The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-02-20
Loss IO THE TREASURY
Main Argument of the Bears
in an Early Raid.
RAIL WAYS COME STRONG
With Earnings, Forcing the
Bears TO Cover.

New York, Feb. s.-The outside public
still refused TO manifest any interest in
the stock market today and operations
continued wholly in the hands OF profess
sionaI traders. This element made an at
tempt to force a continuance Of last
weeks reaction. using as their main ar
gument the drain being made upon the
cash resources of the banks. Today 5
statement OF sub-treasury operations
showed loss already since Friday 10 that
institution Of 81 Al Co. This showing
helped the bears in an early raid upon the
market, which wiped out the opening
gains and carried prices generally below
Saturdays closing level one or two
stocks suffered from individual causes
and helped on the reaction. Pacific Mall,
Peoples Gas and Third Avenue showed
continued weakness. and Pennsylvania
was depressed on reports Of a new car
trust involving many millions of dollars.
The bears did not succeed in bringing out
any large number of offerings and were
driven 10 cover on the development OF ag-
gressiye strength in several stocks, in
Guiding ugar, Rubber, Chicago, Indiana
polls and Louisville. Tobacco, General
Electric, Lackawanna and Third Avenue.
Inc 4lADSL RJACAL AdNhtk III TIC Ad4AAGE 81
uation was the large increase in earnings
for the second week in February shown
by a number Of railroads. Norfolk and
Western made the most striking exhibit,
with an increase over the corresponding
period Of last year OF Sl33.s5s, which is
nearly 9S per cent. This resulted in
large absorption OF the stock at an ex-
treme advance Of "a and had d sympa-
thetie effect On all the bituminous coal
carrying roads. contributing TO the rally
in Pennsylvania and Baltimore and Ohio.
Toledo and Ohio Central showed an in
crease in earnings Of 70 per cent for the
second week in February. These eviden-
ces OF the large demand for bituminous
coal were coupled with reports Of in
creasing use Of anthracite insteam pro-
dUcti0n because of difficulty in obtaining
soft coal. The anthracite group showed
the effects OF this influence and of pub
Iished forecasts Of the annual statement
of Lacka wanna, which is TO be published
tomorrow. intimatiug a high percentage
of earnings for the year. In addition, On
tariO and Western showed increase of
Il per cent in earnings for the week In
the southern group, Lackawauna and
Northern made a showing for the week
which was "a per cent better than that cf
last year. the increase in gross amCunJ-
ing 70 SlS6345. All the returns received
show striking gains. though those enum-
Grated are the largest. The cOtton-carryr-
ing roads, especially, showed recovery
from the recent low level Of earnings and
were advanced in price in consequence
The tonic effect of these extraordinary
earnings proved too much for the bears
and they were forced to cover. The CON-
tinued ease Of call money, which ranged
from to az per cent, neutralized thu
alarruist view of the money market cut
lock. Some slight effect was produced
also by the reports Of further British Sue
cesses IN South Africa Erie Telephone
rose buoyantly some points. Dealings
were not on a large scale, and the market
fell dull before the close but held quite
firm near the top. Closing prices were
as follows: