| Show NO CHANGE IN INWALL I WALL STREET Yesterday Was as s Dull Dul as the Preceding Pr ceding Days Days 4 CLOSE WAS DULL BUT STEADY 4 PREVAILING AIG CONDITIONS OF OP THE R PAST AST WEEK WEEL 4 New York Jan The stock mar market market market ket was merely merly a nominal affair agair to today today today day Some of the traders trade who sold short yesterday esterday bought to cOver on the belief that there ther was wa no warlike threat in the situation and that tat the labor dispute on the tile Union Pacific had a aless aless aless less serious aspect than was reported yesterday The extra dividend of v per cent on Northern Pacific had not been foretold but it i was without ap apparent apparent apparent parent influence on prices The North Northern Northera ern era Securities company is practically the sole owner of Northern Pacific stocks stock and as the to Increase in the se securities securities company dividend already made was presumably based upon the Northern Norther Pacific extra exta dividend the episode was allowed to t pass aBS without a a ripple in the stock market market Interest in Bank an Statement Statement Interest centered in the te weekly bank statement and even more in the days clearing house figures The litter latter lter dis ills disclosed disclosed closed that the balances to be settled between clearing house institutions for forthe forthe forthe the the day were the largest in the history of the clearing house reaching a a total of The heavy heay individual debts and credits credis of a few of the larg largest largest largest est banks bank in the association made it seem evident that some sOIe financial trans transaction transaction action acton of great geat magnitude was as carried though today toda The had a large credit balance due to the pay payment payment ment meat of a a Central Pacific note due ue to the government government The large larg loan ex cx expansion passion panion for the week was attributed to the Pennsylvania loan which is stated to have been nearly It I is believed that considerable generally a portion porton of the loan was a taken by for foreigners foreigners foreigners eigners and was thus a factor in the easier tone of exchange which devel developed developed developed during the th week The with wih the banks anks by bythe bythe bythe the railroad company of the proceeds for forthe forte forthe of the loan has been ben responsible the te free supply of funds which devel developed developed developed yesterday in the tile money market The ordinary speculator in stocks stock finds cause for hesitation about operating in inthe Inthe Inthe the evidence of such financial require requirements requirements requirements ments as was furnished by today s bank statement and clearing house fig figures fg figures ures The market sold oft off of after the bank steady stead statement and closed dull dul but Resume se of the te Week All Al through the week there was nas wa lit I I I tie tle te to arouse arouse the market from its is lethargy lethag Its It occasional fits and nad starts were ere due to the efforts efort of the professional professIonal professional traders trader to feel fel the market and to anticipate any new movement that might possibly develop There Ther has been been no outside response to these tac tactics tc tactics tics and every movement of which whichever whichever ever proportion has hs scarcely lasted aday a aday ada day da A real sustaining force for values was the better feeling as to the Vene Venezuelan Venezuelan Venezuelan situation For the first frt time in several weeks week the te impression has been strong strong in Wall Wal street that alt all al parties to the trouble tuble were ere anxious to tobe tobe tobe be well veI out of it without any other othe motive than the settlement of claims clam as presented The incident has had a sensational effect in financial circles rather deeper seated than appears appear on the surface This was partly part due tine to the unpleasant memories of the Vene Venezuelan Venezuelan panic at the thE time of President boundary message The mystery which attached to the te diplo diplomatic matic matie initiative In the matter mater and the surprise occasioned by the tile common act of Great Britain and Germany German kept alive for a time a suspicion that the movement marked some policy designed desi ed to test tet the Monroe doe doc doctrine doc trine and thus necessarily calculated to provoke war warNo waro No iio o of Activity Last weeks market closed cosed with wih the Venezuelan question queston causing much anxiety The recovery on Monday therefore was as quite qute sharp The striking striking ing in point of the te traders to notice how however however however ever was wa that there thee was no revival of activity in the market and it felt fell fel back Into its It narrow narow seln from day da to lay ay Meantime ime the un undertone undertone undertone continues pretty firm The ThE subject of railroad earnings has ha received attention during d the te week week owIn ow owing ing In to the te number of important systems systems which made returns of their net t earnings earning for The return was looked for with wih special specia interest owing i to the fact that some of the increase in freight freig t rates went into effect in inD inn in I D n r These Th s increases were wore ex cx p to cure the prevailing tendency for growth in operating expenses to overtake increase in gross gos earnings With Vio the sole exception of the te the December returns ret show the de 1 In tendency of net earnings still sti in mil ful force All AU branches of the rail railroad ri road goad world word and all aU sections of the coun country country country try figure in the showing In the case ce of cf the coaler on the h other hand tile the tle December statements of the New Jer Jersey Jersey Jersey sey Central and ad Erie Ere show how the most Jost 1 prosperous us conditions in the history of the trade hade as a result of the large shortage caused by the strike ste and ad the te rush ruh of the te supply to market market The dominant feature in the te whole railroad situation seems to be the striking in inadequacy Inadequacy adequacy of railroad facilities to ac acCommodate accommodate the traffic offering Car scarcity is a cry heard head from many may quarters which Is soon followed by complaints of lack of engine power to clear char the yards yards foreign Blockades Freight blockades are the t order orde ol ot the day and serious embarrassment Is caused caus d by of Qt some forms of raw rw material This is particularly of the iron and steel steel trade and the th grain gin market has fallen falen off of in a marked degree for lack of railroad equipment That such a condition of affairs should hould exist after ate the extraordinary extraordinary outlays of the te past few years for new and more ore effective equipment by the railroads is I conclusive evidence of the flood food tide to which business has attained Manufacturers are import importing ImportIng importing ing materials because they cannot canot se secure secure cure curp deliveries of domestic products product Railroads are ar turning away business but are not earning as much for share shareholders shareholders shareholders holders as they the were last year ear be because because because cause of the high prices for material and labor Some uneasiness was as caused In the latter late part of the week by ad advices advices advices vices from Omaha Omaha indicating that the Union Pacific laboi lab situation had be become be become become come more acute Fears Fer were expressed that the trouble truble might spread to other oter roods roads The obstruction felt by the g gain ain movement has had some effect upon the export business and ad the I prices attained by wheat whet evidently had hada hd I a a discouraging disco aging effect |
