New-York tribune., 1903-02-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Further bear pressure and commission house
liquidation we're responsible for declining price
level in yesterdays market Higher rates for
,,ore,. fear Of stringency in March and most
,,nfa,-ors ble estimates of the loss in cash suf-
fered by the banks in the week were effectlNe
in attracting selling pressure IN the greater
number IF securities with resultant loss IN
values that reached, l per cent and above IN
many issues. In a few stocks cohsloerapie
Strength developed in the early dealings. espe-
ci.1lx, in Wabash issues but the force of subse-
ouent sales destroyed in great part the niu-
euce Of the mornings advance, except IN the
Wabash shares which closed at suhstantlal net
Gains ss compared with Thursdays final figures
ACCOMMODATING The advance in Wabash were
further rlnlors connecting the buying with IN
,e-ests identified with the Pennsylvania RaIl-
road People who believe that Pennsylvania Is
seeking the control Of the Wabash point to the
eucCessful operations Of the Pennsylvania IN Sc
curing Norfolk and Western and Baltimore ana
Ohio and Joint control with the New YORK Cen
1ral Of Reading and Chesapeake and ONO
sr.ec1lls tion in the Wabash issues. however, had
he earrnarks Of manipulation, while there was
nothing TO show tha- Pennsylvania was puvihs
Wabash in the oI5en market. Pennsylvania was
-ractio,iaIv above its last price of the preceding
dav. and Va atash common closed at a net gain
ri IL and ihe preferred at i1s. The de-
benrure 4 bonds were dealt in 10 the extent OF
81 4a4 000 at a net fractional gain.
Flrep-here in the active list net losses we're
sustained. Can money ruled at 5l2 per cent
against :; per cent Thursday, while few loans
were made under per cent IN time funds, Ster-
ling exchange was barely steady. Further large
shipments Of money we're made 10 the west
Sentiment WAS bearish at the close.
According 10 the known movement Of money
in the week the local banks have lost upward
Of s. -anF1 in cash holdings. The extent or
tie effect cf his loss reserve above legal re-
ouirements 7ill depend to a large degree on the
change in the loan item, about which nothing
VIII he known until The publication of to-day
hank statement 4 year ago loans increased
81 as GNe. 1t is possible that the loan eXpan-
sion tha; began four weeks ago has been
brought to an end by the adverse change in
money market conditions in the last few days.
while il is thought likely that n decrease in bank
credits has taken place in the last six days to
an extent that viii modify the influence of the
Joss IN cash on the reserve. This however. is
mere assumption. Whatever action has been
taken 10 reduce loans, the. fact remains that
cash holdings are rapidly falling and that sur
plus reserve is much above the legal limit
1t is interesting IN note that the complete returns
of national banks under the recent call of the
Controller of the Currency show. compared
Of S2222.ep.nlo and increase in deposits of
S1a1. 100000, against gain in actual cash hold
ings Of only S9eaoo90. These changes
startling say the least. Fortuna tely bank
loans backed hy sound collateral and the
prosperity of a great and growing country.
Trade reports received last night were uni
formy favorable. Supply is far under demand
in most lines OF industry. with no indication Of
q change in this tendency in the current year.
Prices are well maintained in all lines. In the
iron and steel market transactions of great
magnitude are taking place involving contracts
that viii keep the works busy, for months to
come The presence in New-York of buyers
from all parts OF the country representing many
lines OF business Is a splendid barometer of the
expanding movement in the country's industrial
activities, while, if further evidence is desired
il may be found il bank clearngs and railroad
earnings The growth of the country shows the
necessity OF larger supplies of money in the
channels Of trade, and the great need of the
immediate reform OF our currency laws a pro-
posed by the Aldrich bill, which if enacted into
law viii do away with the locking UP of vast
sums of money in the federal Treasury. Credit
as good throughout the country, but more money
IS needed.