The Birmingham age-herald., 1903-02-09
LOANS CAN NOW BE
 GOTTEN WITH EASE
Bank Statement Had Very lit-
 tie Influence
WABASH WAS VERY ACTIVE
Stock Market Seems to Havs, Been Dominated By Railroad Group Though Metal Stocks Cut
 Some Figure.

New York February 7.-The animated strength of the Wabash securities in the market today contested for a prevailing influence with the very poor showing made bv the banks. The influence of the bank statement was lessened by the notorious ease with which loans can now be obtained It will be understood that the statement was complicated by the change in the Western National bank, due to merger operations. It is esti- mated that the loan account is over stated to the extent-of more than four million by reason of this merger The loan extension is still left at large fig ure and it is believed that some of the effect of the sS5000.000 loan expansion Is { thrown over from last week. The $7- S4S00 decline in cash reserve is more than twice as much as was indicated by the known movements of money. The s, ,oO0, GOO payment to the sub-treasury on account of the Central Pacific note was made last Saturday and not figured for full week in the averages. The decline which followed the publication of the statement developed so large a demand from the short interest yesterday that an effective rally followed and the market closed active and firm. The Wabashes were the feature of the market. The movement was apparently based on the news of the steps taken toward consol- idation of control of the branch lines which are designed to form the Atlanti outlet for the system. Other members of the Gould group were again in sympathy and were helped by the Missouri Pacific showing of an increase in gross earnings for the fourth week in January of $303,- )20, or more than 29 per cent as compared with the corresponding period last year. Wabash preferred rose an extreme of 1a in the lat dealings. The debenture bonds were also in large demand sim gle sale of buffalo, Rochester and Pitts burg at an advance of 9A over yesterday attracted at the very start.
 No definite light has been thrown on various subjects, but rumor and conJec- lure have been kept busy with them. Inn portance is attached to the news Of an arrangement between the Rock Island on the one hand and the Union acific-Soutn- ern Pacific on the other The exact terms of the agreement have not been learned. but it is generally assumed that Rock Island is assured of an outlet for it's traf- fc to the gulf of Mexico on the one hand and the Pacific coast on the other, while 1t is believed that any projects which might have been in contemplation for the extension of independent lines to secure the outlets are thus abandoned. The fear of new. lines to the Pacific coast as Extensions for existing lines without an Independent line has been a disturbing feature among the Pacific lines for some time past This step toward community of interest on the subject is regarded as favorable to securities in the roads con- cerned The subject is not entirely ex- hansted by this step. and there remains some question of the effect of the new arrangements upon the inter ests of othe- systems, especially the Gould southwest erns While the question of this systems >far western connections is thus brought into view, the permission granted to the Wabash by the Pittsburg authorities for it's entrance to that city clears up q problem that has been an obstacle to It's eastward progress. Another long-stand- ing cause of speculation, hesitation and repression is believed to have been cleared up by the decision of the New Jersey court of last resort In favor of the right of the United States Steel corpora tion to issue bonds for the retirement Of part of it's preferred stock.
 The feature of the week has been the activity and strength of the metal stocks, led by copper. With the rising course of metal confident trade predictions for the coming year are made.
 There has been some broadening ten dency in the bond market during tho week, but the price movement has been rather irregular United States Js de- clined A and the two coupons Ss The new As registered advanced A as com rared with the close last wee