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

NEW YORK. March Elm today's linn
tied and professional stock market TN
commonly large orders in 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 particularly -apid
advance on large dealings, notwithstand-
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 a
franchise, no matter how valuable it may
have been, has been impaired by such
management and financiering as have
characterized Third Avenue affairs, ii 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 5
figures. Elsewhere in the industrial guar
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 international Paper was referred
to prospects of legislation at Washington
directly unfavoraUlc TO the conduct of the
company's business, bar 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 on the splendid showing
for the year published today. but even in
that instance the dealings were rather Ian
guild.
Ihe most important circumstance OF the
day was the greater firmness 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 Treasury, today's statement show
ing loss TO the banks through these OPP
erations since Friday of over 50, SOC, 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 will I'M
doubtediy receive the Executive signature
without any undue delay It is understood
that a number of larger national banks of
the city have already concluded arrange
ments and perfected the DEF ails for the i'm
mediate issue of the additional circulation
TO which they will be entitled under the
provisions Of the new law. AS for the in
creased circulation of legal tender char
acter that will follow the enactment of the
bill that is matter more difficult of de-
termination.