The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-08
POOR SHOWING BY BANKS
DEPRESSES STOCK MARKET.
ANIMATED STRENGTH OF
WABASHES' INFLUENCE.
Decline in Prices at First Brings
So Much Selling That Shorts
j. Turn Active Buyers.

New York. Feb. THE animate1
s.rensth Of the Wabash securities in the
vailing influence with the very poor show
Ing made by the banks. Tn influence of
the bank statement was lessened by the
1t is well understood also that the state
ment was compiled ted by the change in the
capital account of the Western National
mated that the loan account Is overstated
to the extent of more than four millions by
reason of this adjustment. The loan ex-
pansion is still left at a large figure. and it
Is believed that some of the effect OF the
1885, O COO Pennsylvania loan expansion Is
thrown over from last week. the sI.23I,H.o
as much as was indicated by the known
movements Of money. The 100000 pay
ment to the Subtreasury on account Of the
Central Pacific note was made last Satur-
day. and was not figured for a full week In
the averages. The decline in prices which
followed the publication of the statement
sellers yesterday that an effective rally fol-
lowed, and r. market closed active and
based on the news of the steps taken toward
consolidation of control of the branch lines
which are designed to form the atlantic
GOuLDS ARE STRONG.
Other members Of the Gould group were
strong in sywpatky and were helped by the
Missouri Pacific showing Of an increase in
Gross earnings for the fourth week in jan
uary CT ss0S.u.o, or moe tnsn % per cent. as
compared with the corresponding week Of
last year. Wabash prefer d rose an en-
IRENE 3la in the late dealings. The deben-
ture bonds were a.co in large demands.
Sugar was run up 4 point in the final deal
inSs. Tn week has seen some nav devel-
opnlents OF interest In the financial world,
and the stock market has not been entirely
without response. Prices are genrally high
er and there has been an expanding volum.
OF business in securities. 1t Is suspected.
however. that the operation in stocks are
still very largely In professional hands. al
though the leadership of the market has
on wider, lines. with larger resources en-
ployed; 1t Is noticeable also that the stocks
most directly affected by the actual news
equally In the market. and in some eases
have been subjected to pressure in spite OF
news w,. ,o deShel,oPI r,s os In, In s Their favor vS This
There has been pretty constant selling. too,
of Pennsylvania. following the rather unex-
p %srd BY an q geaf of fhe Of SriS She putting at Confer fer-
sion of the 31s per cent bonds into stock.
There has been large activity in the coal
ers. and the present large earnings OF
those companies. as a result OF the con-
ditions growing out Of the anthracite strike,
are not believed to fully account for the
lie Is still in expectation Of steps t. be
taken which will cause a change in the
status Of the Erie. Importance is attached
to the news. Of an arrangement between
the Rock Island. on the one hand, and
the Union Pacific and Southern Pacific on
the other hand.
RAILWAY ALLIANCE.
The exact terms of the agreement have
not been learned. but it's generally as
srmed that Rock Island is assured of an
outlet for Its traffic to the Gulf of Mexico
on tie one hand and the Pacific coast on
any projects, which might have been in
contemplation for the extension Of indie
pendent lines to secure these outlets. are
thus abandoned. The fear Of new lines to
the Pacific coast. as extensions for exist
ing lines, has been a disturbing feature
among the Pacific lines for SONS time past.
This step toward an adjustment Of com
munity Of interest on the subject. IL re-
garded as favorable to securities In the
Another long-standing cause of specula-
tive hesitation and repression is believed to
been cleared up by the decision of the
the right of the United States Steel Cor
pOration to issue bonds for the retirement
s6s part Sec; Of its d pIe fer sao stock ma, The EFF effect Of
favorable. The clearing Of the status Of
the Northern Securities Company by ju-
obstruction the progress Of plans in which
great masses of securities are involved. It
is the conviction in Wall street that the
time past has been due In no small part to
the suspended condition in which these
great projects have been held. "
ACTIVITY OF METALS. -
A feature OF the week has been activity
led by the coppers, owing to the risinr
course OF the metal and confident trade pre-
concerned with the silver and lead trades
also received attention through the
demand for their shares in the market. .The
underlying cause of the awakened specula-
ton is undoubtedly the increasing supply OF
funds available for speculative purposes,
due to the seasonable reflux of the funds
to the recent centers. The New York Ciear-
ing-house authorities have taken this Ia
vorabie opportunity to advance measures
for the requirement that trust companies
which use, the clearinghouse facilities shall
enlarge their cash holdings.
tT III growth In number of trust companies
- expansion CT their deposit banking
hat TN has called Increasing attention to
llne bian ]