The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-17
NET LOSSES ARE
RULE OF THE DAY
The Opening Strength Was Quickly
Annihilated.
THE BANK STATEMENT WEAK.
ItInduccd Heavy Selling, Which Was
However, Checked by Strength
of Burlington and Of Dcla-
ware and Hudson.
THE BANK STATEMENT WEAK.
rBy Associated Press.)

NEW YORK. Feb. 1G.-There was much
confusion and doubt regarding the specu.
lative outlook manifest in the moVeiil r,Ie
of prices in to-days stock market nc
professional traders We're opnseo "
change sides several times during l!is
short session. The opening Strenslh
seemed to be due TO London operations.
and gave way Immediately alter inc
opening There was manifest apprehen-
sions over the showing to be mace py
the bank statement.
The steel stocks were reactonarS, par
" over the delay in the announcement Oh
the terms of the merger and paru! Over
the probability OF probing by lhe isonT,-
Sions in the smelling company were re-
Sponsible for the weakness in those SC
curitieS and reported dissatisfaction on
the part of the English minority stock
holders in Anaconda was Tel!ecteu ~ d
decline in that stock and III Amaisa-
mated Copper. The metal stocks, as q
rule, made rather poor sho"lnS. III
Plate. National Steel preferred and Fed
cral Steel preferred were exceptions. I'm
Plate rising Us over last night ana CLOS
ing with a net gain of IA
The strength of Burlington and Oh
Delaware and Hudson made the feature
OF the market They led a rally aiter me
opening weakness and checked the sell
ing induced by the bank statement. mod
living what promised TO be a weak CLOS
ing into dullness and heaviness limos
Central was advanced nearly points
AS a rule, the list shows net losses rang
ing Ip to, over a point for many of the
prominent trading stocks. General Elec-
trio lost ~, of Yesterdays rise
The bank statement proved July as
weak as the pessimists had predicted: and
Enthusiastically constitutes q danger SlSilal
10 SPECTATORS. although the serenity
shown by the financial world prevents
any acute apprehension. II is true that
the rate of loan expansion. with the add-
ed factor Of cash Shrinkage, is carrying
the surplus rapidly toward the VANISH
ing point Two more weeks OF the present
rate OF depletion would more than wipe
out the surplus. The increase in loans
loans since December I'D last has reached
the enormous aggregate OF Sl2S,224,5o"
but large part of these are credits OIL
the highest grade. involved in the nnanc-
ing of great railroad combinations, ana
presumably. in part. on sterling exchange
collateral
The deposits in New York clearing
house banks have thus been brought up
10 the StupendouS aggregate OF SlVll,-
20 600 crossing the bilion-dollar mark
for the first time il their history
Continued willingness of the banks 10
loan money at the prevailing easy rates
reflects their confidence in the future
which may quite possibly be due to fore
knowledge and assurances OF the plans
of The capitalists and SyndicateS to whom
they have extended large credits Tor
an emergency 1t is, nevertheless. OBJ
yious that the situation may result IN
great danger to poorly-secured creditors
whose borrowings are placed III purely
speculative ventures.
Bonds have moved in sympathy with
stocks United States refundlnS ad-
yanced X. the Us Il and the IS and new
Is IL per cent. over the closing bid oil a
F" Tot total I7o sales of stocks were 529,1oo
shares