The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1900-03-05
THE WEEK IN WALL STREET.
Sharp Losses Recorded in Industrials
and Specialties.

New York. March 3-The stock market this
week has been torn by the conflicting infiu-
ehces of violent contrary movements in differ
ent groups of stocks effected by individual
causes There have beef sharp losses in the de-
partment of industrials and so called special
ties. including the stocks Of corporations oper-
ating the New York public utilities. and there
have been notable gains in some railroad
stocks, based on large earnings reported The
strength % the railroads has at times check
ed the fail In the industrials. and at other
times the sudden breaks i'm the industras have
unsettled the whole market and have been
draS on the movement iD the railroads.
Neither the gains the one hand nor the loss
es on the other have been fully maintained. and
1t is impossible to determine the dominant
tendency of the market or to decide how far
the apathy of the public demand for stocks
would be chrnged if the market We're
lieved from the special disturbing Influences.
The principal disturbing element has been
Third Avenue. which has sold over 80 points
lower than last Saturdays closing price and
very nearly 200 points lower than the hlgh
price of the corresponding period of last year.
Such development in stock long and
closely held and regarded as a safe investment
security has an inevitable effect other So
curities. however peculiar TO itself may be
the circumstances which affected it. There
were old rivalries and animossties between
bold and powerful speculative interests which
the misfortunes of the stock afforded an op-
portunity To crafty. The long standing con
hict sor centralized control of the New YORK
public utilities was also involved, not only
i'm the mavem.nt of that group. but through
sympathetic cunectiOnS of other stocks. Ihefe
has been furious speculation in the certificates
of the Sugar Refining Company. based on the
ambiguous utterance of the president of the
COMPANY that he should oppose the payment
Of dividends unless the company earned them.
This riddle will not be, solved for the public
until after the directors have acted on the
dividend next Wednesday. when spectators
will be able to foot up their gains or their
losses. The iron and steel stocks have also
been a disturbing influence. without any very
clear explanation being given Of the large
selling Of them. one concurrent but not yer!
plausible explanation - tHat the edfhiiiSS ~.
these companies are proving In trge uiat
effective competition is invited and Is being
organized. The reports of authorities In trade
showing large consumers stiI hating over
the making OF future contracts for material
obviousIv with the expectation that prices will
20 lower. seems "A rational explanation
These disturbing influences have partly onset.
hut have not wholly prevented the eject OF
the extraordinary earnings reported 10y many
of the great railroad systems for January. II
has been feared that the high prices Of mate
rial would 81 far extend the cost oI opeIdtl3,ii
and cost repairs that their net earnings W"u'1
fail "a be benefited 10y the largely increased
gross earnings. The statements punished dNr-
lte the week cffectually refute this supposiuon
Even where the actual amount Of the cost
of operating has greatly increased the ratio
duced as 10 leave handsome increases IN me-
earnings. St Paul is an exception, oWihE' IL y
explained. to extraordinary lmproN ehehlS
improvements charged To expenses. tahihh l'e
most striking examples-the great ienhsS va va,
mia system Of lines directly operated east ana
west Of Pittshurg gained in January - per
cent i'm net earnings over last year. AtchiSon
as Der cent: Reading 95 per cent; Erie ~ per
cent: Wabash ~ per cent; Lehigh Valley l4S
Der cent The balance of earrings after ne
Quoting the m0nths's proportion OF fixed ciiaIE-
es was increased over teafold by the ticNe-
land Cincinnati. Chicago and St. Louis. ana
I72 Der cent by burlington Wall street
scepticism over the explanation that the re
cent enormous loan exla tsion by New AuIN
hanks has been taken out To meet mercantile
demands for money has been justified by me
news developments Of the week. Specltt
transactions have become known which ac-
co1Int for large loans-notablv the anticlpatory
pavment by the Central Pacific Of a S5.OOO
600 note to the government; the taking UP
nv New York capitalists Of a loan 10 "a RUS
sian railroad guaranteed 10y the ltusslan gov,
eminent saith 10 amount 10 $50. 600. GOO. ana
the proceeds of which are. by the terms OF
rho loan To b. expended in this country ana
large borrowings nv interior banks for the
n1Ir,has.. of government bonds with "a view "t
thkiug out additional note circulation uhder
the provisions Of the new refunding law When
Il "a enacted II does not escape notice That
aven for February the national bank note cir
c,,lation has been increased some S2,44I 500
rrbc british successes IN South Africa have
r.s,lted in buvinE Of stocks in New FORK Tor
London account which coupled with the ur-
sront foreign demand for cotton at the hiEh
Drice prevailing. has depressed the rate Tor
sterling exchange. SO that gold imports are
copei6ared within measurable distance iheSe
considerations might explain the comparative
COMMUNITY with which Wall street contein-
mates the rapid inroads being made upon the
sfrnlus reserves of the clearing house banks