The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-07

NEW YORK. March Sin todays lin
tied and professional stock market TN
commonly large orders ia either direc-
ton produced a number Of extensive ir-
regular and not readily understood price
movements except from a technical view
point Thus in the instance Of Third
Avenue. there was a particularly .apid
advance on large dealings. notwithstani-
Ing that according to Trustworthy esti-
mates Of the company's financial condition
and prospects there would appear to be
only a most remote equity in the stock.
Estimates Of this kind may. however be
submitted with no purpose as long as
such buying Of the stock as was witnessed
today is in progress. and so long as there
is no further off-setting liquidation. No
particular news or gossip attended the ad-
vance in Third Avenue aside from some
rather indefinite talk regarding The value
Of its franchise. etc, but discussion OF this
sort overlooks the fact that the only value
Of franchise is in the net earning power
which it confers upon the corporation con-
cerned. When the original value OF
franchise no matter how valuable il may
have been, has been impaired by such
management and fnanciering as have
characterized Third Avenue affairs, il must
be considered with due regard to the latter.
The dealings in Sugar Refining con-
tinued exceedingly heavy. and the stock
for the most part ruled below yesterday
figures Elsewhere IN the industrial quar-
ter, and in the stocks classed as special
ties. the movements were exceedingly ir-
regular. There were sharp declines in
Pressed Steel Car. International Paper
American Steel and Wire. Tin Plate. and
the tobacco stocks. The particular weak
ness Of InternatiCnal Paper was referred
to prospects OF legislation at Washington
directly unfavoraH.a 90 the conduct Of the
compauy's business. hu. little that was
new attended the movements in the other
noted instances.
The days advices from Chi ago certainly
did not represent the labor situation in the
West in any more threatening aspect. SO
the weakness in the stocks concerned could
hardly be attributed to that circumstance.
The railway list as a whole was dull and
rather heavy Pennsylvania was an excep-
ton, advancing Oh the splendid showing
for the year published today. but even in
that instance the dealings were rather Ian
guild.
The most important circumstance Of The
day was the greater hrInness In tie money
market, particularly in the call loan di-'
vision. This is readily enough explained
by the transactions between the banks and
the Sub TressUry. today's statement show
ing a loss to the banks through these op-
erstions since Friday OF over S3.500 900. 1t
goes without saying that a continuation OF
such conditions without the prospect of re- !
lief from one quarter or another would |
quickly eliminate in acute monetary |
stringency Prospective relief appears in
the probably early operations Of the Cur
rency bill. which was voted upon by the
Senate this afternoon. and which viii IN
doubfedly receive the Executive signature
without any undue delay. II is understood
that number Of larger national hacks Of
the city have already concluded arrange
ments and perfected the details for The i'm l
mediate issue Of the additional circulation 1
TO which they viii be entitled under the /
provisions Of the new law. AS for the in /
creased circulation OF legal tender char |
acter thar viii follow the enactment Of The 4
bill that is a matter more difficult Of de- /
termination.