Show STOCKS LN IN THE EASt Bank an Statement Statement Gives Market Animation and t ld d Strength NET GAll GAIN GAIS GENERAL I RETURN NOT No SO o WEAK AS A HAD I BEEN BEN FEARED E Et 4 t Market During Dug the te Week Wee Has H Been Torn Tor By By Conflicting Influences Strength Shown Show By y the te Railroads Good od Showing By Trade Author Authorities Autor Grain Dealers J at Gt Chicago I t New York March 3 The feature of ot the stock market was the disturbed condition of mind manifested by b the bears bear whose demands demand for stocks stock to cover short contracts contract worked some soe vio violent violent 10 lent recoveries In the industrial and ard specialty department of or the market This influence was first evident in Third Avenue which bounded hounded irp U u eight points on the belief that financial fn as assistance had been secured to ta rehabilitate rehabilItate the property rt The short account In Ia Sugar SUg again agan save gave signs sig ol a being over overextended extended end ind after ter falling to near So 25 the quotation touched tou hed lOZ 10 in the late dealings A d Ine in the price of i raw sugars thus thu widening the gap be between between tween the cost of o raw and and refined sugars was wag wg an Influence The move movement ment men in these stocks had a sympathetic influence upon other industrials and there therO were great recoveries from the opening weakness during the te first frt hour hourA hourA A period of dullness and ad heaviness succeeded while waiting for the bank statement and upon the publication of or that statement the market displayed Increasing animation and d strength un until until til ti the te close cloe which was generally at atthe atthe atthe the top and net gains In nearly all al stocks Part of the buying was on the principle that when bad news is out outa a rally raly is due due But the return was wa In fact not so weak as a had been feared Receipts of o cash cosh cah from the interior were larger than anticipated and the loss lossin lo loIn lossin in cash cah correspondingly lees le Another loan expansion lon so formidable as 00 was apparently viewed with com cam complacency as the feeling has ha grown up in Wall Wal street that much of or the recent loan expansion will find a quick return to the money market So long as call caI loans loan are made at 22 per cent there will wi be no acute alarm ala over the money market prospects The Te stock market maret ma ct this week has baa ha been heen torn by the conflicting Influences of ot violent contrary mo ent in differ different different ent groups of o stocks stock affected by indi individual IndIvidual vidual causes causes There have been sharp sap losses in the department of o industrials I and so cled specialties s including the stocks stock of corporations operating the New Ness Ne York public utilities and there I have been notable gains in some rail railroad ral railroad road stocks based gI on n large larg earnings reported The strength of o railroads r has ha at al times checked the fall faU in La the indus industrials Industrials trials and at other times the sudden L breaks brea in the industrials have hwe unsettled L the whole hole market and have teen b en a drag draz dragI on the movement In the railroads I i he the th g gains gaitA lr on the one hand nor not northe northe the losses 10 on the th other have been fully r maintained and it is 16 impossible to de determine termine terne tbt tb dominant tendency of the t market marlet nor to determine how far ar the 0 apathy of the public demand for stocks stocke tock would be Changed if the r f I arket were wert relieved d fJ the fhe special disturbing in Ip influences f u d The enC rip ment has ha been b s ld over o r thirty points POI n we n maE last Saturdays RYs closing price v vry ry nearly ne near OO points poInt lower th df the corre orre corresponding corresponding p rInd ot 1 last t Such Sucha a I development in a a stock long sly held and regarded as Cas a safe investment se security security hyena inevitable effect efe t on n other securities however OW i 1 peculiar to t Itself Use User may r be the te circumstances nc which af at affected It I There were vere old rivalries and ad