New-York tribune., 1903-02-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market values moved in an extremely
s,resuIar manner in yesterdays traoing' WIN
striking changes confined TO a few issues EaIls
weakness was followed by a rally. which IN Turn
ryas succeeded by further heaViness, ehulhs III
. 6u11 and firm market that showed for the
,re.+er number of securities unimportant net
differences in prices compared with trluag
last quotations in the Wabash shares and 81.
I.ouis and San Francisco conspicuous acuN'S
end moderately wide fluctuations III quo'alio1i0
we're recorded. the latter opening about six
points above its last preceding price, but losing
four points Of the gain before the end Of the sec
ona hour. Manipulation was apparently the
controlling cause in 'Frisco's movement. In
wabash issues buying came from good sources
Including operations by brokers who represent
the Gould interests. The gossip in the Street
that the Pennsylvania people have bought
enough Wabash securities TO entttle them 10 d
seat in the latter conpanys directorate halu-
rally serves TO create further interest in the
Gould shares. owing 10 the fact that large
stock ownership of wabash by the Pennsylvania
would tend to restore harmonious relations be
tween the companies. although it might upset
the Gould plans for invading the East 1t Is not
likely. however. that the Gould plans will be
checked And it is hardly probable that the
PENNSYLVANIA interests have been heavy buyers
Of Wabash Wabash securities are strongly in
r ,renched in Gould hands. and any settlement OF
The differences between the Goulds and the
PENNSYLVANIA will doubtless be on lines that
win not interfere with the upbuilding Of the
Gould system i'm the East. Wabash preferred
closed at a net gain of one and three-quarters
points on dealings aggregating 126,oo0 shares.
Wabash common and preferred. AInalgamated
Copper Atchison, Erie Missouri Pacific, Rock
lslapd st Louis and San Francisco, Southern
Pacific. Union Pacific and United States Steel
supplied over one-half of the dealings I'm all
issues. At the close there were few more net
losses than gains. Time money was firmer. and
an unexpected heavy demand for funds for
Chicago developed
Bank statement figures suggest a higher leve1
in the money market in the next six weeks oT
more but there are no indications in known
conditions of disturbance in the local monetary
situation Reserve above legal requirements
now stands at S9041675 against .S12, ,4J6,650 at
this time a year ago, wlc loans are heavier
thar ever before recorded, exceeding the high
figures OF 1902 by S12000000. Loan expansion
is fortunately not due TO speculative operations
in stocks commodities, but to large financial
transactions connected with corporate enter
prises and foreign exchange operations. Al
though the loan item Of the New-York banks
amounts to enormous figures. it should he borne
;n mind that this account is backed by sound
collateral and by the industrial prosperity of the
country. There is no danger in the expansion OF
bank credits when the money borrowed goes
into channels that build up solid business under
1akings Big bank loans are the natural ac-
compartment of industrial activity With the
Country's business on solid foundation, with
the standard Of value firmly esta ablished Oh a
gold basis and with a rapidly growing export
trade there is no reason for alarm in light bank
reserves and record breaking loans. The only
,Infavorable feature Of the situation is the con-
,tant withdrawal of funds from the channel of
trade for federal Treasury account, but this will
he removed when the Aldrich bill becomes a
law. Yesterdays foreign exchange rates were
slightly under last weeks closing record and
under the point at which gold shipments could
be made at profit.