Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-02-08
FINANCE AND TRADE
Hesitanoy ard Iregularity Mark d
Stock Tracing Today.
BANK STATEMENT UKFhVORLBLE
Some Good Buying of CoaIers on
Labor Settlement.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February s-Fears of an
| unfavorable bank statement resulted in an
irregular and hesitating stock market this
morning. There was no increase in the vol
ume OF commission house buying. and trad
ers made the most of the narrowness in
forcing concessions throughout the active
| list The undertone OF the market disclosed
remarkable strength. however. and the de-
clines were kept within the limits OF small
| fractions.
Pool support was of the best and the lead
| ing features OF the weeks market gave no
| evidence of having reached the limit Of
the upward movement Southern Pacific was
forced down a half point only and closed at
last nights price for a net gain OF 3a per
cent during the week. St. Paul was firm
under buying Of good character and there
was decided willingness to buy Big -Four
and Illinois Central at any concession from
the opening level.
The semi-investment character of the de-
mand in this group of stocks is one of the
most encouraging features OF the market.
The Coal stocks. particularly Reading is
sues reflected the action of the United
Mine Workers in reaffirming the 1901 wage
schedule. and thus detracting from the
Rumors of labor troubles in the anthracite
district have been rather numerous Of late
but this action materially improves the out
look.
The Traction stocks were irregular, Met
ropoiitan showing occasional bursts of
strength under the influence of reports that
the plans for the new holding company
would be disclosed between now and Mon
Day. Manhattan. on the other hand, was
heavy because OF the success OF the in
junction proceedings against Of
third track
This matter has gone to the appellate
court on its merits. and should the case be
finally decided against the company leg
islation will be asked legalizing the three
track system. Papers are already In course
OF preparation covering the latter contin-
gency. As there are now Indications of
reviving interest on the part of the public,
although there is a lack OF enthusias m the
market is likely to have a series of special
movements. Low-priced stocks and neg
lected bond issues give evidence OF the
presence CT bargain hunters
The low-priced preferred stocks. such as
Iowa Central. Wabash and similar issues.
reflect an increasing demand. Earnings are
excellent and new names will be added to
the dividend list, and oehers. having passed
the probationary stage, Will take a fixed
place in the Investment department In
spite OF the bank statement, which, was
even more impossible than had been expect
ed the week closes with confidence a little
stronger than at any time since the begin
ming of the year.
An increase Of sos 914. 300 in loans is re-
ported. and the loss in actual cash has
been 81 255.000.
This latter item exceeds yesterdays es-
Inmates by nearly 81 600 600 The de-
posits are larger by S2i.6S4 900 and the
net result reduces the surplus Ss.121, 125.
or to total of ST., SOD. Dbl The eNplana-
ton given for the Increase in loans is that
obligations have been shifted from the
trust companies back to the banks
The trust companies allow from 2J1 to
per cent on deposits, and cannot afford to
lend money on call under the rate paid by
them to obtain il on deposit. AS the
largest borrowing this week was at 2iR per
cent, the banks alone could afford the bust
ness, and loans in trust companies were
simply transferred TO the cheapest market
In addition to this many time loans were
made for such undertakings as the Trac-
ton merger, advantage being taken of the
ease in the money market to provide funds
for the needs of the coming season