The Montgomery advertiser., 1902-02-11
WALL STREET REVIEW ABUNDANT, BUYING OF STOCKS
 FROM THE OPENING. Uneasiness of Spectators Proved Un- founded, as but Little Liquida-
 ton was Encountered.-
 Buying Congested.

NEW YORK, Feb. i0-There was some ap- prehension in speculative circles that the sup port accorded the market on Saturday after the appearance of the bank statement would prove but temporary and that a setback was imminent in the price of stocks. The heavy fire losses reported over Sunday, especially that at Paterson, caused additional apprehen- sion before the opening. The suneasness, how ever. proved to be unfounded: There was was he There % was. % indeed. profs taking i many of the stocks which have had striking advances recently. but the strength was diverted to new points. Today's market. although dscloting some striking features Of strength. by no market in either the volume of dealings, the extent of the advances or tho breadth of the distribution. The bulk of the business was still congested in comparatively few stocks, notably Southern Pacific and the Readings and stocks most nearly allied to them. There were indications of a common origin for the active dealings in both these leaders. The buying of Southern Pacific is avowedly based on the rate of earnings reported for the company and the possibilities Of reduced operating ex- penses and refusal of high interest mortgages. The gain in the price of this stock extended to the belief that ah adjournment of labor disputes was assured. The soft coal carriers shared in the movement. Many of. the less prominent stocks were features of the trad ing. notably the St Joe and Grand Island stocks, the Kansas City Southern stocks and the Toledo, St Louis and Western stocks. Some of this class of stocks which rose last week suffered sharp reactions. American Ex-
 
 conviction that developments are pending in the express business. The industrials generally were inclined to be heavy except those having to do with iron and steel. Detailed analysis of Saturdays bank statement shows that a few large banks are responsible for the changes in Saturdays statement. Of the total loan increases of nearly $29, 900 900 four banks are seen to be responsible for over S20, GOO, 900. namely, the National City, the First National. the Hanover National and the National Bank of Commerce. Of these 1t is also notable that the decrease in reserves for three of them amounts to considerably more than the total decrease for all the banks. while the First National Bank alone of the four shows an increased reesrve of nearly S6,- oo0 900. The large changes thus shown con- firm the conviction prevalent that some large financial projects are pending As bearing on the condition of the banks compared with last year 1t is worthy of notice that notwithstand- Ing the two weeks increase of about $50 900, = 900 in loans the net increase since the first of the year is only S6o, 545 800 while the accession to reserves has been S32 457 300 Last year. up to Feb. Is. there had been an increase in loans of 8 | S5 800 while the reserves had grown but $40 6ll POO. The period last year covered the preparations for the new Central purchases, the S1uthern Pa cifc purchase and the formation of the United States Steel Corporation.
 The bond market active and broad, but somewhat irregular. Total sales (par value), S4 425. 900. United States bonds were all un- changed on the last call,