The age-herald., 1901-02-18
STOCKS COULDN'T
 STAND ADVANCE Slight Strength at the Opening
 Soon Gave Way APPREHENSION WAS GREAT All Dealers Seemed Worried Over the Showing To Be Made By Bank Statement-The Steel Stocks
 Were Reactionary.

New York February 16.-The opening strength today seemed to be due to Lon don operations and gave way immediate ly after the opening. There was manifest apprehension over the showing to be made by the bank statement. The steel stocks were reacuonary, partly over the delay in the announcement Of the terms of the consolidation. The internal dls- sensions in the smelting company were responsible for the weakness oi these securities and reported dissatisfaction onethe part of the English minority stock ho.ders in Anaconda was reflected in decline in that stock and in Amalgamat- ed Copper.
 The metal markets, as a whole, there fore, made rather poor showing. Tin plate, National Steel preferred and Fed eral Steel preferred were exceptions Tin Plate rising at one time 21s over last night an closing with net gain of 1B.
 The strength of Burlington and of Del aware and Hudson made the feature Of the market. They led a rally after the opening weakness and the neighboring speculatiyes responded in sympathy. The new Toledo, St. Louis and Western stocks were strong, the preferred rising 3B, but yielding to the late reaction. Illinois Central was advance only points. AS a rule, the list shows net losses, ranging up to cover point for many of the prom inent trading stocks. General Electric lost 612 points of yesterdays rise. The bank statement proved fully as weak as the pessimsts had prophisied and un- mistakabiy constitutes danger signal 10 spectators, although the serenity shown by the financial world in face of the showing prevents any acute appre- hension.
 It is true that the rate of loan expan- sion, with the added factor of cash shrinkage, is carrying the surplus rap idly toward the vanishing point. Two more weeks of the present rate of de- pletion would more than wipe out the surplus. The increase in loans since De- cember 22 last has reached the enormous aggregate Of $12S 524 800, but a large part ot these and credits of the highest grade, involved in the financing of great rail- road combinations, and presumably, in part on sterling exchange collateral.
 The readiness of the speculative public to respond to any sign of profit taking keeps certain stocks f1uctuating, that is, the smaller speculators The Tuesday holiday interrupted the continuity of the speculation and had the inevitable effect or inducing some closing out of accounts.
 The colossal steel merger has been a varying and uncertain shadow on the market all week. Wall street has not wavered in the conviction that the merg- CT was in. process of accomplishment, but the terms have been subject to perpetual surmise and gossip. There has been a significant interest in the future admin istration and officers of this gigantic in- dustrial force aside from the details of financial adjustment, which are in them selves. of vast importance. The fact that no American tenders were received for the new British exchequer bond issue must be regarded as highly significant in the extent to which American resources of capita, are being absorbed for domestic investment The figures of the country's foreign trade for January add to this sig nificance, indicating as they do an In- diminished rate of increase of our for eign credits The January excess of mer- chandise exports and the seven months excess of the exports are far beyond any previous record for the corresponding period reaching $67,217 160, against s67,217.- 160 for the month and S443 39S, CTS for the seven months of the fiscal year.
 Bonds have moved in sympathy with stocks. United States refunding 2s ad- vanced B, the 5s A and the 3s and new 4s 1a per cent over the closing bid of week ago,
 New York Stock Market.
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