New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-21
FINANCIAL AFFAIRS
LIGHT STOCK TRADING,
Public Not in the Mdrket-Moneg
Fasu and IN Small Demand.

Trading in stocks vas light in volume on 4
movement of values that showed great irregu-
Isritv with final changes at unimportant difter-
ences from the closing of the preceding day.
small net gains and losses being about evenly
distributed throughout the list of active issues.
There was no indication of public interest IN
the market and no disposition on the part or
the more important operators to make commit
meuts on either side Of the account, the days
operations being made up in great part OF the
transactions of the room element. which chahseq
its position from time TO time as best suited its
plans for securing profits on fractional price
variations In the early afternoon strength de
veloped in places. notably in the Hill stocks
and in some Of the second grade railway issues
and the Interborough- Metropolitan stocks ana
bonds the movement in the last named appar-
entity being without reference TO the statement
of the possibility OF assessment on the stock
or to the actual value of the issues and the
equity in them Southern Pacific made a bet
ter showing than Union Pacific, as far as &C
tivity was concerned and there was some re-
sponsible talk that the dividend on the STOCK
would be Increased in February 70 a Z per. cent
basis People who we'll informed on rail
wsv investments are bulIish on Southern Pa
cine irrespective Of its immediate dividend pos
sibilities while they also are confident that
such stocks as Union Pacifc Pennsylvania ana
New York Central eventually will sell mate
AuaIRamafed Copper was weak in the best part
Of the day selling being based on the recent
steady decline in the price Of the metal, but
elsewhere in the industrial list. with the excep-
ton of Distillers' Securities price changes were
small. DistiIlers being bought on better reports
from the trade Chesapeake &, Ohio and Kan
sas City Southern were fairly strong, and mod
erately active buying was reported in the Erie
shares. the first preferred closing at net gain
Of Us
f7orY1Fr SinU
reouest OF the Erie Railroad TO issue $4,000
900 collateral trust bonds the company 10
great extent will be free Of its financial trou-
bles as under the operation the road will have
SIS 100000 for improvements under way ard
con ternpa1ed while il will be able to divert for
q series of years the coupon money from its
general mortgage bonds for general corporate
purposes. II is proposed 10 place under the
100000 of collateral trust bonds applied for
in addition TO the securities deposited under the
$4,000 COO note issue, which will be refunded
by an equal amount of the new bonds. the cou-
pons from the general mortgage issue, equiva-
lent TO 100000 a year from earnings which
would for i've years, for instance, give the com
pany 100000 in addition TO the S110ooOn
from the s3nOO0OO0 Of collateral bonds OF the
trust notes authorized only S1O.500.000 has been
issued or UNDERWATER, so that outside OF any
amount the Erie may be able to appropriate
from surplus earnings the. company. in the event
of permission from the Public Service Commis-
sion TO put out new ponos, VIII nave up"dIu %
S30oO0OO0 In the next five years to spend on
betterments and additions. The fact that the
company's collateral notes for S15oOo0oo were
authorized by the commission suggests that
bonds TO at least that amount will be allowed
while the friends of the road, notwithstanding
the recent ruraors that the commission VIII not
accede TO the companys plans, are now. more
confident that the scheme for building up the
nropertv will not be turned down in official
quarters If the upstate commission fails to
authorize the $4,000 000 collateral trust bonds
interests identified with the property will have
tn 90 into tbeh pockets 10 tide il over. unless
re,.eiverShip shall he decided upon. At the mo-
n1ent a receivership appears extremely unlikely
The company isnnow earning in Of its
fixed charges win Sthe promise of steady i'm
provement both in gross and net returns: It's
affairs are being capaby handed. and it has the
backing Of the Morgan and Hartman interests.
who evidently believe that every possible thing
should be done 10 place the road on its feet be-
fore applying TO the court for protection The
fact that the coupons on the companys bonds
are being bought by ] p Morgan & Co. rnder
does not suggest anything in the nature of a
receivership Notwithstanding the fact that last
week certain Wall Street houses had the 'infoI
nation that a receiver would be appointed.
Local banks continue to gain on their opera
tions with the uh-Treasury through exces s
government payments and national harknote re-
dcmptons. while money In active volume comes
from the interior TO he used in the call loan
market here else to draw the interest al
lowed country balances Foreign exchange
remains at the gold shippins point and fur
tlerSexports 10 Europe and South America are
looked for. London has switched cart Of the