Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-03-21
LITTLE MORE ACTIVE
Most That Can Be Said of the
Weekend Dealings.
STEEL SELLING RESUMED
Northern Pacific and Great Northern
Strong Features.
DUE TO IMPROVED EARNINGS
Inflow of Cash From the West
Caused Round Enlargement of
the Surplus Reserve.
Special Dispatch to The Star.

! Special Dispatch TO The Star.
| NEW YORK. March 2O.-Saturday
stock market of late has come to be
substantially non-existent The current
movement of prices is in such a narrow
rut at best that in the two hours ses-
sion at the end of the week. with q sus-
pension of business thereafter. the great
majority Of professional market operators
do not desire to make any commitments
at all. Today, perhaps. the market was
a little more active than 1t was last Sat-
urday. but this was the most that could
be said.
| There was a resumption Of the selling
of the United States Steel shares. based
solely, SO far as appeared. upon the dull
state of the steel trade, and there were
again positive rumors that a part. at
least, of the Tennessee Coal and Iron
plant would be closed April II no i'm
provement in business was shown up to
that time.
| On the other hand. a decided feature
of strength in the market was the North
ern Pacific and Great Northern preferred
shares. undoubtedly because of the i'm
! prCvement In the earnings Of these COM
panies In recent weeks, and it may be
said that this improvement Is not con-
| fined to the particular railroads named,
but has extended to all the leading west
ern railway organizations.
| In Europe today it was thought that
| the Balkan situation was again assuming
more peaceful phase, but the London
the majority of we'll informed critics are
of the opinion that favorable develop
ments affecting the general business of
the world will be first noticed on this side
of the Atlantic.
An unfounded report of the death of
Vice President Sherman today was quick
ly contradicted and was wholly destitute
of market influence.
Enlarged Bank Surplus.
| The weekly bank statement bore wit
ness, as anticipated. to the effect upon
local conditions of the inflow of money
| from the western banks in counteracting
the influence Of the Withdrawals Of gold
70" shipment to Europe. This was much
more marked in the actual rather than
In the average figures of the statement
where an increase of over 81. 10000 In
cash was shown. which, with a decrease
of s16.6OO.0OO in loans. resulted In a round
| enlargement of the surplus reserve.
| Naturally enough. slight reactionary
tendencies made themselves felt in the
| stock market in the latter part of the
present week from the distinctly upward
| movement manifested earlier, and which
had Its origin in the enthusiastic welcome
| accorded by conservative people all over
| the country to President Taft's special
message to Congress and in the crafty
ing assurance felt in the financial dis
| trict that at least no lower tariff sched-
ules than those proposed by the ways
and means committee of the House Of
Representatives would become law.
Claims of Contending Interests.
There remains to be settled in the tariff
matter the heated and rival claims of
contending interests, human desire being
on the part of a large number of people
affected by the new tariff to escape it's
burdens. careless as to whether or not
these are shifted on other peoples Shout
ders. and a variety of puzzles and I'M
certainties growing out of this are al
ready in sight. Nevertheless. the hope
| is strong that all such difficulties will be
Strengthened out.
Public sentiment is bound to assert it
self in the case. and the demands that the
| new tariff rates shall be adjusted with
speed will have weight. Largely. no
there was relatively little notice taken this
week of the publication Of the United
States Steel Corporations pamphlet re-
| port for last year.
Although the character Of the report
had been heavily discounted because of
general realization of the unfavorable
business results Of 1903. yet. nevertheless,
the document as presented was very Valu-
dpiC loI IL Tcscdicu ia stronger uSHt IMAM
! has ever before been afforded the en-
hancement of the value of the equities in
the steel corporations common and pre-
| ferred stocks through the money diverted
| on such an immense scale from the earn
| ingS of the corporation since its organiZa-
ton and laid out upon the improvement
of the corporations property.
Steel Net Earnings.
Taking the surplus accumulated since
| the organization Of the concern to De-
| cember p last year. which amounts to
nearly $243. 900 600. and adding to this the
appropriations for the sinking funds and
extraordinary and special replacement
funds and the like in the last seven years
alone, an aggregate volume of net earn
ings put into the property of $4S5. 600 600
| Is disclosed. AS the Financial Chronicle
| suggested today In commenting upon
these figures. the steel corporation. IL it
| should have another such prosperous year
as 1t had in 1907, and applied similar
| amounts to improvements as in that year.
would at the close of the GEAR have paid
| off out of earnings the whole of the $685.
OOO.0OO common stock of the corporation.
Another matter that right at the end of
| the week began to attract more attention
than it has done recently is the increase
in earnings of our railroad companies
Wall street has had its eyes fixed for
many months upon the current depression
in the iron and steel and copper business
as il this was the sole factor in the bust
ness aspect. But the truth Is that the
bank clearings outside of New York citv
show not only gain of Il per cent over
1,,A -