The Montgomery advertiser., 1902-02-09
WALL STREET REVIEW RANK STATEMENT SURPRISED
 THE TALENT. Its Appearance Was Like a Dash of Cold Water and Offerings Were
 Precipitate for a Few.
 Minutes.

New York, Feb. s.-The weekly bank statement came like a dash of cold water - in the face of the market today ana m dueed precipftate offerings of stocks TOT a few minutes. The way in wnicn tnese offerings were taken indicated very strong support with large resources at command |, and the market rallied strongly closing 7 firm with some stocks at the top prices t of the day. Only once sefere m & ,ne his ms. the loan expansion tor week exceedeo that reported for today of $3,94. 300. For the week ending February ?. 1901, loans increased go. 10000. This was at the time syndicates were rushing to secure control of the promised, expansion of the coun- try's credit resources for the carrying out of the vast projects which afterwaros electrified the world. There can be no doubt that the present loan expansion represents in part the transfer or obi- 7 cations from foreign lenders incurred du- ring the financial activities of last year borrowed from New York banks are used to pay off debts to foreigners by gold exports. But there is conviction In Wall Street that large loans are being new projects. It is surmised that the securities company for the control of Metropolitan Street Railway may have far-reaching ends looking to central sit facilities but of controlling suburban lines. The placing of several large is- sues of railroad bonds during the week must also be accounted for. There was ing active sellers of Manhattan on the decision against the legality Of third track on Ninth Avenue Elevated Rail- road. strength in Metropolitan Street re- covery and sharp recovery from an early decline in Aims slgamated Copper General Electric jumped s 1-4 points and reacted l 1-4. A number of minor railroad stocks showed strength. The large speculative Ax AA data mined efforts all week to start the mar ket and have met with measurable sue cess in spite of the Cheeks received from several of the weeks developments The professional element in the market has become impressed with the idea that fa- vorable conditions have accumulated to a sufficient extent toward general up- ward movement and they have been busy the hast week with various manipulativt z devices to move the market upward anc thus attack outside buying After work ing successfully for half day on Mon day they were met with the postpone pected decision in the Northern Securi ties case. The mornings gains melted away in a few minutes. On Tuesday tht announcement of heavy engagements o same effect These setbacks proved t be temporary and the market roaded and gained considerable activity and strength in the week. A feature of the week hal been the sensational advance in many oi the high grade dividend paying railroac stock. Very small buying sufficed to in nuence these advances. The most of tn, total issue of such stocks Is closely helt by investors and is not for sale at an, price. so that large advances in the nidi bring out but little stock Much wal hoped by the bulls from a decision ir the Northern Securities ease, as the un- certainty on that subject is believed te be the principal restraining influence on speculative activity. 1t was feared that the postponement of the decision for thre, weeks would keep the market dull and indifferent, but the very uncertainty has been made to serve a speculative pur- pose and has given opportunity for thc circulation of many rumors on the sub ject, which have helped the advance in stocks. The idea of securities companies shows a growth in favor as a financial device for facilitating the control of cor porations and ecenomizinS the amount of capital necessary for deing SO
 The project for the formation of such a company to control the Metropolitan Street Railway Company is the latest in stance and has given rise to the supYs- sition that the ultimate control of all the Greater New York facilities was in con- temptation. Renewed attention Is called to the enormous amount of capital tied ID in last years struggle for control of the Northwestern railroads and other corporations by the present conditions in the international exchange market and by study of the annual reports in detail of the New York trust companies The present export movement of gold is clearly for the payment of foreign obli- gations which are believed to have been incurred last spring during the Northern Pacific struggle. These have been partly renewed from time to time as the re- sources of the foreign exchange market allowed. and have partly been paid of by the gold export movement in the fall Tht present ease of the local money market seems to be the indueement for paving them off a this time as they mature But the course of the loan account of the clearing house banks warrants the sup position that loans are made in the local market 10 meet the foreign obligations thus transferring the credits from foreigr lenders to domestic. The reports of the New York trust companies also reveal an enormous expansion in the item ot loans on collateraI' on the part of the great trust companies most nearly affil- lated with the great financial groups which were foremost in last years great projects. The reduction of the Bank of Englands rate of discount this week ha. given rise to some hope that the weeks gold export from New York has afford ed the needed relief to foreign money markets but there is also the likelihood that the banks action WAS based on tho confidence that the French demand upor London for gold can be successfully di. rerted again on New York. The domes tic railroad condition seems to continue highly prosperous. as shown by the con unued high level of gross earnings re ported from week to week, while the ne returns for December of corn-carryinf railroads show that the shortage in tha traffic has been more than offset h! growth in general trafilc. The demand fo all goods of iron and its products int the second half of the year is reported 1T excess of the domestic power of produc tion and imports are in contemplation to meet our demand. The improved de mand for cocner both domestic and for eign is a relief to apprehension in regard to that trade The Standard oil dividend of go for ;ne first quarter of the year thus rnair aiming the maximum of las wear and thr year before. was accepte' as favcrahlC symptom in that trade , Meantime r1orev continues easy and ap psrently abundant supply notwithctand Ing the gold exports and the subscription for various new bond issues Of railroads designed to increase facilities to secur additional lines
 There has been large business il bonds and rone notable sains In prices r. S rsfundiug 2s and the old 4s ad vanced i-S per cent over tho closing cal of last week
 New York Stock List