animosities between betwee the bold and ad pow iw powerful pw erful speculate 6 Interests which the I misfortunes on the stock sok afforded an opportunity to gratify I 1 The longstanding conflict for I f r cen control of the 1 New York pub nub nu lie Uc utilities was also Involved not only in the movements of of that group but I through sympathetic connections soup of o other stocks There Thera has been furious speculation in the te certificates Sugar Refining company based on am ambiguous ambiguous utterances of the president of or orthe the company that he should oppose the payment pa of dividends unless 3 the company earned them This riddle will wf not be solved for the tle t e public until after ater the directors have acted on the dividend next ne Wednesday when speculators will willbe wi willbe be able to foot up their gains or their losses lo es esThe The iron and steel st l stocks stock have also been a disturbing influence without any ay very clear explanation being b given for the large lae selling or of them One cur current current current rent but not very plausible ble explanation lion tion is that the earnings eart gs of these com corn companies companes panics panes are ae proving so large that ef effective e effective competition is js Invited and Is 19 being bein organized The reports report of au authorities authorities in the th trade showing large larse consumers still sUl halting over over the rank mak making ma ranking ing of or future contracts for material obviously with the expectation that prices will Wl go lower lowe sees a more ra rational r rational explanation These Thee disturbing influences have partly par offset but have not wholly pro pre prevented vented the effect of the te extraordinary earnings reported by many of the th great railroads for January It I has been feared that the prices of material would so far extend the cost of or opera operation operation tion lion and repairs rears on the railroads their net earnings earning would fall fail fal to be benefited by the large increased gross earnings The statements published during durin the week tion effectually refute this t supposition Even where the actual cost cos of op operating has greatly increased the ratio of or operating expenses to gross goss Is 50 far tar reduced as to leave handsome ome in increases increases creases cres in net earnings St Paul Pau is an exception owing it I is explained to ex en extraordinary c tr Improvements charged to expenses Taking the most mot striking examples the great geat Pennsylvania system system tem tern of o lines line directly operated east and ad west of Pittsburg pained gained gane in January 73 per cent in net earnings over oyer last year ear Atchison 85 per cent Reading 95 9 per cent Erie 44 4 per er cent Wabash 42 and Lehigh Valley Vale 13 per cent The balance of ot earnings eang after de tie deducting ducting the months proportion of ot fixed charges ch increases over tenfold by the Cleveland Cincinnati Cincinnat Chicago Cco St StLouis St StLouis Louis Luis railroad and 12 12 per cent by the Burlington Wall street skepticism over oyer the ex en explanation that the recent enormous loan lean lo expansions by New York banks has ha been taken ten out oUt to meet commercial demands has ha bega be Justified by the tha th new developments of ot the week week Special SIe cial dat transactions have bare become beme known which wh h account for large loans notably the anticipatory payment pent by the Con Cen Central Contral Pacific of or a note to the government the taking up by New NewYork NewYork NewYork York capitalists of a loan to a 3 a Rus Bus Russian Russia Bussian sian sia railroad guaranteed by the te Rus Russian Ru RusSian sian government said sald to amount to anti and ad the proceeds proceed of which are a by oy the terms tens of the loan to be ie ex en expended expended in this country and large lare bor borrowings borrowing borrowings rowing by interior banks ban for foo chase cha of or government gement bonds bands nd with a aview aIe aview view Ie of or taking additional note circulation tion lion under the provisions of or the new refunding law when it is enacted It I doss does do not escape e e notice that t even