these stocks and rail.
road men connected with the companies wen,
much encouraged over the Senate commlus,
report recommending suspension OF IN.
penalty tor violation Of the commodIt, claus.
OF the Hepburn bill until the law can he re,lAl
In the courts Attorneys for the hard coal
roads have repeatedly received as,urancs
that Washington did not intend to make
drastic enforcement Of the law until rhe q.
tablishment OF It's con-titutionaIity hv Nh,
courts the fact remained that any indI.
vidual could force an action for the recovery
OF the penalty. whatever the disposition "
the Attorney Generals Department u IL
appreciated that none too long lime 3, At
hand for adoption OF the amendmcu, hs
commodity clause becoming elective May.
but the unanmity Of the Senate Commuters
report gives hope Of speedy and favorable
action The adoption Of the report viii n
course relieve every railroad owning coal
and ore properties Of one Of the mos, par.
picking difficulties OF the near future
Delaware and Hudson supplied novelty
in its report for February, showing an On.
crease of SIS 900 in net over Februar, Of last
year The report also differed from most
Of the others for February In showing m
decrease 10 expenses. The gain in net va,
accompanied by much larger gain In gro,A
earnings.
Erie earnings for February, me coal husi.
ness not constituting a. great a proportion
Of the total as in the case OF Delaware and
Hudson, showed a. continuation Of the do.
creases OF earlier months Net operating
income for the month was S2jo.3li as com.
pared with t9l0,992 in January and NlliN
in December. For eight months ended with
February the company reported net oper-
atinE income OF s., $50, 1888, The February
figures were much as expected and did mt
alter in any way the situation as regards lhs
new financial plan.
1t was remarked that the weekly trade
reports would have had disturbing cTNrt
on sentiment but for the publication Of rsl..
road earnings for February and March.
showing in all but a very few cases decrease
In railroad expenditures. The railroads are
the greatest spenders Of money in the royN.
try. and II has been obvious for some lime
that trade reports must necessarily show Ns
effects OF the decrease IN railroad disburse-
ments By this decrease the expenditures
Of the men depending on the railroads l0r
wages or the sale Of materials must naturally
be curtailed and the effect Of the curtalmcn'
shown plainly in the volume Of retail trade.
The trade reports we're thus corolanes NJ
earlier railroad statements OF earnings.
Throughout the week nothing occurred N
encourage investment in securities tns
complications were disturbing 10 sentiment
A reaction from brief period OF improve
ment was noted in the iron and steel trades
and to lesser extent in copper Reports of
railroad earnings were generally unisvorsb'.
Mercantile failures were shown TO he increas-
ing and business in retail and manufacturing
lines was report ed again to be waning l'E
though the stock market was generally 70.
dictionary stocks were not pressed for sac
In large blocks There were few evidences
Of forced liquidation and few stock market
operators ventured to sell short in large
amounts. II accordingly appeared that Tho
principal effect Of he unpleasant news Of he
week was TO deter buying and induce profit
taking rather than to inspire liquidation IN
well informed quarters or to tempt bear
raids. I'niavorable though the news was
the market seemed to have discounted most
Of it.
Yukon which was the occasion Of great
demonstration on the previous SATURDAY.
was ell but neglected on the curb and wns not
as much thought OF in Stock Exchange circles,
where a week previous II had been the pnr-
cipal topic Of discussion The curb reports
gave transactions in but $3.50 shares, rs COM
pared with $4,000 on the previous Saturda"
The price. dropping below for the irsl time.
sui iuish5d sGti;.ouS. 5,Idcayc Of The coIlc}e
Of the speculation and Of the lack Of conf
dence among investors in the get rich pu'.S
method Of exploiting a mining proper.
Fanciers Of the Guggenheim stocks dealt 10
on the stock Exchange were the only NOUN
ers. They note that Smelters. with a loss Of
81 points. led all the active stocks IN ls
amount OF loss for the week and regretted
as did many others. the tate which led Ire
Messrs. Guggenheim to place stock in the
hands Of persons who exploited II by methods