The Washington times. (Washington [D.C.]) 1901-1902, 1902-02-15
FRACTIONS SOMEWHAT STEADIER
Activity Shown in Steel
Amalgamated Copper
and Sugar.
THE WEEKLY BANK STATEMENT
Preliminary Estimate FOrcshudOws
nm Increase i'm surplus Reserve
Question of the Dividend on South-
ern Railway shares.

NEW YORK. Feb. 1i.-During the fore
noon the stock market was unsettled,
chiefly because of the general feeling of
uncertainty as to the effects lpon the
conduct of business in Wall Street of the
enforcement Of the construction of the
internal revenue law by which the trans
fer tax on securities would be applicable
to stocks pledged as collateral on leans
Effect on the street.
1t was of course recognized thar such
q construction of the law would in no
way touch upon the inherent value of Sc
curities, but on the other hand it would
beyond question have a most decided and
serious effect on the Wall Street machin-
cry of business.
Toward midday more optimistic views
regarding this question gained ground,
partly because of the evidences that the
local internal revenue office was by no
means Of one mind in regard to tnis sub
ject, and also because CT the belief that
the stock exchange management would
succeed il their efforts to have the en-
fcrcement OF the measures suspended
pending further discussion of its bearings
Material RecOveries.
In consequence there was a general and
in some cases material recovery from the
low figures established at the outset of
the dealings. In the railway list Southern
Railway shares and Colorado Southern
led in the Improvement.
Some misccnception in regard to the
time at which the dividend on Southern
Railway preferred is 10 be declared APP
PEARS TO have prevailed in Wall Street It
has not been the purpose of the manage
ment to decide upon the dividend until
March, SO there were no reasonable
grounds for disappointment that the div
idcnd was not declared at the directors
meeting, which was scheduled for today
but which was not held on account of the
absence from the city of a number of di-
rectors.
Dividend in March.
The dividend on the preferred will be
acted on in the second week in March
and it is commonly understood that it will
be declared at the rate of per cent
yearly
st. Paul was sharply depressed in the
early dealings, but the stock participated
materially in the early afternoon recov-
cry.
London was a factor of only small
weight in the market. the quotations from
that point showing small and irregular
changes, while little was done here for
foreign account.
Traction and Steel Active.
Apart from the regular railway list
there were active dealings in the local
traction stocks, the United States Steel
issues. Sugar Refining. and Amalgamated
Copper. Manhattan Railway was decided
ly strong. and Brooklyn Rapid Transit and
Metropolitan were somewhat steadier
than they were yesterday. Sugar Refining
was steady throughout, although there
was no very definite intelligence from
Washington respecting the prospects for
the enactment of the measure looking to
the betterment of industrial conditions in
Cuba.
Copper Under Pressure.
Amalgamated Copper reflected renewed
pressure, particularly in the forenoon, but
subsequent rally.
No changes of significance were noted
in the money or foreign exchange market.
The preliminary estimates of the weeks
money movement indicate a gain in cash
by the banks Of about S2.500,0 600; hence
unless there is further considerable eX-
pansion OF loans shown in tomorrow's
statement the banks ought to be able to
report an increase in surplus reserves.
Foreign Trade Figures.
The Treasury's regular monthly state
nIent for the country's foreign trade was
Issued today, and ii showed an excess of
exports of merchandise for the month of
January of $4,000, 900, against S67 900 600
in the same month of last year. For the
seven months of the current fiscal year
the excess of exports appears at s345,0O0,-
600 as against SAB. 000, 900 in the CORE
spending period OF 1901.
New York Stock Exchange, Feb. II.
High Low Clos Net