The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-03-10

! ket there for our stocks very Irregular,
with prices for the general list not with
! in one-fourth to one-half Of our close.
/ Southern Pacific is down a full point
and Union Pacific three-fourths. There
/ is general feeling of depression in the
/ home market as well as a continuation
/ Of bearishness on cur stocks. The con
I tinued weakness In consols has a bad
effect. Money call is 3% per cent and
/ on rate Of discount for short and three
months bills 375 per cent.
The principal cause for the sharp
rally of yesterday afternoon was cover
ing Of shorts. and manipulation was the
primary cause OF the sharp upward
movement in the Southern Pacific and
! Union Pacific The reports Of con
terences between Mr.. Keene and Mr..
Hartman are not authentic beyond the
fact that Mr. Hartman was supporting
both Union Pacific and Southern Pacific
and that the Keene following were also
engaged in building them up against the
large short interest
\ very large amount OF the short in
terest was driven in yesterday and the
market is now in a weaker position as a
consequence OF its elimination. Moth
ing is yet to be seen to encourage
turning to the bull side
Illinois Central's statement for Tebru-
airy shows increase in gross earnings of
$259. 600 and from July !, an increase
OF $1.965 600. Net earnings for January
show decrease OF S11T. 6S1 and from July
1 to February 1 net decrease Of S2s7.-
S34. due TO increase in operating ex-
penses.
Missouri Paclfc's annual report for
the system shows total net income OF
S654.462. or equivalent to So per cent on
the stock.
The fact that call money did not not
ably advance shows the financial situa-
ton is not as bad rs represented, and
the belief that relief is needed is near at
hand. together with the great strength
Of Southern Pacific. caused much unea-
siness among the shorts
There las been 20 settlement in sac
Southern Pacific Disagreement. but this
is no reason for selling rhe stack The
value Of the propc~-y has been immense
ly increased by TIE huge sur,s spent
upon it recently without any increase in
capitalization
Opinion is divided on the immediate
future Of The market. l,ut some voIy
good buying was in evidence. and a rally
from this level is looked for
Much more attention is paid 20 The
favorable factors in the situation than
was the case on Sunday and NouSe,
morning. The course OF che money mar
ket would seem to indicate that the
banks do not regard the situation as
bad as IL is painted, or are confident that
important measures are about &c be-, or
can be, applied.
Some talk was heard yesterday OF the
reformation Of the $4,000 800 pool. the
mere announcement Of the organization
OF which in the last severe money s5rin-
gency lad such a beneficial effect. THIS
rumOr. however. was denied
II is reported the conservative houses
generally in Wall Street are advising
caution, but. at the same time. with the
general condition OF the country as IL is, /
can find no very strong bear arguments.
The subtreasury statement this morn
ing shows the banks lost in operations
through it yesterday $1.4S5. 600. making
their total losses since last Friday night
on this account alone S2.47f 600. This
would bring their cash holdings down 20
a deficit OF Sl,S74.OOO below the % per