The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-04
NEW YORK.



NEW YORK. March 3 The featnre Of tho s,ocl,
maffst was the disturbed condition q mind mani
ig.'ed by the bears, whose demands for stocks to
over snort contracts worked violent recoyeries
IN the industrial an1-spccalty department ~ the
Inafket This influence was first evident in Third
Az, 1,H@ ss whiGh bounded pp prints on the belief
habilitate The property The short account in sugar
gave signs OF being over extended and after falling
% near %, the quotation touched 1914 ia the late
dealings. 4 decline in the price m raw sugars
thus widening the gap between the cost ~ raw and
, tnin sage' was AZ influence The moyenest in
ihs~ s,n.ks had sympathetic Influence up1n nther
iud'istah and there recnverics fftsn the
oneninH weakness during the first hour period
o' dulnefs and heatincss succeeded while waiting
fnr the hank statcmeu, and. upon the publication
~ thlt staiemsn, the market displayed increasing
animation and strength until the close whic, VIVA
generally AZ the top aud net gains in nearly All
stocka Part ~ the hnyinr was on the urine,uIe
,hai "htn bad news Il out rally IA due But the
return was. IN fact not weak as had been feared
heccfnts q cash from the interior larger than
anticipated and the loss in cash carIespandiugly
less Another loan expansion formidable as
NbslVoo was apparently viewed with compiacency
~ thc feeling has grown up in Wall street that
meh q ne recent onn expansion will find quick
Hlhlh 70 me money market So long as call loans
are made at to u per cent. there viii he no acute
alarm over tbc money market prospects.
The stock market this week has been tom by the
conflicting Influences Of violent contrary movements
IN different groups of stocks affected By individual
causes There have been sharp losses in the depart.
ment Of industrials and socalled speciatics incud
ing the stocks Of corporations operating the New
yotk public utilities aud there nave been notable
gains ~ some railroad stocks based on large
ings reported.
The st'enath Of railroads has at other times
checked the fan in the inlnstriais and at other
times Tho sudden breaks in the indusrias have un.
settled the whole market and have been A drag
on the movement in the railroads Neither the
gains on the hand nor the losses on the other
have been fully maintained and II is impossible 10
determine the dominant tendency of the market or
To drieImine how far the apathy Of the public de.
msnd for stocks would he changed 10 the market
were relieved from The special disturbing influence,
The principal disturbing element has been Third
Avenue. znl6 over IN syiyfg if,.pr
last saturdays closing price. and very nearly 30
points lower than the high price Of the correspond
ing period a last Such a depression IN
stock long closely held and regarded safe In
Ycstment security, has an inevitable effect other
securities There old fiYariss and anim0sities
between the bonds and powerful speculative inter-
ests. which the misfoffunrs Of the stock afforded an
OPPORTUNITY 70 crafty. The long standing conflict
log centralized control ~ the New York public
u,ilitiei also involved not only in the move
ments Of ihe group hut through sympathetic con
nrciion Of other stocks. Thete has been furious
speculation in the certificates " the Sugar Refining
Company, based 1mhigioRs utieTanccs IT the
president ~ the company that he would oppose the
payment II divtaenfs nnlass Tie COMPANY earned
them. This riddle viii mol be solved TO- the public
unfil after The dirgctots have acted the divi.
dend next "wednesday. when specllat0rs will be
able 60 foot up their gains their losses. The
iron and steel stocks have slsn been disturbing
influence. without vets clear explanation being
given for the large selling q them. ono current.
but not very plausible explanation, h that the earn
Tugs q these comranies are p.oyNg 50 large that
directive competition Is invited and Is being or
gauigcd The rrperts II authorities in the trade.
showing large consumers stu halting the
making 81 tuturc contracts fuf material. obviously
with tho expectation that prices VIII q laWrr
seems more rational explanation These disturh-
ug Influences have partly Offset bat have not Hhul-
ings reported ty many ~ the g9eet railroads Tor
January. II has been ieaIrd that the price 4
material wa1d 50 FAT extend the cost u operation
and repairs the railrotds. their not earnings
would tsn To- he hcnchtcd by the large increase
m the gross eatniugs The statemcnts Published
Even where The actual cpst q OPERATING has