The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-17
FINANCIAL AND COMMERCIAL.
FRIDAY, Ma rch Ia

FRIDAY, MarCn 10.
Although Stock Exchange dealings we're
larger than they we're yesterday, they were
only a little larger, and the general char
acteristics Of the market as yesterday dis
played remained practically unchanged.
In the earlier part Of the day the market
was more active than IL was in the pre-
ceding session, owing to an increase in the
dealings in the stock Of the Missouri Pacific
Railway Company, whose annual report
for last year, showing that full dividends
on the stock were not earned in this period,
was published yesterday afternoon. 1t
seemed to be pretty generally thought
before the opening Of business that the
decline in the Missouri Pacific shares yes
terday was more or less Of u drive by
spectators for the fall, and that the price
OF the stock this morning would ecover
with some briskness. Pressure to sell
Missouri Pacific was, however, noticed
from the outset Of business, and although
the selling encountered a much greater
quantity of buying orders than it did yes
terday, the stock was, nevertheless, de-
pressed at one time more than two points
below yesterdays closing quotation, maxi
ing a decline Of more than seven points In
two days. After this early selling. how
ever. the price of the stock steadied and
thereafter during the day rose slowly,
gaining a point on the days transactions.
Interests connected with the Ia agement
of the Missouri Pacific declared that sales
Of the stock were quite unjustifed, as the
annual report of the company, though
admittedly unfavorable, referred to busi-
ness disasters of one kind or another whose
force had long since been spent. 1t was
pointed out that in the first two months
Of the present year the Missouri Pacifc's
gross earnings had increased 81 ,2l3, 1875, and
it was said that all indications were that
the earnings of the company in the current
month would be greater than they were in
Ma rch of last year. when they were the
largest in the company's history. If, OF
course, earnings keep up at this rate there
will be no question as to the ability of the
mpa ny to provide net revenues amply
sufficient for this years dividend require
ments. 1t was also stated in explanation
of the increase of 5000 900 in the Missouri
Pacihc's fixed charges for last year that
these increased expenditures were on ac-
count Of bonds issued for the construction
of subordinate lines in the Missouri Pacific
system that last year, Of course did not
earn anything. This year, it is believed.
IneS6 lines Will De dIlt 10 aht a Nv u u
whole or the greater part Of their fixed
charges. In sympathy with the decline
in the Missouri Pacific. all the so-called
Gould stocks were weak this morning,
but advanced when the general market
strengthened later on. The appearance
Of the pamphlet report covering the yea RS
operations in full of the United States
Steel Corporation was without effect upon
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as the details provided in the report were
merely an expansion Of summaries pre-
viously made public. The report, as usual,
attracted wide commentator for the full
ness and exaotness with which all the trans
actions of the Steel Corporation were eH-
planned: and there was nothing but praise
for the management of the company as
therein set forth, especially as respected
the large sums appropriated for deprecia-
ton charges and taken out Of earnings for
new construction and improvement.
All the leading financial markets to-day
while dull were yet governed by a tendency
toward greater firmness. The Algeciras
financial weather barometer once more
rave favorable indications, and although
there was a renewed demand for gold in
the London market for Paris account,
supposedly in preparation for the new
Russian loan, the release Of a considerable
quantity Of money held for the English
Government in the Bank Of England con-
tributed to an easier feeling in the London
money market. Here, in addition to the
weakness in Missouri Pacific, sentiment
favorable to a rise in values was held in check
by further liquidation in the CONSOLIDATED
stock, which touched a new low record;
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OF the Union Pacific shares, a steady ad-
vance in Louisville and Nashville stock
and various signs Of strength elsewhere
impaired a strong undertone to the market,
Whereas at the close of the market yes
terday the ma iority of stocks showed de-
clines, to-day final advances and declines
were pretty nearly equally distributed.
The ruling call money rate to-day was
81 per cent. and quotations for time money,
were somewhat higher than they were
yesterday and the day before. BY reason
Of this and of the easier monetary con-
ditions abroad the price of sterling here
declined. Estimates regarding to-mor-
bank statement were non-committal.
Indications of the cash movement were
that the banks had gone through the week
about on an even keel. But as last weeks
report of a loss of S., 600 900 by the banks
was undoubtedly greater than the actual
figures warranted-inasmuch as, for one
thing, they did not show in their entirety
the extra deposits made in the banks by
the ACKNOWLEDGEMENTS, therefore, were
to-day to think that to-morrow's
bank return will show an increase in the
quantity Of money on hand.
m MAN AVN mr. M Il ID DnN-ng