Show STUCK STOCK MARKET BECOMES WEAK tEAK Prices Hammered Down All Along the theLine t theLine e eLine Line Some of the Favorites Being Hard Hit OUTLOOK BECOMES CLOUDY UNEASINESS CAUSED BY PROS PROSPECT PROSPECT PROSPECT OF STRIKES New York Feb Fab 3 The speculative position in the thc market developed acute weakness again today and prices yield yielded ed easily all through the list Hat Deep Inroads were wore made in the case ng of cf t some of the speculative favorites The nominal motive of the selling was the danger of or a strike of coal miners which is brought to the attention of the street by the rupture of negotiations negotiations negotiations for a settlement between on the miners and operators at Indianapolis was A Apprehension over the outcome western fed fd by private advices from sources accompanied by large sell selling ing orders from the western specula speculative five tive element The taking of steps to towards towards towards wards a strike In the New York build budd buildIng budding building Ing trades Increased the influence of the consideration given to the labor lallor outlook The sensitiveness of the mar market market market ket to those developments in view of th previous published reports of the th progress making towards them was proof of the vulnerable position of the speculation sJ due to tho satisfaction of I the demand for stocks from short in interests interests tr following the sharp reaction of the early part of f the week The weak bank return also was foreseen and an element in the weak weakness weakness ness in the stock market although the bank return was wa not just lust what was expected The decrease in cash was much less l than expected but the expansion of the loan item by in the face fac of the very large liquidation supposed suppo ed to have taken place in the stock market was a dis disappointment disappointment disappointment appointment The net result was the decrease in the surplus reserve item by The yielding of foreign for Eign exchanges s rates and a rise In selling exchange at Paris Pane carried conditions away from the gold export point The adoption of a measure m lre by the French deputies authorizing authorising an increase in the note circulation of the Bank of France vas as a bearing upon the outlook for forthe forthe the movement of gold The Bank of France refrained from offering inducements for securing gold goldin i in il the recent past owing to the fact that the authorized limit of its note circulation had been reached leaving it no rio advantage from an Increase of goM gd holdings There fhe re were some ral rallies ralli lies li s from the lowest prices of the day but the closing tone was unsteady and find showed some important losses for the tay Total sales of bonds bond par value Review of the Week The stock market this week has been subjected to a shaking out of weekly held speculative holdings which broke prices priceR to a lower level leel with some vio violence yb lence A rebound followed and the up upward upward upward ward movement was aggressively re returned returnEd returned turned at some points The recovery r was partly due to a feeling of relief at the check to some speculative move movements movements movements ments which had become reckless and dangerous to a degree that held a threat of danger over the market A prolonged and notable advance in some important stocks had been effected on operations by organized parties in the speculation possessed posses of enormous re and credited with intimate knowledge e of the affairs of the com con company company pany in whose securities they were operating These movements n were taken up by the new forces in the speculation with resources newly ac acquired acquired acquired out of speculative profits whose whose Information was not trusted and whoso whose plunging methods of market opera operations operations operations were regarded with apprehension Former holders of the stocks st supplied their new demand so freely as to em embarrass embarras embarrass barrass barras the attempts to advance prices When Then the market became un unstable Unstable stable tahle calls for additional margins went out which could not be met The spasm of forced liquidation of ot the early part of the week was the tho consequence There re was little news bearing upon values to account for the rush to sell and the great strength of the general situation served sered to attract renewed buying buy ng at the lower level of ot prices The necessity of an uncovered bear in interest intErest interest terest which had sold stocks bought eagerly upon the decline helped the rallie which were violent at some points The market went through re readjustment readjustment readjustment adjustment in this way and showed the usual wavering and uncertain tendency in perfecting the process The continued showing of prosperous conditions in the country did not pre prevent prevent vent Ent the downward course of prices the I reports of high earnings of railroads ds In December which came to hand and the financial showing of the United States Steel corporation for the December quarter being regarded as factors which had already had their In fluence upon the past movement of prices More effect was as produced by the record figures of the unfilled orders on hand on oh Dec Dee 31 for the United States Steel corporation An Index was thus of the coming activity in trade at profitable pro table prices for a period running months ahead with the prom ise of or a stimulating effect on all lines of industry which is counted upon from prosperity in the tile iron and steel trade The unusually mild winter has inured to the benefit of ot the railroads by sav say ing the expense of snow removal and the high operating cost caused by storm construction Account is taken how however however however ever of the decreased demand for some kinds of winter merchandise which is caused by the unseasonable weather Wheat Prospects Wall street is disposed also to keep an attentive eye upon the winter whiter wheat crop crap RePorts thus far received 1 fail faU to indicate any damage from the open winter But the precedent of ot for former form mer mtr m r years makes the outcome a 8 subject of f some anxiety on which the future course ourse of the th stock market is believed to hinge toa tO i very vary v ry large extent The apparent sensitiveness of the stock market to the resolution of ot the house I at Washington calling for Information bearing upon the legality of the Penn relations with subsidiary companies was attributed mostly to the unstable and vulnerable position in which the market had been placed by excessive speculation But the Incident served to renew attention to the possible possible possible ble effects on corporations of legislation now being pushed or which may be brought forward The movement to in investigate investigate Investigate the New York state banking department aroused some dread of a repetition of the effects of life insurance insurance Insurance ance investigation by a possible exten eten extension sion slon of an inquiry to the affairs of ot the New York financial institutions which might have a disturbing effect oo ou o pub public lic lie sentiment Additional attention was to this field by the public re remarks remarks remarks marks of President Fish of ot the Illinois Central upon the Ills of too few men having undertaken to manage too many corporations His Illustration was the 1439 directorships held by resident trustees of the three great life Ute insurance companies before the recent reorganizations The close interrelations of ot the great financial Institutions in New York comes In for much discussion In Its re relation relation lation to the great loans which were extended in stock market operations during the period of stringency last fall The requirement of larger cash reserves by the trust companies distinct from their cash deposits in banks is under active agitation In view of the large share of ordinary banking operations now taken by the trust companies Money lIoney conditions have been easy and the outward movement of gold which was expected with the firmness of for foreign foreign eign exchange e has not yet occurred Bonds held steady through the reaction reaction reaction tion In stocks but the demand for them has been moderate United States 28 declined 4 per cent centon on call on the week |