New-York tribune., 1902-02-17
BONDS.
High. Low. Eel. Is Feb. S Ch, ,gesl Sales.
THE WEEKS OPERATIONS IL STOCKS.

THE WEEKS OPERATIONS IN STOCKS.
Operations in last weeks securities market
reflected an increased disposition on the part of
the public to deal in stocks. Prices were strong
in the greater part of the five days business.
while at the close the majority OF issues showed
net advances over the preceding weeks final
quotations The advancing tendency was
checked to some extent Thursday, when it
was reported that the District Commissioner of
the Internal Revenue had received instructions
from Washington TO apply the law on the col
lection OF taxes collateral loans The en-
forcement of this measure would mean the ad-
dition Of heavy burden to operators in stocks.
and it is therefore assumed in some quarters
that if the law holds the greater part of public
support to the market will be withdrawn. This
tax will not affect the value Of securities, but
it may demoralize stock brokers' business. At
the same time. however. it should be borne in
mind that If the tax is put into operation II can
last for few months only. as preparations are
now being made to repeal the entire war reVe-
nue. law.
Buying for the account of investment interests
was active throughout the week, and the decline
that developed in the last few days did not
bring out any important sales of stock The
course Of values reflected the presence of strong
financial interests in the market. while IT also
indicated that the greater number OF Wall Street
commission houses were in favor Of higher prices
for securities. The cheap priced railway shares
were active features. This was especially pro-
nounced in the Colorado Southern stocks, the
Wabash shares, Iowa Central and Southern Rail-
way Buying of Colorado Southern was not ex
planned by news developments affecting the
property, but various reports concerning the
company We're circulated in the Street. Enor-
nous activity in the Wabash debenture bonds
led to many conjectures about the property but
this movement, too, was unexplained by news
developments. Among the high priced stocks
there was an active demand for Metropolitan,
St. Paul and Union Pacific. Buying of Metro
poitan based on the preparations which
the company is making for funding its floating
debt and for the creation of a securities hold
ing company. The plan put forth Saturday
morning. and traders Immediately rushed to buy
the stock. There is reason why the stock
should sell higher under the proposed plan,
while in some circles il is thought that a lower
price is warranted by the companys condition
and by its proposition for reorganizng its
finances.
Another heavy loss in bank holdings in Satur-
days bank statement was not effective in caus-
ing important liquidation in securities. There
was. of course. certain amount of selling
among weakly margined holders but all offer
ings well taken by substantial class of
buyers. A large expansion in loans and de-
posits was responsible for the reduction of over
100000 in reserve above legal requirements.
Total reserve now stands 1850 $50 as COM
pared with a little over S12000,000 at this time
a year ago. The expansion in loans due in
great part to syndicate operations. although the
increased speculative activity in stocks doubt
less caEsed heavy borrowing by commission
houses in the week. Loans and deposits Of the
New-York banks are now larger than ever be-
fore recorded. Enormous loans indicate the
prosperous condition of business throughout the
country, and .the confidence of capital in the
stability of the financial and Industrial situa-
ton. Loans are large, but they backed by
good security. Money may grow trife frmer.
but the prospects do not favor further heavy
gains in loans as syndicate operations are
doubtless about completed as far as a loan
market is concerned. In the last week call
money ruled at 212 per cent at this centre. while
throughout the country easy money market
was reported. In the foreign markets condi-
fions showed Improvement. especially in Ger
many. where discount rates were again lower.
The Imperial Bank of Germany reduced its dis
count rate from 3l2 per cent to , per cent, and
it was reported at the close of the week that
further reduction would be made. The local
foreign exchange market is not in favor of heavy
gold exports. while the condition of the Euro
pean markets does not require assistance from
this side. The Bank Of France now has gold
holdings larger than ever before in its history
The statement of foreign trade for January
which was published last week, showed heavy
excess OF exports over imports and total ex-
port movement larger than in any January on
record, save In the same month a year ago. As
compared with January. 1901, exports were
smaller in value by 1885 9IS while as COM
pared with 1900 they We're larger by over Sill
100000 The falling off this year was due 10 the
reduction in exports of breadstuns Shinments
OF manufactured products were heavy and ac-
cording to current indica tions the movement
VIII continue active throughout the wear In
imports there was a gain in value of $40 10 060
over the corresponding month last wear while
with the exception of October and December tho
total was heavier than in any month since
March, l3oO For the seven months ended 4;
January total exports were in value $3.50 90
sGl. against $780,, ,237 $40 in the same neriod g.
the preceding year. with an excess Of exrortg
over imports OF $345.907 500 compsrad Mir
s445' 'l99,s29 In 1901 and S3l3 626 S53 I'm 1000
The trade balance in the last few month. 8,
favor or this country has apparently been Uoui
dated as reflected in the foreign exchange ,,a
ket, but as long as exports continue IN avoooa
imports oy the figures reported In the last four
years there need be no cause for disss,isfac
tion with the countrys foreign trade This
country is the leading eYnor.f,o