eve for February Febra tile the th national bank note circulation has ha been increased Inca some The British successes in South Africa have resulted in itt rca buying of ot stocks stock in New York for London ac account account account count which coupled with wit the urgent foreign demand for lor cotton at the high prices pr prevailing has ha depressed the rate rat for sterling exchange so r that gold imports import are a considered within measurable able distance These Tese considerations must mus explain tho the comparative equa equanimity eua eqUAnimity nImit with wih which Wan Wall street contemplates plates plats the rapid inroads being made upon the surplus reserves rere of or the clear clearIng clea clearing Ing house banks bk The Te market for railroad bonds has shown shown decreased inactivity during the week week and ad the the price movement has ha been Irregular United States new ne 4 ad advanced advanced 1 and a the old and new a Is 1 per pe cent in the bid price Bond ond Quotations U S res tL IL N 99 U S Ss l regU M M K Sc T 66 65 U S Cs 5 M L K If K T Is 91 i U J S new fa rI N Y C C U II S new 45 N J 3 C gen gen coup p N P F U S pol old ol N P 1 US old 4 N Y C C St L Ii U 11 S Is res re l 4 10 U TJ S Is coup liSl N W con con 43 4 Dis Ds C C 3 Cia N N W gen 61 Atch Atch gen gen Ore Nay Nav Atch Atch ad Ore Nay Nav Can Ca S 5 O 0 S L L Cs 61 12 a C O 0 8 1 97 O 0 S L con C 5 is 8 C O 0 Reading dl gets gen S SISi s C c N N con Cn R B R G W IV IsIs Is 97 C C N S F St L L I M M deb aeb Is m con Os 55 con 1 Chi Chi Term Term 93 St L L S F D 1 R B G l gen 63 Es D R IL G s SS 93 St sEe P cons lilii E T Va Va Ga St P a C C P 1st St P C P PEe Erie Ee gsa gea 70 So Railway 5 F P W D C Is 71 S s R T Gs 73 7 R Gen Else Elec Ele Is iT T P G a H S A IT T P G H i S A t XI P l Ht H I T C C S 4 4 H H T C con cn Wab isIs Is 1151 65 6 Wab 9 99 Iowa Iov C c W Shore U K K 11 lath C P G 7 S P ts 4 i Stock Sto Quotations Atchison Te Pac Pa 16 1 Preferred e 65 14 Union U Pacific 43 49 Bat BaL B Ohio I 61 Preferred e 74 Can Cn Pacific 9 98 Wabash 6 Can Can Southern Souther 47 4 Preferred 2011 21 Chea Ches Ches Ohio 2 W L E B E 10 1011 a C C G W OS 13 1 1111 Second pfd 2713 C B Q WIs Central Cent 1 17 Chi Ind L 2111 2 Adams Ex E Preferred 53 5 American Ex Chi Ci E B Ills ns 85 United States 43 4 4 Chi dl C K west 1 C R B I Am A Cot 01 Oil 3 C C C St L 59 5 Preferred 93 Colo Cob Southern 6 I Am jAm lA Mai Malting tins 4 41 First Frt pfd Preferred 22 2 Second pfd pM 16 1 Am sin A S R Del Del I Preferred DeL Del I L L S IV Am Spirits r 2 21 D R 11 R G 19 1 Preferred 17 Preferred 71 7 Am A Steel H 37 15 Sto 3 Erie Ere 12 Preferred 79 73 First Firt pfd 37 3 Am S W 53 55 S Great Gret N lA Preferred Hocking Hockins Coal Coa 16 Am Tin Plate Fiats 32 Hocking Val Vai Va 1314 Preferred Pter 81 Ills Is Central Am Tobacco l Iowa Cent H 14 Preferred Preferred Ae M 31 M Co 44 K K C P P 12 W B R R T 67 Lake E E W 2011 Colo Cola F I 1 48 41 4 6 Preferred 83 S Con Con Tobacco 39 Lake Shore s o IS Preferred 83 3 Louis Nash ai 81 Federal F fr Steel 51 1 i Manhattan L 94 Preferred 72 eMt eMt St By Gen Electric Mexican Cent Cent 11 u Glucose Sugar 50 51 M St St L 1 61 Preferred 9 Preferred 92 9 lint mt lInt Paper 20 3 Mo Pacific 4 f Preferred Mobile Moble Ohio Laclede Gas Ga M K K T 10 10 Nat Nat Biscuit 35 36 3 Preferred 32 lull Preferred 99 4 9 N J Nat Lead 23 Ld ZI N Y Central 1221 i Preferred Peered 1031 N K W 32 3 Nat Steel 43 Preferred 74 Preferred 94 90 No Pacific 52 5 fc N Y A B Preferred d No American 14 1411 Ti TiO Ontario o r W 23 i Pacific Coast 43 49 O 0 B R N 42 4 I First Firt pfd SO 80 S I Preferred 76 Second Seon pfd 60 0 Pennsylvania 1341 Pacific PIc Mall Mail Mal 37 First Firt pfd oSS 5 Peoples as a 95 Reading Reding 16 15 1 Pressed Presed S Car C 54 Second pfd 29 2 Preferred 81 R B RP G C W 52 Pullman a aS P CarISS Preferred te ST S R It T 7 Si S U Ij L S F 10 Sugar Su a 1 1001 Preferred 6 Preferred 10 Second pfd pf Tenn c I 94 St St L 1 T 11 13 n ITT U 15 S c T Leather u in M 1 9 Preferred 29 Preferred 71 7 st Paul J S Rubber 33 3 Preferred 11 Preferred 92 St Paul 01 Western Weter Union 82 So Pacific 37 R 11 R I L S 22 S 2 So Railway is i Preferred 67 Preferred P C C St L 68 |