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Show fWORATIONS ABE B FEELING THE FINCH i f I :iarge Obligations to Meet in 1 I Face of Largely Decreased I Earnings, Is Problem. . I 1 iGOULD STOCKS SUFFER . MOST FROM DEPRESSION iS her Railroad and Industrial Securities Decline; Some Loir Records Made. !EV YORK. Feb. 19. The feature of financial situation which was brought. notice by the action of today's stock rJcet was the position of corporations, eclnliy the railroads, 'with Important, turing obligations to meet, while the tag off in tbeir earning power has cn-iched cn-iched so far on the margin of sur-i sur-i availablo for distribution as to serl-y serl-y impair the market standing of the irlties. The Gould group was acutely cted by these considerations today, securities of other companies whose tlon Is believed to be analogous R-cd the greatest sympathy, lie degree of resistance shown by the sral market, however, to the Inllu-; Inllu-; of tho demoralised break in the Id stocks was worthy of remark. In early stages the contrary movement Missouri Pacific was Ignored and es elsewhore made some headway upas, up-as, and there was a final rally to the . The rise was halted and a general :tion ensued, but It was moderate, pared with the fall in the stockB most jtcd. The slumping tendency extc-nd-o some points In the bond market as , where the same general causes 5 at work. Railroad companies very irally were forced last year into tem-ry tem-ry expedients for financing their re-ements, re-ements, and tho rush of business at time and the high cost of operation all kinds of equipment added mate-y mate-y to the urgency of these needs, was assumed that an early stage he banking crisis last fall that that he revulsion to follow there would uch a piling- up of cash In hanking rres as would lead to redundant By and assist in the refunding- of the 3 referred to as they might mature, the event is proving that the falling In business which released money i. active circulation for return to J reserves must be reckoned with jJMIsp on the side of diminished earning VS Kfwer with which to meet charges on Tpi Sorrowings. The steps now being taken , -v jfardB retrenchment and economies of ; le railroads to meet the falling off in i .4 uslness offer one of the leading sub-ntaj sub-ntaj Mb of attention In the financial world. IsiK today there were reports of conceited 4H otlon amongst "Western railroad com-W'i com-W'i Vies looking- towards a reduction In ln es on their systems. Fears of the Inke troubles thac may follow are an ml Dpreclable influence in the under lone of cztii epresslon in the securities market. Rejig Re-jig renchment and economy, however, can-M can-M pt escape tho obligation for expendl-;(H expendl-;(H ires already made, and tho burden of pji ich obligations was the point of cin-ar.'ii cin-ar.'ii sis In Hie lenson Inculcated by the fif W'z' doings in stocks. towTA. belief prevailed that an aggravating iftuc of the extreme depression shown TvW.'some stocks was the forced selling of 1 lm In the liquidation of loans in which 'tajMev figured as collateral and which aro dEMF maturing. Reclining liquidation of vJMi8 kind has been in evidence- from LfrJhflk to tllue evor since the emergency W;ms which were forced on needy bor-Urcrs bor-Urcrs last fall. Fears of such llqulda-fln llqulda-fln remaining to be completed are a 'WJjlmpcr on the demand, for stocks. Rc- -jcts of an intonded , rocelvorshlp for .. . 'fcsourl Pacific, which wero stimulated mil-' 1116 act'011 o" '"e stock, were denied UfW,' '10 liea(3 C tno system. The stock HlNva as low as SSJ. Early in 1307 Mis-' Mis-' ""''il"'! PacIfi 15013 at 10, but a rise latr .r.HE'that year put it to an altitude above lay's price. Hbove which it was held, 'varying degrees, over since. Wcst-m Wcst-m Union at 11, today's low price, was -.-mm low- record alncc 1870, when it tnltched 301. ltoothcr "ec,ine In copper was an ln-1 ln-1 lMBn ' tno daJ' Money on call went TTSl)ve 2 Per cent t"01" the first time In OWftlr dQl'8- Payment of a 20 per cent tallment of subscriptions to Can-iRan Can-iRan Pacific stock was a factor In the 4Bney market. Sterling exchange con-mtSJBued con-mtSJBued flnn and kept alive discussion of .'jBposslble outward movement of gold at ftS early date. The, closing toiic for - .vClt wa3 strong at the rebound. 3ohds were weak. Total sales, par '3B?6- ?3,47O.O0O. 1 f fin't?a Stales fours advanced 5 per N0W York Bontls- flBRfKS r 26 reg.10-1 Japan 4s ttz "upon ...101 do IJs cer " ss i0 3s reg ..1005 o 2nd scr .! fi5 m ,Wh coupon -.100?, & N unl s. DS5 rjm? n -Is rer.ll0 Manh c g P5 Spo coupon ..lsojpiex Cent -Is .. ?n -TOrTob 4b ... 62Sldo 1st Inc .. is 6b lOOS. & S L 4b.... 77 adjt -is... S7 do 2nds 70S O'CV 4E .... 77lN RR of M c 4b SI fj S8 N Y Cent g 3is SS . & Ohio 4s. 99JiNor Pac is ...101 - , JSL-3is 00 i do 3s ?! of Ga 5s. 39JI O S I, rfdg 4s. S7 '.W f Inc .. 42 Read gen 4b .. 9i ML 51 'ilc 27 'S L & I at c os.106 Wi r -Jie.lOOi'S L & S F fg is 690 3is- 's L S W c -Is. 63 l0RSVnn,jf 8i?,gea Air L 4s.. .1," . ttK.J FL f 8 10 ! do let 4s cer. &Sf. S. 'K P L S ia 93 i So Ry 5s S7 m'v?. s A 40 (Tea: & Pac lats.llli i." qtt;7loc48;- W :T S L & W 4s. 70" x 5 0 "ls" 852: Union Pac 4s... 00J MWt S5 A' ; "103 ,' do cv 4s .... 851 n i08, " 86 Wabash lsts ...107 (iK LI j8"" 83 i d0 B .... 40 U I, m'w & L B is.... .71 iJB' ils-' 508, Wis Cent is .. S2 i vmL- . New Yrk Money. X.,.YtiRK, Fob. 13. Close: Prim etlini pa,Jer- 5(6 Per cent, f -"-!lg- exchange firm, with actual JB 7fi JL lrl. bhnker3' bills at 4.8fJ.70fj' bPfisli'mbiiiH aud at 4'53-55'1-83-60 i rMte.Ial bills. 4,831. 'C gtr"nont bonds flnn; railroad bonds " 'JBS'mn fl11 slCildy. IptG-Ui per cent; s'OMkVDn; i2 ce"t: closing bid, 2 per ' w8'd22lfs .?" sIxty days, 4 per cent: tWcy H Per cent; six months, 4S ceTi 'fc"8HJrWBUry Statement. RE SS!2N" Fb Today. K- aKra ifL0,! tne treasury balances Jn tho k?" Bhow-1V 0t tllC 50'000'0no -K'Sin ilai'0,ancoa- S264.287.3C0. ZZWu Srtih(, bu,,,on- 524.153,321. fl-BT ?3,,C57':5:JO' . (i. ftu- ?cw York Dry GootiB. i LBt i0sR:.!'cb- 19 The dry goods HO ik in2uiet or .th0 dar- -robber's nV'''ow-Mnt,?nr,rcl.ed r11" b' 51 eavy rain 1,lt Stf. U,w but u was st' of steady KviIt,t ,erW!Ulr nnd lioslery romuln JsSB& auclln sale of silks will MWK:k iVY aml "onslderahle In- Spjfc'- kCn " Bnnir silk dlsttib- |