Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-14
American Railway Shares r.
regular in London.
FRACTIONAL ADVANCES
NOTED IN THE OPENING OF NEW
YORK MARKET.
Weekly Bank Statement Somewhat
Discouraging-A Surprising
Increase in Loans
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February H.-American
| railway shares. In the London market. were
| irregular in tone. and in a majority OF
stocks small declines were shown.
In the local stock market the opening
was without feature, except for a rather
| hating aspect. Prices in general showed
| fractional advances. but only one or two
stocks showed much activity. namely. Cop
| per and Smelling shares. the former ad-
vancfng Il per cent and the latter gaining
| y per cent.
Soon after the opening there was a little
demand for Reading. advancing that stock
| u per cent.
st. Paul opened up about Is per cent, but
| there were only few transactions in the
| stock.
| Rock Island Louisville and Nashville the
United States Steel issues and New York
| Central showed fractional declines at the
opening. Union Pacific common up u per
cent and the preferred stock gained u per
| cent.
The Gould issues were a shade firmer,
both Wabash preferred and Missouri Pa
! cific being the leaders in that group
In the. Fries there was slight opening
improvement In all classes Of this security
| but trading Jagged in them. 1t did in the
rest Of the list.
After the first few minutes Of trading
| slightly firmer tone developed but there
| was no activity to speak Of In anything.
The market drifted along after the first
hour. with very few price changes, the in
chnafion being to await the appearance OF
the bank statement.
There was an absence all during the SEES
sion Of the aggressiveness on the part OF
| the bears shown in yesterdays speculation
| and none of the hQuidation either which
was a prominent feature of the trading at
one time yesterday.
This no doubt was partly due to the settle
ment OF the Venezuelan matter ard also
to the expectations that some favorable &C
| ton Will be taken this session on the Al
| bridge financial bill, which. If enacted into
| law. will prove quite beneficial measure.
| and among other helpful things will elm
| mate entirely the subtreasury at this CEN
ter as disturbing factor in the monetary
| situation. caused by its large absorptions OF
cash from the banks on account of inter NAL
| revenue and customs receipts.
TIE market closed generally firm not
outstanding efforts ITO start a decline after
the publication of the bank statement.
In the railroad bond dealings the feature
was the demand for Central of Georgia
bonds at improving prices.
In government bonds the new rs lost u
per cent.
Sales of stocks. 13S,2Oo shares, and of
bonds, 81 ,O0S 600
The weekly bank statement follows:
Reserve on all deposits decreased. s.. 016.-
900; reserve on deposits other than United
states, decreased, 5000 $40: loans, in
creased. s11.274,SO0; specie, increased
S,7SS,dOO; legal tenders, decreased, So IT,
100; deposits. increased. s12 1870 900: .circu-
lation, decreased. $i3S 500.
AS will be seen by the above statement.
| the banks have gained $500 in lawful
money, and the loans have increased only
about $l,000,OO0 less than the deposits,
which decrease the reserve about 81, 600 CO.,
leaving the surplus reserve at s15,5o9 SO
The small gain in cash and the heavy in
crease in the loan item were both unex-
pected, and are difficult to explain
1t was thought that about Sc 100000 of
the previous weeks increase in loans was
due to the increase In capital Of the West
ern National Bank.
1t may be accounted for by the more act
i've trading In the market at the beginning
of the week. 80 ---.z--
Whatever the cause for the surprising in
crease in the loans. it must be admitted
that the market held very well In the face
of the discouraging exhibit. one effect Of
which may be to stiffen money rates a lit
tie next week. which, in. turn. may hinder
any exports of gold.