The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-06
HISTORICAL WEEK
CLOS ES QUIETLY.
Rock Island Sells Strongest Dur
ing Final Hours of
Trading.
-------
BANK SHOWING A SURPRISE
Statement Gives Actual Loss OF
Slo,ooo,ooo Despite Ex-
pected Gain.
BANK SHOWING A SURPRISE
Special to The Times-Dispatc h.


Especial to The Times Dispatch.l
New York, February 5.--Wall street
had a quiet and firm closing of a hys-
tcrical week. The bank statement gave
a severe shock to those persons VINO
a weekly Joke. by showing an actual
loss of $10,000,000, whereas known
movements of money indicated 81 gain
of $4,000 900. Perhaps 1t was u conf
dental forecast of the final figures of
the bank statement that caused some
operators to sell stocks freely In the
last few minutes of trading. 1t was
significant that Rock Island was the
strongest stock at the close.
st. Paul, in its report for December.
showed a reduction in net earnings OF
SI,169.560 compared with the previous
December. William Rockefeller says
the st. Paul dividend may be increas..
ed instead of being decreased. or
course, If st. Paul has to borrow
money for operating expenses 1T might
as well borrow some to increase the
dividend, and there may be more truth
than humor in the report circulated
to-day In Wall Street that st. Paul
would issue s50,ooo.oo0 of bonds against
the Pacific coast extension as an ex-
ira dividend. In fairness to the ST.
Paul II must be admitted that the De-
ccmber reduction Is due largely to the
bad weather and the switchmen's
strike, and to the fact that the Pa
CHIC coast extension Is not yet In SOou
WORKING order.
Southern Pacific announced Officially
that there is no intention of issuing at
present the bonds to be authorized at
the Stockholders meeting. The Repub-
lie Iron and Steel has sold sfo,000,00o
Of proposed issue of $25.0o0,00O.
On Verge of Disaster.
Wall Street has been lowering on
the edge Of decentralization for a week.
Tho ugly feature of 1t Is that James
NJ. Beck. an. attorney for important
financial interests. made public threat
OF panic IL the government did not
retreat from Its policy Of reform. This
threat was made In Philadelphia
II was followed by the most severe
liquidation of the week Low record
prices for the year were made in the
leading issues. Similar threats were
made during Rooseyelts administra-
ton. and also when Cleveland was In
office. and in every case of the kind
they have resulted in disaster for in
yostors.
The legitimate market of the week.
however. Indicated a general impair
uent of confidence. both In the adj
rnin!stration and the stability of bust
ness. This was emphasized by the re-
port that the Union Pacific litigation
was continued for political reasons
and not because the administration has
confidence In It's ability to win the
case. Congress Is evidently working
The fact that on March ! reports
must he made public Of the condi-
ton OF all the corporations of the
country as q preliminary TO the income
tax recently imposed BY Congress. has
Great ed widespread alarm. Many bus
ness men have had bank credits not
justified in net earnings, which must
now be exposed by these reports. The
these loans be taken up, and, as they
We're made principally through high
grade bond houses. these bond houses
have found themselves in a prccarious
condition. Fisk & Robinson We're the
iirst to go as q result OF this condition.
The failure of that firm created wide
spread apprehension in America and
Europe. In Europe 1t is accepted as
meaning that the substantial interests
of the country are in distress. Coming
on top OF the Hooking Coal and the
Rock Island Jcandals, 1t has seriously
injured the market for American stocks
abroad.
Awaiting Decision.
Tho unsettlement has been further
aggravated by postponement of the
decree in the tobacco case by the
lawyers are of tho opinion that the
court. in deciding against the COM
pany. will point way OF obeyinS the
law that will enable the company to
is rendered. leading interests do not
expect any sustained Improvement in
the stock market.
Technical conditions are such at the
moment that temporary Improvement
must be expected. The urgent liquida-
tion seems about over. Stocks are at
basis that makes them attractive TO
investors, for. with all the impair
up at rate that justifes the con-
tinuance and in some cases increases
of dividends The odd-lot buying. has
been very heavy. Bonds are still hard
call ne ha rtth a al
TO put money into stocks and into
those securities that promise larger
income.
The Curb Market.
Nevada Consolidated. which is the
centre of war between paniel Gug-
genheim and James Philips. Jr., re-
covered dollar share on the curb
market to-day on transactions OF more
We're also stronger. cnino recovered
to l., Consolidated Arizona to 3 is,
Ray Consolidated to % and Union
Mines to 2. Kerr Lake SOFA at Q.
Goldheld Consolidated was Very ac-
The number OF shares sold to-day
nar yaaa Of Sosss 5obd today
in to-day was SIS cents, reducing the
loss since December 81 to ss.19.
The early movement IN ROCK Is
land continued the rally started yes
terday on moderate scale. 1t at
tracted all the attention 1t deserved
on account of the conjectures to which
1t gave rise. There was claim tina,
the Pearson interests We're again seek
ing to extend their interest in Rock
Island and a counter claim that the
present Crock Island crowd" were
trying to mend their own forces
broken down some time ago, when nc
one was looking, and when an attack
was not suspected. AS to the real
status of affairs. Wall Street seemed
RI he ahout as we'll nosted as aft any