The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-02-08
WABASH SECURITIES
SHOWED MUCH STRENGTH.
The Poor Bank Statement Had Very Lit
tie Effect on Stocks. as Money
Rates Are Easier,

New York, February THE animated
strength OF the wabash securities in the
market today contested for prevailing in.
uuence Win the very poor showing made
oy The banks The influence OF the bank
statement was lessened by the ease with
which loans can now be obtained II Is
wen understood that the statement is az
iected by the change In the capital account
OF the Western National bank due TO
merger operations II is estimated that the
loan account is overstated TO the extent Of
more than four million by reason OF this
adjournment. The loan extension is stfl
lett at large figure and Il IS believed
that some OF the effect Of the sax. 100000
pennsylvania loan expansion is thrown over
from last week. The S7,2S4, SEQ decline IN
cash reserves is more than twice as much
as was Indicated by the known movements
OF money. The 100000 payment TO the
Suotreasury on account Of the Central Pa.
enc note was made last Saturday and not
inquired for full week In the averages.
me decline which followed the publication
VI the statement developed SO large a de.
manu- from the short sellers yesterday that
an eHectlve rally followed and the market
S''$eu active and arm. The Wa6ashes
were the features Of the market. The move
ment was apparently based on the steps
taken toward consolidation OF control of
Lhe branch lines, which are designed to
lorm the Atlantic outlet for the system.
Other members of the Gould group were
Sst,i,ong 10 sympathy and were helped by the
missouri Pacific showing Of an Increase IN
gross earnings for the fourth week In Jan
uSry OF SSO3,O20 or more than 20 per cent
as as compared with the corresponding week
aNanw1
IRENE OF u in the late dealings. The dc.
oenture bonds were also In large demand.
a single sale of Buffalo, Rochester and
tlttsDurg at an advance Of 9li over yes.
terday attracted attention. Sugar was run
up point In the final dealings
ihe week has seen some new develop
ments III the financial world, and toe stock
market has not been entirely without re-
sponsc. Prices are generally higher, aud
there has been expanding volume of bust
ness IN securities. II Is suspected. how
ever, that the operation In stocks is SIN
very largely professional although the
leadership Of the market has been palpably
more vigorous and organized on wider lines,
win larger resources employed. 1t Is
noticeable, also, that the stocks most 81.
rectly Affected by the actual new develop
ments Of the week have not shared equally
In the market and In some cases have been
subjected TO pressure, in spite OF new de-
velopments IL their favor This was not,
ably true of The Rock Island stocks. There
has been pretty constant selling. too, Of
Pennsylvania, following the rather uneT-
pccte6 announcement of the putting for
ward by year Of the privilege of CONVEX
sion Of the three and a half per cent bonds
{ into stocks. There has been large activity
Ia the coaers and the present large earn
ingR 81 those companies as a result of the
conditions growing out Of toe anthracite
strike, are not believed to fully account for
the large transactions. The Wall street
public is still In expectation OF steps to
be taken. which will cause change in the
status Of the Erie No definite light has
been thrown on this subject, but rumur
and conjecture have continued busy with it,
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 tue other The exact
terms OF the agreement have not been
learned, but It Is generally assumed that
the Rock Island is assured Of an outlet
for its traffic 20 the Gulf Of Mexico on the
one hand md the Pacific on the other.
while Il 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 10 the Pacific coast. as extern
sious for existing lines, without an indie
pendent line, has been disturbing feature
among the Pacific lines for sometime past.
This step toward an adjustment of com.
munity Of interest on the subject IS re.
earded as favorable to securities In the
4 roads concerned.