The age-herald., 1901-02-17
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.
APPREHENSION WAS GREAT

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 reactionary, partly over the delay in the announcement of the terms of the consolidation. The internal dis sensions In the smelling company were responsible for the weakness of these securities and reported dissatisfaction on the part of the English minority stock holders in Anaconda was reflected in a 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 23s over last night an closing with a net gain of IFS.
 The strength of Burlington and of Del aware and Hudson made the feature of the market. They led rally after the opening weakness and tho netghboring speculatives responded In sympathy. The new Toledo St. Louis and Western stocks were strong, the preferred rising 3%, but yielding to the late reaction. Illinois Central was advance only 3 points. As rule, the list shows net losses, ranging up to cover a point for many of the prom inent trading stocks. General Electric lost 5la points of yesterdays rise. The bank statement proved fully as weak as the pessimists had prophisied and un- m a a h1y nal to. 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 lactor of cash shrinka8e, 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 S12S.5.4 300, bat large part ot these and credits ot the highest grade, involved in the financing or great rail- road combinations, and i, presumably, in part on sterling exchange collateral
 The readiness of the speculative public to respond to any sign Of proiit-taking keeps certain stocks fiuctuating, that is, the smaller spectators. The Tuesday holiday interrupted the continuity of the speculation and had the inevitable effect of 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 rnerg- 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 ir- dustrial force aside from the details of financial adjustment, which are in them selves, of vast importance. The fact that ! the new British eXchequer bond issue 1must be regarded as highly significant in @the extent to which American resources Of capital 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 s67 7,217l60. against 7,2l7,- leo for the month and si4339 ,G7s for the seven months of the fiscal year.
 Bonds have moved in sympathy with stocks. United States refunding 2s ad- vanced 1s, the 5s f and the 3s and new 4s, 1a per cent over the closing bid of a week ago.
 New York Stock Market.