The St. Louis Republic., 1902-02-17
PUBLIC STILL HOLDS
hLOOF FROM MARKET.
Apparently imrcllcd /" Caution by
he Enormous Capita
Creations.
ENORMOUS INCREASE OF LOANS.
Shifting Of Accounts Between
Banks and Trust Companies
Chiefly Responsihle-Tran
sit Bonds Factor.
ENORMOUS INCREASE OF LOANS.
REpU ELIr SPECIAL

REpU El.I. SPECIAL
New York Feb li.-Wall street showed
some slight uncertainty again during the
week. which resulted III irregular price
charges. but the manifestations Were rather
of surface character and did not appear
10 extend very far beneath. Securities
maintained undertone of strength.
which, while probably due to the highly
syndfcated nature of the market. gave ad-
ditional evidence Of the strength and confie-
dence OF the element which is in control of
the market. There was little. If any, en-
algcment of public interest public buy
ing. anu investors found little encourage
ment in some OF the financial plans which
were announced In connection with street
railway enterprises.
The proposed issue of Si5n.0to.rS bonds of
the Brooklyn Transit Company chilled en-
thusiasnI. while the sharp recovery in
Metropolitan Street Railway could scarcely
he interpreted as an approval ot the much
involved financial plan.
II heavy short interest exists in Metro
politan stock. has been alleged. and as
the advance in the rights "n the curb on
Saturday seemed to Indicate. Wall street
may see some skyrockets in that property
before il is much older. such advances.
hCwever would he due tn a technical stock
market position in reference to the shares
siastic deception uf the Metropolitan Sc
curity company.
The financial plan OF tn" MetFopoIltaIi
Street Railway will undoubtedly come IN
for some very severe criticism before the
public or the company has heard the last
Of the matter.
So far as the Brooklyn Rapid Transit plan
is concerned. much remains mystery After
the influence OF the first announcement
wore away Wall street says that the refund
ing proposition which WIS given such prom,
nsnce in the statement would not. II al
goes well with the company. FIX the present
generation Of investors. The experience
that the company has had with some of us
recent efforts to sell bonds of subsidiary
roads does not lead to the belief that any
very large amount of the sl5i.00oGGo pro-
posed issue will be Immediately sold In the
market though an underwriting syndicate
might again be induced to take some of
them.
The shifting OF loans between banks and
trust companies was again chiefly respon-
sibIe for the enormous expansion of loans In
the weekly bank statement. That the heavy
initiation has no apparent erect on secutlt!
prices Is not particularly strange In view
Of the pooled. cliqued and svndicated char
acter of the stock market Despite the TACT.
however that the explanation is rational
and simple. the enormous total that the
loans have now reached can scarcely pass
without affecting the minds of conservative
persons Although as vet il has had little
influence on money. rates are likely to snow
some influence in the very near future.
Demand sterling. however. hardened ON
Saturday and the rate for Paris checks
again touched the gold point. foreshaaow-
ing early shipments. The hi2hly prosper
Gus conditions of the country continue and
encouragement is given by the improvement
public however still holds aloof from the
stock market, impelled to caution apparent
ly by the enormous capital creations and
other developments in high finance.