New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-07
BONDS.
STOCK MARKET OPERATIONS.

transactions IN yesterdays market for stocks
were moderately active, on e movement OF val
ues that tended toward lower quotations IN the
first hour OF business with partial recoveries
before the close Opening prices were infu-
enoed by the weakness IN the foreign markets.
due 70 the good prospects for wsr in the Far
Esst and by the adverse criticism Of the Penn
sylvenis S5oOo0OOO loan operation. while the
final figures were helped by covering Of shorts.
incident TO end OF the weak dealings. The Penn
eylvania loan throws some light on the large
loan expansion OF the associated banks IN the
last few weeks amounting 10 over S120,o00,o0o,
but the fact that the company is again in the
market for money has created q most pessi-
1pigtsc sentiment in the Street on the Pennsyl-
vania securities and & is predicted IN some
circles that the stock VIII sink below par. The
Street is uneasy whenever any company applies
Tor a loan. owing to the troubles that arose from
the poor financing OF certain industrial COM
panies ir the last two years and the overpro-
duotion OF securities Of doubtful merit; but it
may be well to bear IN mind that operations Of
this character are at an end. and that the COM
panies that are borrowing money at present are
corporations OF high credit which intend to
place their money in improvements that VIII
increase the actual worth OF their securities.
Even II the Pennsylvania company should be
forced to reduce its dividends for a time, it
would be justified in it's policy OF raising money
for needed improvements. The very fact that
the company is able to place SJ0.O00.00O loan
az Az per cent with the leading money institu-
tions in the country reflects the sound credit
OF the road and the belief in financial circles
that the operation is warranted by the com
panys prospects for large increase in its
business after its improvements are completed
The weekly bank statement showed q loss in re-
serve above legal requirements Of S3.2S6 275. a
loss I'm cash OF S2.4s3.l 100. an Increase in loans
OF s., 29S 200 ana an increase in deposits Of
So 2I2 700 Reserve now stands at SCI So. 775, as
compared with SlS545.675 a year ago and S17.-
s96.225 ia 1902 The loss IN cash was due 70
the Central Pacific payments to the government
and to the demand for currency from New-Or-
leans for cotton market speculation. Loans
and deposits both stand at higher figures than
ever before recorded. loans amounting to $685.
S50S00 and deposits to S1027 1865 Traders
paid little attention 10 the bank statement, al
though covering movement followed its pub
LEGATION. Chicago ana Alton. after weak
opening. became conspicuously strong. advanc-
ing two points from the initial quotation and
nearly point net from yesterday. Delaware
and Hudson also moved up point and a like
gain was made by Wabash preferred by reason
Of the rumors that the Gould and Cassatt In
terests were approaching a reconciliation or
truce. In the industrial list United States steel
preferred was strong. making an extreme ad-
vance OF X per cent Amalgamated Copper de-
clined about a point and rallied feebly. Sugar
Refining was fractionaIly better. There were
moderate rallies IN the electric stocks and Con-
solidated Gas. In the local traction group
Brooklyn Rapid Transit 7uctuated irregularly
within narrow limits. ending substantially I'M
changed The close firm.