New-York tribune., 1908-04-01
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

With occasional brief rallies. the stock mar
ket yesterday declined from the outset IhaI
prices being at about the lowest and the market
closing weak The trading was in only moderate
1o1,,roe and at intervals during the middle of
the day dulness prevailed The principal uh-
settling influence, as on the preceding day, was
the position of the Erie Railroad Company, con-
cerning which little or nothing OF reasSurlhs
nature had been learned by the close OF the mar
ket It seems to be assured that the interest
due TODAY on the bonds Will be paid, but great
uncertainty is felt over the prospect for payment
Of the S5.50O000 notes maturing a week hehce
and for provision for other obligations maturing
before long. The sharp decline IN the price VI
the notes which were quoted at ~ DIG Oh MOI,
day and in which transactions were reported
Yesterday at So, alarmed the market the whole
list selling off with the Erie issues leading the
decline. The heaviest net losses OF the DAY
were suffered by Erie first and second preferred
which declined, respectively, and ass points
while the common lost rs. The bonds OF the
company also were noticeably weak
In addition 20 the Fries complications, the
likelihood of various dividend reductions had
the effect of inducing selling Of the list Ihe
directors of the Atchison meet to-day, and the
general belief is that they will decide to cut the
dividend on the common stock, which in 1SO|
was raised from TO d per cent yearly basis
The reduction has been fully discounted IN the
present price of the stock, and in view Of the
current earnings Of the system seems wise
policy. The executive committee OF tne inter
national Paper Company has recommended
reduction in the preferred dividend, which since
the organization of the company has been
per cent a year: the general trade condltonS
having caused so large a shrinkage in earnings
as TO make advisable a leSsened expenditure for
the present in the payments for dividend aC-
count. No change was made yesterday in the
amount of the Anaconda dividend. and none had
been really looked for. The Metal Exchange
lowered its quotations for all grades Of copper,
an act which contributed TO some small extent
to the weakness Of the copper stocks and allied
issues. Amalgamated Copper losing ia points
on the day and American Smelling and Refining
3as. Reports Of stoppage Of production in the
bituminous coal regions were hardly a bearish
factor. in view of the duness in the industrial
field. and the large supply Of this coal unmar
keted. In the general decline in stocks active
speculative favorites like Union Pacific and
Reading were naturally among the issues in
which the principal net losses were scored, but
many losses Of from l to points were re-
corded. Southern Railway was weak in sym
pathy with Erie, losing SIS points
The money market continued easy, although
call money was a tri7e firmer, rejecting the
preparations making for the April interest and
dividend disbursements, and for the payment
due to-day Of $11,625000, or 1912 per cent, on
the Northern PaCifc's new stock issue. The
Pennsylvania Railroads February statement Of
earnings shows in a significant way the extent
TO which the management is succeeding in its
announced policy of reducing expenses. the net
earnings for February. which show a decrease
Of $3.50 400 from the results for the same month
last year. comparing with decrease of $3.50. 500
in January The lines west OF Pittsburg and
Erie make the striking showing Of a decrease
Of net amounting to only S53,70o, in contrast
to a s561S00 decrease in January.