New-York tribune., 1903-03-01
fiHantial.
The Financial World.

in the first hour yesterday morning When the
statement did appear. there smart rally:
as the loss in surplus resorve was less than half
Of what had been ro"koned on. A u stands
now, the surplus is ahout six millions This q
lower than II k@s been ar the same date FOR
many years: and learna indicate cIo-s-
working oF tire money for time with resultant
contraction IF Eoana
Tn" rally referred ~ haIta1 before the market
/ closed, and seems unlikely ~ he rnne7-e4 m
Monday. unless it should appear by that ,,r7s
| that the Aldrich bill IS sure cf passage vhr~h
did not seem to he the ease AZ ths close Of hr,si
| ness yesterday. In any event il seemed cs-.st,
| that the bill would 10 considerably ar7er4ad
| before passage. II passed ~ all. am there wa
! no certain information ss ~ what zh5rs The
amendments would finally take
! Assuming that the biz VIII really hA r,--as
| it Will better the inan.i7f situation ~ the s7
| tent of virtually eliminating the Treasury - .,
disturbing factor in the money market " rr-r,
| ms the Treasury Department 70 dspozI- sf z,,r
/ plus moneys fthat II. all moneys above vorkfry
| haancoJ IN the banks. II puts ,he = : T~e,.-
| ury in lire with al other corporate Bo+iae and
| business firms great and small. who Use rra
| ordinary banking faciHtIa= n +ha ccr7rou7,t--
| Instead of boxing NJ thAIr r1oney - rff-a
| safes. There has bean discussion whztHs- r.u-
| road bonds should he permitted ~ ha a-cep-sd
!
| municipal and GovArurranr h0-f= some -stI-
] road bonds ought nof ~ taken Oh, = rrs
] first mcrtesEa bonds ~ Old est-b.s-.f sy=-
| TENS like tn New York Central <cr-hvazr
! Pennsylvania. Burlington - Paul and others
/ are not good securrrv. rher - must - b=caus4
| of 50 decp1v d.snrdsrA1 Oondi-l0n - III Gun
! try that n,uaIorrlI and Cove-rnIant to-4z r7r..I
/ also BE- In douh'
But sven r re s!-~.-r rIU - r4zze+ r..
|
| than shnrt raliv N tte market The gen=raI
/ tendency appears - hs dorvnward. With :
| commonly thn case during March. -hs-e IS -
| ser rule on this. for Won cannot run taa SO, :
| market on The calendar. but II does c-mmorlv
| happen. from variety of causes. that there )
| a downward movement utzf before The coming
| o. Spring The market sea0os Sh-EIUg thaL
! way now.
| Apart from Washington zf4lrs. tas IT Ider.s
| Of the week have been rhe san FranClsco-Rock
! Island dnroun -=.a4nt tla INV ard movement n
| the Wabashes. and more bond issues. The latter
| is becoming a 50 II weekly otcurr=nce. BY pdr-
| chase Of the san Francisco system. the Rock
Island adds about 0fa0 rlf1== rs system.
| and on complexion # extensions planned, ras
| whole will b aboUr 12o)0 miles te-Lg the
| largest in the counerr next % tae combined
| Union and So I-hsrn P3c-l- system L Will b
| eaan. therefore. that she c.I Rc-k Island cor
|
| been submerged ar1 - a. " w-ra. only 1kA
! nucleus Of the present RICK island II WI aL=1
! be recognized. that th= new Rock Island Is -
more than onc4 before SAID N th.s column. r-ac-
! ticaHy new enterprise with the more or less
| doubtful future of a new enterprise. y ma
| prove a great success and = may prove g-eat
! failure There can be no effective test until Z
! has passed through period Of adversely When
| the years Of the lean kline come again as com9
| they must in the ordinary way % things thA
new Rock Island Will have 70 prove It's staying
| power which will be I'd easy thing in view q Ir5
| mass Of bonded obligations
! The present managers have taken E0od are
| Of the future so far as regards themselves.
| seeing that they have cOnrrive1 matters -
| to be practically irrenovable. although they
! may own no more stock OF tha company raa0
| the LOUISVILLE directors dtd ~ r1eIr company
| when Nr Gates snatchad control from rhAr"-
| Il is 4 smart cOntrt-1nc=. hU- all tEs sarra.
| there Il HtrIe dIsserr from rhN ortrI ~ rh1r
| such contrivance IL against pUb'ic po-lc"-
| The announcement nt a new bond issue =
! The Missouri Pac.hc tnaada through tha lyon
| Mountain Company. and the purposes for
! which the money Is to used comes IN point
/ with the future Of Rock Island The cev
| mortgage Is for ST. millions. and 2n millions arH
] already issued. ling taken in bull a. W
/ Gould Nr Rockefeller and Verni:ye v O.
! The I,2onay~ t=- 70 Elv for Planned extensions
! and vna1 ~ So arS ev3r1inat 01 tha NAP u
/ IS seen that they a. s.-.r.-eI aSlinst the Sos
! Island some hrsz oAer =lve and Others dSten-
/ slve That they var@ tg=r-,I=d mo AN1tIrl"'
! ny rho acgresslvs pcn-v Of tfls Rocz Is,art
| seems plain on the IA Of things.
! CONSIDERING Whist The Afchlson. r7s Roca
| Island. the Mi=-o,ui Pa"ihe. ard ths S-Ithsrn
! Pacific are dotng IN tEs SouthV est. ths thought
/ sus-es1s rss!f that tha next grear rallroa1
! struggle Will occur N bar region The HrSt
| great railroad sight which Wall Street rsnen-
! bars took pI1ca n the TERRITORY between We"
York ard Chicago between the trunk Hnes-
Then if shifted 70 the granger roads west anf
| northwest from Chicago Is ths next struss--
to he i'm tha :-rrrorv sor:rh ar1 southwest I-''i
| 81 Louis " looks he ~.
| The advance IN The WaaIzH .szI=z. n ere "a
I of a declining market has started alnioS -
| many run7ars as dill The vas AZ the san "a.
! cfscc= In quarters likely - = well iaI'''H
| il is SAID there Is nothing rl'ra IN tAe '-'i.
| than rh,. belief ce Nj CrouIt and rs It'-"'', "
| tho great value ~ the Wa2ish Pr"pef'N--'
! * tharo ie 10 new .cha0rN 2 ~ - rASiV-'
| arvtllIls- more than al, -tE t-..''"1
public The preferred st9-A has soI~ "' ~
| the common to 81. Al FIRST sight th-S sem
! axtravazsnt price for the stocks = a fot4
| hv IT'S last report showed Only S-t7'''>' - -
| over interest on its debenture \ bonus
after these come S26.50OeNo per csH &"
benture r. bcrds-now quoted ahHu' -
| the preferred stock Is reached -r
! A price nf 5S for sun A stock co.,
| rather odd There IS JUS "H" tI''- w. -
| which NAV nut a diffr-'ur aspect ''
vnrkins expenses of the Wabash have nus.
for some wears II - par cent "r above -
Vg--a ~