The Washington times., 1912-03-03
STOCK MARKET SHOWS IMPROVEMENT
IN THE FACE OF DEPRESSING NEWS
Usually Considerable Spectacle
Central Leather CompanPing Republic Iron and Steel Dividend
T on Preferred Stock-Poltc and Money. .
g. : ny JOHN GRANT DATER.
Financial Publications

NEW YORK. March S--Under a mod
crate increase In the volume Of bust
ness stocks improved this week, but
they did so in the face of news, politi-
cal, Industrial, and financial, of a char
acter which Wall Street usually regards
as adverse to speculation values. In
consequence, the rank and file i'm the
financial district expressed the opinion
that the market movements represented
the operations of important interests,
which for some purpose or other desired
to minimize the effects of these hap
penings.
While, of course, there is no way OF
determining a matter of this kind, II
was apparent that there was no en-
largement of public buying in the mar
ket. but it may be doubted II the in
itiative came from any important bank
ing group, for so far as one may Judge
from a discussion of general conditions
with men of this stamp, the views of
the big men" concerning the future
with them now, as for a long time
past, 1t Is merely a question of walt
ing for the clouds to roll away, and
they manifest no disposition whatever
for speculative ventures.
Speculative Sentiment Better.
Sentiment among brokers on the floor
of the exchange was more favorably
disposed, which was a who'll natural
reflection of the slight increase in ac-
tlVitY and the price improvement.
Things have been so woefully dull for
so long an interval that an upswing
as trifing even as that of the week was
received with thanks. Undoubtedly this
influenced some covering by ultra pes
simsts, which aided the movement, and
this also suggests the idea that the
entire performance originated with a
group of prominent professional operat-
ors, acting for themselves rather than
the big interests" with which Wall
Street so dearly loves to conjure.
News Developments, as already said
played no part in the market, for the
most striking features, those bearing
upon railway earnings, industrial con-
ditions, and political developments
were accounted unsatisfactory. With
out question the most important hap
pening of the interval was the develop
ment of labor troubles with the coal
miners of England: but a strike abroad
even though it involves nearly a mil
lion men. as in this case, is not in the
nature of things calculated to effect
the American security market seriously
This is not the prevailing Wall Street
opinion however. for the financial dis
trict fully expected that II the strike
was declared England would nquldate
in this market.
Studying Railway Earnings.
There is an odd psychology about the
effects of strikes on a security market,
which rarely fails. IT Is that unless
something most unusual develops the
worst effects are felt in advance rather
than after the strike is announced. All
labor troubles have an ending. no mat
ter how serious they may be, and after
the strike declaration practically all
efforts are toward settlement and
in a speculative market. OF course,
there Is always the danger of a strike
spreading through sympathy, and
serious strikes always entail great In
dustrial and financial loss, and this Is
most regrettable, but such losses fall
more severely upon labor than on capi-
tai, and in consequence their influence
on securities is usually inconsiderable.
With persons who take the broader
view of things the more significant de-
velopments were those bearing upon
railway and industrial corporation earn
ings, for they Of course reflect business
conditions. While not all the returns OF
important railway systems which came
to hand were unfavorable. that OF the
New York Central for instance. max
ing a highly satisfactory showing, with
a gross increase of $594,939 and net
gain of 1892, 3S1. the January statements
as a rule We're unsa tisfactory. Atchl-
son showed a loss in gross of $l94.9iS
and a decrease of $1S7, l0S in net earn
ings; Union Pacific, gross decrease OF
$52S, 200, net decrease $79l, 800: Southern
Pacific, gross increase $4,000. net de-
crease 1921 800; Chicago and North
western, gross decrease $685. 400, net de-