The Birmingham age-herald., 1903-02-08
LOANS GAN NOW BE GOTTEN WITH EASE Bank Statement Had Very Lit-
 tie Influence 
 WABASH WAS VERY ACTIVE Stock Market Seems to Have Been Dominated By Railroad Group Though Metal Stocks Cut
 Some Figure.
WABASH WAS VERY ACTIVE

New York. February 1.-The animated strength of the Wabash securitles III ehe market today contested for prevalhhg influence with the very poor showing made hv the banks. The influence of tbe hank statement was lessened by the notorio,is 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 a large fg- ure and it is believed that some of the effect of the $a5Oo 900 loan expansion is thrown over from last week. The ST. 2S4s00 decline in cash reserve Is more than twice as much as was indicated by the known movements of money. The 8, 100000 payment to the sub-treasury on account of the Central Pacific note was made last Saturday and not figured for a full week in the averages. The decline which followed the publication or the statement developed so large demand from the short interest yesterday that an
 
 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 tto in X3O3.- O20 or more than 29 per cent as compared with the corresponding period last year. Wabash preferred rose an extreme of F in the lat dealings The debenture bonds were also in large demand, sin 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- ture 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 Pacific-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 its traf- fic to the gulf of Mexico on the one hand and the Pacific coast on the other while it 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 lire 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- hausted by this step, and there remains some question of the effect of the new arrangements upon the inter ests of other 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 its entrance to that city clears up a problem that has been an obstacle to its 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 tiou 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 5s de- clined 4 and the two coupons ss, The new Is registered advanced 14 as com rared with the close last week.