The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-03
FINANCIAL NEWS
And COMMENT
Dealings In Stocks Contracted
by the StOrm-Market
Rather Heavy.
POOR RAILROAD EARNINGS
New York Central Lines Make
a Wretched Report for
January.

to be significant OF general financial con-
ditions. and yesterdays stock market was
certainly creature OF tho blizzardlike
conditions under which March was ush-
cred In. Absenteeism was n pronounced
fec ture OF the wall Street district, and
the general interruption OF telegraphic
and telephone communications outside of
tho city was a further cause OF restricted
business. Dealings In stocks fell well be-
low 100000 shares, and transactions
seemed to be chiefly tho work Of pro-
fessionai traders who could not endure
utter inaction.
There was some early selling from
abroad rejecting both the heaviness Of
the foreign markets and some doubt about
the Wall Street outlook In consequence
OF Mexican affairs and adverse politics.
This selling was effective because It was
disproportiona:e to the total volume OF
dealings There were In various quar-
tcrs signs OF a tricklng liquidation. but
/ the market AZ a whole made no apparent
/ response TO developments over the week
end ard during the day. Most OF these
we're unfavoi able and traders inclined to
| take the selling side of the list. but oper-
/ ations were restrained by The markets
rarrowness The price movement WAS on
4 he whole heavy and the close showed
| fair average OF decline.
United States Express was spectacu-
larry strong in continuation of the rise
which has been going on for several days
ara was explained yesterday 10y the cir
culation of report that the company
was gong to liqudute its express busi-
r.'ss. The report was not only uncon-
/ firired during the session but was OFF,
cally contrrdicted The New Haven
/ shares and 6 per cent. convertible bonds
J No. haa nj nyh
WAS nothing i,ew to account for that ex-
cept q statement made in New England
! by Chairman Elliott that the railroads
gross e.Inings decreased s67o.000 in the
| first seven weeks of the present year.
| New York Central proceeded to decline
| railer abruptly IN the afternoon on the
publication Ct the earnings of the sys-
| TEN IN January.
This was altogether the most wretched
showing that any important railroad has
| made In many year. Gross earnings
for all lines decreased more than $4,000
600, while net earnings decreased 3d.
| $4,000. The total net earnings OF the
system during the month were about 81
: 100000, or a little more than per cent
Of the gross earnings. The statement
was much worse than the exhibit Of the
Pennsylvania lines. although this was bad
CROUCH with It's shrnkage OF s3,o00.o00
/ IN gross earnings and decrease OF l.i37.-
O0U in net. The Erie lost $4,000 gross.
/ while the decline In net earnings was
sncs. 900 and ia the first seven months Of
| the fiscal year the Erics operating in
| come hns fallen S2.62O.0Oo. OF course.
comparisons are made with record gross
| earnings Of year ago in respect to all
th"sc railroads. but the excessive absorb
Z tiCn Of earnings by operating expenses
/ IL beginning to make showing which
ought to produce a profound impression in
, political circles where dflatory processes
/ bty % ed
railroads appeal for relief from the pres
sure to which they are subjected
4 Incidentally. II IL curious that at such
u time onRIsss should be proposing. as
II is. to augment the burdens OF the In
terstats Commerce Commission by con-
ferring on tie commission Jurisdiction
over steamship business. As the COM
mission already has the railroads 10 ad-
minister and H. not keeping up with it's
work aud In charged with innumerable
collateral duties and special investlga-
tiuns IL would seem to be only a ques-
:icn OF time before this particular branch
OF Government regulation breaks down
under its load. There was nothing new
IN Rock Island affairs. although the col
lateral trust bonds sold down to about
their recent low level. The special In
quiry into Rotating charges against the
United Siu,.S Steel Corporation. which
Congress has devolved on the Interstate
Commerce Commission, was opened with
out attracting much attention or evokinS
any obvious marketwise reflection.
Foreign advices were somewhat du-
bious. The fact that tho Paris position
had been relieved was regarded as graft
flying. but 1t was recognized that as
distance still left state OF strain. The
London market was more or less
affected by tho weight of new financing
which has been thrown on II, and It
was reported that the Canadian Govern
ment irsue of $4,000, 900 of 4 per cent
bonds at 90 was not going very well.
This might be the result both of the
importunity OF Canadian borrowings
and of the relatively high prices at which
the bonds In question have been put out.
Mexican matters were described ms in
tiuoncing the foreign markets adversely.
The contraction OF business here made
II impossible TO say whether or not the
Mexican imbroglio was factor. al
though the financial community does not
like the juncture which has been created.
The Supreme Courts decision In the Wall
than Watch case was reported In
such fragmentary fashion that II was
impossible to tell whether or not 1t had
any wide application to selling price con-
tracts In retail trade. There was
some idle conjecture about the situation
In the iron and steel markets. but there
was nothing to contradict the latest In
dications that business In metal lines has
turned downward again, with prices re-
acting.
No quotable change appeared In the
money market. but n frmer tone was
arcribed to II, the chief evidence being
tho hardening OF commercial discounts.
Foreign exchange rallied a bit, with de-
mand sterling selling up TO about 1880.
An engagement OF 100000 gold for
export to France was announced, maxi
ing the total for the year so far &c.
900. 900. With this shipment. however,
II Is likely that the outward movement