The age-herald., 1902-02-16
STOCK MARKET
 CONTINUES DULL Erratlc Movement in MetropOI- ltan Street Railway Had Effect IF DISCOURAGED ACTIVITY AmaIeamated Copper Became Very Strong and Moved Up Due to an
 Over Extended Short Account. e
 Review of the Week.
IF DISCOURAGED ACTIVITY

New York, February 15.-An exceeding 1y cratic movement in Metropolitan Street Railway confused the speculation In today's stock market and discouraged activity elsewhere In the market The largest scope of the plan announced ana the large resources demanded for carry Ing them out caused some apprehension as was seen by the break in the stock to below 16S after an opening advance of over a point This and the disquietude over the threatened enforcement of the tax on cali loan collaterals caused some sharp declines in the market recessions reaching point in some of the prominent stocks. There was rally before the appearance of the bank statement. Met ropolitan Street Railway was then taken vigorously in hand and marked up to Ih over last nights last price. Amalga- mated copper also became very strong and moved up 2as An over extended short account was seemingly responsible to- 9a large extent for. the rise in this lat ter stock. The combined movement drove the shorts to cover elsewhere and the market rallied, wiping. out the important part of the losses. Manhattan rose ptiut over last night.
 Tiiere was a further rise of points In Burlington Cedar Rapids and North ern Pacific making IT points in three days. Union Bag preferred gained points. The street was prepared for a, further expan- sion of loans and was apparently relieved that it was no larger than SIS, 499, 700, but the hope of a gain in cash was disap- pointed and the decline of, $62S, 100 in that Item raised the question whether the re- turn flow of currency to Chicago and in- terior points is imminent The market closed quite active and firm at the rally. In the curb market there was sales of Metropolitan securities when issued at i1o and the bid price was advanced to 1l6. There were sales of the subscription rights at 6 and at 10.
 The upward tendency of prices which was established last. week was carried over into this week and there was an active market with shifting points of strength during the early part of the week. The selling to realize profits gain ed effect during the week. however, the midweek interruption of the holiday serv- ing as encouragement to this ana carry gains were inconsequent.
 Operators were evidently in the hands of speculative tools for the most part and discouragement over the unresponsive attitude of the general speculative public had much to do with the continuation Of the rise. Inere were, nOWeNeI,l SSNSidl changes in actual conditions that helped towards reaction. The proposal of the Brooklyn Rapid Transit Company to au- theriza "a bond issue of $50 900 was chilling revelation. Details are lacking as to the portion of this Issue which it Is proposed to float at once and the pur- poses to which the proceeds are to be put, but the figures are formidable In the sign of demand upon capital and the future requirements for interest. Follow ing upon other large bond issues for railroads whose claims of earnings will take precedence of present stock issues and of new stock issues which will have equal claims with present issues. the ef- feet upon speculative opinion was dis quieting. Last weeks great loan expan- sion by the New York banks which seems to have been ignored In the early part of the week was given renewed con Bideration and revived anxiety over the rapid expansion of loans.
 Opinions differ as to whether the ex- port movement has ended or is sus- pended. The Bank of England evidently has control of the London market and could make an advance in its rates effec- tive on the money market, but the conti- mental demand on London for gold has relaxed and Berlin was a free lender on London. A continuance of this latter condition would preclude the likelihood Of further gold exports from here. Some importance Is attached to the decision to apply the tax of the war revenue law to call loans on stock operations on mar gin. .<
 The frequent shifting of these loans and of the collateral and of the payment of the tax separately on a transaction would make the cost of such loans pro- hibitory and would cut off the largest part of the activity in the stock market. Some of the latter selling of stocks Is attributed to this cause. The increased number of railroads reporting a decrease in gross earnings compared with last year for the first week in February has not been without effect on the market. These decreases are attributed to the great falling off in tho grain movement. General conditions of business are re- ported as encouraging and the demand for. all grades of iron and steel products is phenomenal. The general undertone of the market has increased and show frinness in spite of speculative profit taking.
 United States new As advanced 1s per cent from the closing call of last week.
 Financial.
 New York, February 15.-The Commer- cial-Advertiser's London financial cable gram says;
 The stock market was moderately ac- tive, with Kaffirs supplying the bulk of the trading American issues were quiet ly hard on the postronement of the col lection of the tax on stocks deposited as collateral. The market dsrcgarded acme selling in anticipation that the statement of the associated banks might make unfavorable showing. Baltimore 10