The Montgomery advertiser., 1902-02-16
WALL STREET REVIEW. 1RHXrrc MovEMENr OF METRO PofIfAN STREET RAILWAA. Activity Elsewhere in the Market was Discouraged-hecessions Reached a Point in Some
 Stocks.

New York Feb. 15.-An exceeding er- ratio movement in Metropolitan Street Railway confused the speculation in to- nay'b stock market and discouraged ac- livity elsewhere in the market. The large Vcope of the plan announced and the large resources demanded for carrying them put caused some apprehension as was peen by the break in the stock to below i6S after an opening advance of l point. s This and the disquietude over the threat sned enforcement of the tax on call loan roilaferaIs caused some sharp declines in the market, recessions reaching a point In some of the prominent stocks. There vas a rally before the appearance of the bank. < statement. Metropolitan Street Railway was then taken vigorously in hand and marked up to I e-s over last also sbecame very strong and moveo up s.s. An over-extended short account was seemingly responsible to large ex- tent for the rise in this latter stock. The combined movement drove the shorts to cover elsewhere and the market rallied, wiping out the important part of the losses. Manhattan rose point over last night. There was a further jump Of ? Northern. making IT points in three days. Union bag preferred gained points. The street was prepared for a further expan- sion sf loans and was ss I eo S the hope of q gain in cash disappointed, and the decline of s62S, 100 in that item raised the question whether the return flow of currency to Chicago and interior s active and firm at the rally. In the curb market there were sales of Metropolitan securities when issued at no and the bid price was advanced to 116. There were saies of the subscription rights at six and at ten.
 The .upwapd 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 Sd effect during the week. however. the mid-week interruption of the holiday N pervi1g as encouragement to this and ear Her gains were in consequence, much re- 5uced. while in few weak spots wide breaches In values were made. The op- frators were evidently in the hands of speculative fools. for the most part, and Encouragement over the unresponsive at- titude of the general speculative public had much to do with the continuation of the rise. There were, however. several rhansrs in actual conditions that helped towards reaction. The proposal of the Brooklyn R9rid Transit Company to au- thorize bonl issue of $50 0oOOo was a chilling revelation Details are lacking as to the portion of this issue which II Is proposed to ~floa. at once an1 the pur- poses to which the proceeds are to he put. but the figures are formidable in the sign of demand upon capital ard the fu- ture requirement. for interest Following upon other largo bond issues for railroads whose claims 10 earnings will take pre- cedence of present stock issues and 0 new stock issues which will have equal rlaims with present issues. the effect upon speculative opinion was disqui'.ting Last weeks great loan expansion by the New York banks which seems to be ig- n0red in the early part of the week. was given renewed consi1 aration and revive anxiety over the rapid expansion of cred It's. IL is true that the loan expansion of the New York banks since the first of the war has only been little more than half as much as due in the correspond Ing period of last year. while the replen- lshment of reserve has been much nearer the increase of last year. so that the present condition of the New York clear ing house ban is not materially diff ferent faom last year. The position of the New York banks as the holders of the greater part of the ultimate reserve Tor the whole country has to be taken