Show I STOCK PRICES VERY UNSTABLE i I Some of the Time the Inclination Inclination Inclination tion Is Upward but the Feel Feeling Feeling Feeling ing Does Not Last I MARKET IS PROFESSIONAL POOR REPORTS ON RAILROAD EARNINGS New ew York Jan 3 The course of to today days dars day s stock market was a succession ol ot of backings and fillings reflecting the un uncertain uncertain uncertain certain feelings of the professional ele element element element ment which was concerned most in the dealings Opposing considerations came into play at different times and enjoyed a temporary ascendant in shaping the course of prices Early in the day factors of depression were given n most weight in inthe Inthe Inthe the discussion on the floor of the stock exchange exchanges although the active weakness of Northern Pacific probably had as much effect on prices in general as any larger development in affairs This stock was the tle market leader yesterday and those who bought it then on tie te assurance that a large extra dividend was to be immediately forthcoming apparently had hac misgivings today and sold out At the same time the series of oJ poor railroad earnings reports for November aroused grave arave apprehensions of the ultimate con consequences consequences consequences sequences to dividend disbursements of ol such a rate of or inroad upon the net re return return return turn The Pennsylvania railroad was added to o the list today toda Pennsylvania earnings reports are always accepted as highly representative owing to the great variety of the classes of its traffic and a 10 per percent pert percent cent ent t decrease in net earnings of this roads road row for that reason makes a strong impression Impression sion slon on the feelings towards the railroad stocks in general The Louisville Nash Nashville ille ville showing was even een poorer the net return being cut in half for November A minor f factor In the morning depres depression depression sion ion was the report of the failure of or a small bank in Colorado Speculative sup support support support port centered on Reading and it was the therise therise therise rise in that stock that turned the mar market market market ket upwards The rapid easing of the call loan mar market market market ket was a help to the stock market The Theall Theall Theall all loan rate went no higher than 10 per pe tT cent today und ind from that level re receded eded ceded easily easl Brokers who have handled for holders of cash seeking a pre premium premium premium on currency notified their custom customers ers era today that there was no demand the th traffic having came to a definite end This and the evidence in the weeks cash movement that money had flowed freely freel to the center during the week was the late strengthening influence on stocks The gain of or the banks on op operations operations operations were small partly owing to the surrender of government deposits which has been going on during the week while incoming United States gold coin amongst that imported and which does not figure in the array office checks in operations has supplied The direct express movement with the interior seems to have been to the ad adan an Rge of New York on balance to an amount near or over so that the weeks gain in fri cash appears to have hare exceeded The effect of the weeks money operations on the loan item Hem j cannot be estimated but that conditions are working towards rapid recuperation of ut the banking position is clear The stock market turned very strong after atter the estimates of the currency movement appeared An advance in the price of re refined refined refined fined sugar had quite a pronounced ef effect effect on sentiment regarding the commer commercial cial dal and industrial situation and a num number number number ber of industrial stocks became strong led by American merican sugar itself A further I Irise rise in the London price of copper ws w I another incentive to the rise Rates for time loans were quotably lower and an increasing supply of funds was reported The tone of the late advance became as uncertain as had the morning decline and abd the ending was easy Bonds were firm Total sales sates par value 2 United States bonds were unchanged on call eaU |