The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-25
FINANCIAL AND
COMMERCIAL
Decentralization in Third Avenue Re-
suits in Drop Of 10 Points.
SMALL BUSINESS IN BONDS.
Railroad Earnings Continue to Show
Large Incrcascs-Sixty-O One Roads
That Have Reported Show an
Average Increase OF 300.

NEW YORK. Feb. c4.-The general
speculative sentiment as reflected in the
stock. market was good deal op STsirS'
to-day by the Generalization In Ihl .i.,,
Avenue Active trading in STOCK, Win
a resulting drop in the price oil over "
points. is bound TO have constderanie
,cffect in a narrow market, however Pecu-
liar and individual may be the cause
which induces the selling. a rather vIo-
lent break in Tennessee Coal mao me
same tendency As mater ac1 stocks, ot ao on
the general outlook. especially the re.
ports from the trade authorities that
prices of materials. especially the net ta
We're yielding. There was also the lear ear
that the cutting of grain rates on me
trunk lines would spread to other cians.
and some rather striking declines IN the
the corresponding period of last year:
Reports by telegraph to the Financial
Chronicle for five days show a large
shrinkage, not only at New York. Bos-
ton and Philadelphia but at Baltimore.
amounting TO over G2 per. cent. and at
St Louis Of nearly per cent New Or
leans, however. expanded It's c!earlnss
over Al per cent. Chicago 10 per cent
and other cities outside the seven lead
ing cities 81 per cent Railroad earnings
continue to show large increases, sixty,
for the second week in February showing
an average increase of 800 per cent. over
the corresponding period of last year.
Strong returns We're made during the
st. Paul. Hooking Valley and Rio Grande
and Western. There was good buying of
some Of the coal-carrying roads stocks
and a rallyinE tendency in the market.
which was checked somewhat by the re-
newed weakness in Third-Avenuc and
the new difficulties in financing the COM
pany. The changes in the bank state.
Iuent was very near to the estimate, but
the supposition that the large rate of
loan expansion had been checked proved
erroneous. Chiefly by reason of the adj
\ ~ Of Inc
reserves are further depleted to the ex-
tent of s4.:s37. 125 There can be no doubt
that bankers are influenced in their lib
crafty in extending credits by the posi-
bi!ity Of currency imitation authorized by
the pending financial bill. Sufficient at
tention has been called to the fact that
the bill authorizes an extension OF bank
note circulation to the amount of the
par value of bonds at present deposited
TO secure circulation, which would be a
10 per cent. increase. But not SO much
bonds at presented deposited TO secure
circulation amount to only $3.50, $50. 40.
wn.Ie the national bank capital amounts
TO $500. 100000. which fixes the limits of
the bank-note circulation permitted. The
refunding plan provides for the issue Of
new bonds to the amount Of the present
premium outstanding bonds, which
will be available for deposit to secure
additional circulation. The additional
profit afforded by the new provisions, it
is believed, will invite banll-note eXpan-
SION 10 the limit authorized unless the
premium on the new bonds becomes eX-
ccssive.
Business in bonds bonds has been on a
small diminishing scale in an irregular
market. The market for Government
bonds has been unusually active at ris-
ing prices on account of the tendency of
the refunding measures, United States
the old As and rs * in the bid price.
The total sales of stocks to-day We're
221, 100 shares, including Atchison pre-
and Western. G.900: Reading first pre-
fe-red, $3.50; American Steel and Wire,
Z, 5SS. american Tobacco. S.S45: Brook
lyn Rapid Transit, 1925; Gas 777T;
Tennessee Coal and Iron, $500; Leather,
GAS.