Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-25

to the large resort which local borrowers
have been making to Paris banks to re-
ueVe the requirements upon New York
banks. Total sales of bonds, par value,
$3.50 OOO
Money Market Dominated
The movement of stocks this week has
been largely dominated by money market in
fiuences and has been mixed and varying
with changes in opinions on the money
outlook. Conditions In the money market
grew easier with the opening of the week,
but a furry to per cent In call loans late
on Tuesday unsettled confidence again and
gains IN price over the closing level Of the
preceding Saturday We're generally yielded.
Misgivings over the adequacy of the money
supplies to sustain any large speculative
demand for stocks returned and Hight liqul-
dalton met with lauguid demand and
sulting sagging OF prices.
The relaxation of the early part of the
week In money was due less 10 any effec-
tive replentshment of supplies than to the
perception that some of the demand for
loans in the previous week was due to an-
prehenstOn of higher rates rather than to
any present necessities, thus u -gravating
rghtness in the market. With the subsf-
dence of this precautionary demand there
was a distinct easing of the rates for time
loans.
The complexion of the Saturday bank
statement had its part In the greater re-
assurance felt, owing to its demonstration
tttdt lAt NeaNy requirement of the week
Tor various bonds on subscrip tons had been
Tuet without material inroad upon the small
surplus reserve Of the banks. When prep
aratlon was made, however. for the sub
scripuOn TO the $50 100000 New York city
bonds the rise in the call loan rate TO s
per cent was the result
There are so many bond issues for which
subscriptions are 70 be met from time to
time IN the future that the effect on SEN
sitive money market is dreaded aud specu-
lative operators Were inclined to restrict
their commitments in stocks
Many New Securities
detailed estimate OF the new securities
since the first Of the year. to be issued i'm
mediately. shows an aggregate of over
$>SoO10o0o. not including many smaller is
sues both municipal and industrial OF
these $l-3,t3J.ODo are Of stocks and S455.-
V'ov10 are of bonds. and Of the latter some
* per cent are for refunding or for the
purchase OF existing securities. Meantime
reports OF various important protects of
purchase or Of combination continue 10 ex
ert a marked influence on the speculation
ana tnese, too. VIII involve some large Capi-
tai issues for their perfecting
Most OF these new issues are 10 he Of
fered at a rate Of income return consider
AMY above that at the ruling level Of urice5
Tor many of the securities most active in
me u2y-to-day dealings in the market
hltA the comparison thus offered bptwean
the new issues and the old the effect mo-,
the prices Of the older issues is dreaded
The sagging tendency OF prices of bands is
attlDuted TO this comparison with the at
fractions OF some Of the proposed new is
sues, and with the existing level OF Interest
rates In the loan market
An obvious impression on sentiment was
caused by the decision OF the Supreme
Court against the Chesapeake and Ohio on
the right 10 carry coal OF which the com
pany was the seller at less than published
rates. While the earlier opinion OF the APP
pheatloh OF the decision to the position OF
The anthracite carriers was modified owing
70 the special charter provisions enioved
by some OF these companies. Il was felt
mat some alterations would be required in
the present status OF the coal trade
The pending decision on the labor dlspute
IN The coal trade was also an unsettling in
fuence on the market Views In the ffnan-
cial district generally are hopeful OF a set
tement OF the dispute without a strike
But utterances by miners officials have dis
turbed this feeling. and the recollection OF
errors or judgment on the probable out
come or former disputes had added 10 the
feeling OF doubt The general disposition
toward legislative activity in regulation and
restriction VI corporations has been the
subject OF observations In Wall street
Striking Industrial Comparisons.
Some of thu incoming reports of condi
Hons Of business and industry make very
striking comparisons with former show
ings This is especially true of railroad
enrnings. the ratio OF increase in gross
earnings for the second week in February
!or many railroads reporting reaching from
80 per cent TO above 30 per cent Owing
to The open winter and the favorable ouer-
atlng conditions. correspondngiy favorable
comparisons In net earnings are expected
These conditions have been understood for
some time IN Wall street and the detailed
reports now received have been of very
moderate influence on prices. The same may
be said OF the conditions in the iron and
steel trade. This Is fairly represented In the
tene OF comment OF a recognized organ OF
the trade In raising the question whether
me extraordinary activity for the winter
season In that trade is in anticipation of a
demand which usually comes later and
whether the later demand will be CORE
spondlpgiy curtaied, a question which Il
Is declared, must wait for answer Until
ire developments Of the spring months.
On the more speculative side, delay In au-
important projects confidently supposed 10
re lncubating has proved a trial to pa
uence and has led TO some discourag cement
N IN h-- 81.