New-York tribune., 1903-02-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

nealncs in Yesterdays stock market were
3isht in volume movement or values that
exhibited great irregularity ar the start and de-
cjded weakness at the close Final prices were
ct net declines in the greater number OF issues
and losses of l per cent and above were COM
mon As 2 rule net changes represented the re-
suits OF board room traders operations. although
t1 few Of the more important stocks traonls
reflected speculative interest for the account OF
,operstors who deal through the large houses.
-bfs tendency being pronounced in Analga-
mated Copper. Metropolitan. Rock Island 81
Louis and San Francisco, Wabash preferred
Southern Pacific and Atchison. Street opinion
WAS not particularly enthusiastic over the re-
-,orted Rock Island-'Frisco deal, and 1t was
thought that the securities of the two com
NAMES had already overdiscounted the possible
advantages that may be derived by q merger OF
rbe ronnanies Rock Island and Frisco have
both made wonderful forward strides in the last
TWO wears Both companies have added heavily
20 their mileage and TO their capital obligations,
and both have presented in strong relief the
wonderful progress that Western railroads are
enioyins through the opening up Of thouSahos
Of miles Of new territory and the expansion Oh
Industrial activity in the vast Western country
The financing of the latest Rock Island deal VIII
doubtless require a big bond issue Time money
,,.e fr,,,er Yesterday. with = per cent asked in
cas-
,77oney vas not freely Offered. and rates aV-
ICED one fourth of l per cent above Wednes-
days level
The r,ositior of the local money market sug-
rests higher rates for loans in the course Of the
next six weeks. Well Informed bankers believe
.hst a call money market at : or 6 per cent will
soon develop and that time funds will rule at
the legal limit An unusual demand for money
from the West and from nearby cities has de-
Taerofs
at this centre. naturally causes uneasiness in
speculative circles Over the prospects for ac-
ronuodation on stock market collateral. Fort
7Inatelv there is not an enormous amount Of
stock carried on borrowed money IN the present
stock market, good part of the holdings rep
Teseuti1lc Investment account and accounts Of
speculative interests who have resources large
enough to finance their operations without i'm
1,ortant assistance from the banks. OF course
rhere is q certain amosint of stock in the mar
7zet that doubtless would be forced out in case
OF material advance IN money rates. The
trading element is bearish but the more i'm
Tortant interests are not worrying over current
lInfaVorab ble developments in money. It rs gen
orally believed that there viii be active de-
grand for funds throughout the month of March
end return flow of currency TO this country
early in April. Operators who recently eX-
7pected an active bull movement in the Securi-
ties market in the present month now be
ginning to believe that nothing Of importance
can be done the long side until the monetary
situation undergoes a radical change, involving
larger bank holdings. Outside of money market
conditions factors affecting securities all in
favor Of a higher quotation level For this rea-
son holders of good securities should maintain
firm grip their possessions. looking to the
near future for profitable reward for their con-
fidence and patience.
According to the known movement Of money
50 far this week the local banks have lost
100000 in cash. Unless there has been =
large reduction in loans and deposits. to-mor-
rows bank statement VIII doubtless show a big
decrease in the reserve above legal requirements
A week ago loans presented Il heavy increase
abe gain being made up in great part of the
transfer of European loans for American &C
10 the local banks. The course of the
loan market in the current week, so Ear as
known conditions indicate. does not foreshadow
n important expansion in bank credits. while in
some quarters il is believed that reduction
has taken place. The large outgo of cash Will
doubtless be followed by IN important contrac-
ZION in loans, unless the sterling exchange mar
Ilet develops conditions that viii permit a gold
import movement. Gold exports, except on
special transactions, are now out of the gues-
1ion and il is not likely that the position Of
This country's debit balance in Europe will re-
auire shipments Of the yellow metal in the
course Of the current year Selling in yester-
DAYS stock market represented, a rule. sales
for the account Of weak commission house
traders and bear pressure from the professional
element on the decline there fair de
1nand for securities, especially the medium and
low priced shares Wabash issues were well
supported especially the preferred. Amalga-
mated Copper American Smelling, Sugar Re
fning Atchison ST Paul. New-York Central.
Pennsylvania and Union Pacific We're leading
4Reak features Former money rates and fear
of a big loss in bank holdings this week were
,snsrnnsible foI. the daN's Liquidation.