New-York tribune., 1908-02-06
Closing prices of active bonds dealt in. wit
STOCK MARKET OPERATIONS.

On transactions considerably larger than those
Of the preceding day, the stock market yesterday
made at the outset a moderate advance and then
turned downward, the decline being more or
less continuous until the close, which showed net
losses Of one 70 TWO points for practically all Of
the leading issues. Various causes combined To
bring about the recession, among the chief OF
which was the unfavorable impression made nv
the reports OF railroad earnings, notably the
Union and Southern Pacific. especially the latter,
the operating expenses Of which for December
increased about s725,000 more than gross earn
ings while the Union PacifC's increase OF s165.-
600 in gross was far overbalanced by the in
crease OF S415000 in operating expenses, al
though the showing was regarded as not alto
gether bad in view of the fact that there were
snv gains al all in gross, since so many roads
are reporting shrinkages in this item, rejecting
a positive falling of in the volume of traffic
offered which means a falling of in general
business activity. The poor showing made by
these Hartman roads aroused speculation as to
the prospect for the perr1anency OF their pres
ent dividends, and discussion Of the probability
Of maintenance Of railroad dividends in general.
Nr Bryans speech was another unsettling
influence serving 70 call attention 70 the near
ness Of the opening of the campaign for the
Presidency, as these campaigns always develop
occasional shocks for the stock market, and the
contest now At hand will NOT he less strenuous
than have been rs predecessors. Announce
Tnent Of the intention Of large locomotive con-
Germ 70 Law of several thousands Of its ernploves
was the especial cause OF weakness of the Sc
curities Of various equipment companies. and
had z generally bearish influence as another in
diCation OF the present unsatisfactory condition
OF industry. a condition, however. which is ex-
pected TO be reversed within q few months
Another sharp decline IN American Smelling and
Refining common was accompanied by renewed
predictions OF q reduction in the dividend and
was one of the factors contributing to the appre-
hensive feeling which found its reflection in the
sagging Of the market
In London Al this centre. the market was
heavy and inactive, with q declining tendency.
The local money market showed little variation
from the conditions ruling for several days past
Trust companies called some loans, in prepara-
tion for compliance with the order OF the State
Superintendent OF Banks for the initiation At
the end OF this week Of the system Of weekly
reports of condition. and also withdrew cash di-
rectly from their depository banks, TO be added
10 the holdings in their own vaults but the funds
Offering for loaning purposes are so great in
amount that the loans called were taken over by
the banks without any resulting advance in the
rate
The declining tendency noted in the stock
market characterized also the bond department
where the trading was on q smaller scale than
for some time previously. The Illinois Central
Il was learned, is about 70 issue large amount
Of equipment trust certificates. and this deci-
sion is taken as another indication of improve
rnent in the general situation. as meaning that
the fnanciers in control Of the Illinois Central
judge that an issue of probably 100000 900 short
term obligations be readily placed at this
time