New-York tribune., 1902-02-15
BONDS.
THE DAYS OPERATIONS N STOCKS

The volume Of business in yesterdays market
showed falling off from the total dealings Of
the preceding day. while the movement of val
ues presented great irregularity. At the close
however the greater number Of issues were
above Thursdays final figures. Selling in the
morning and a diminished commission house
demand were apparently based on the uneasi-
ness created in speculative quarters by the
possibility Of an enforcement Of reported
ruling by the Internal Revenue Department re
gardng the tax on collateral loans. Later in
the day il announced by the local Col
lector of Internal Revenue that he had received
no instructions from Washington, and that he
would not act until official information had
been received. Banking circles look upon the
proposal as injustice. Moreover. in circles
where people are not in the habit Of developing
hysteria on unfavorabIe market factors it is
contended that the enforcement of such
ruling be for a short time only, as the war
taxes will soon be repealed, while collections. if
made may be refunded the appeal of brokers
TO the Supreme Court regarding the COnstitu-
tonality of the law under which it is proposed
70 impose a stamp tax on stocks pledged for
loans.
The statement of foreign commerce for Janu-
airy shows a heavy excess of exports i'm
ports and total export movement larger than
in any January on record, save in the same
month q year ago. AS compared with January.
1901. exports smaller in value by 81 ,535,-
97s while as compared with 1900 they were
larger by over S11.0o0,o0O. The falling off this
year was due 10 the reduction in exports Of
breadstuffs. Shipments of manufactured prod
ucts were heavy, and according to current in
dcations the movement viii continue active
throughout the year. In imports there was a
gain in value Of S1O,1l9.060 over the correspond
October and December the total was heavier
than in any month since March 1900 For the
seven months ended in January total exports
were in value SS72,312 SCI, against 500, ,237, $40
in the same period in the preceding year, with
an excess of exports over imports of S345907-
400, compared with S443, 1919 so in 1901 and
S313 626 S53 in 1900. The trade balance in the
last few months in favor of this country has
apparently been nquidated. reflected in the
foreign exchange market but as long as ex-
ports continue to exceed imports by the figures
reported in the last four years there need be no
cause for dissatisfaction with the country's
foreign trade. This country is now the leading
exporting nation in the world, and there is little
chance that il will fall behind.
According TO the known movement Of money
in the week. the local banks have gained up
ward of 100000. and unless there has been
a further heavy expansion in loans reserve above
legal requirements will show an increase in to-
days bank statement The expectation of
favorable statement and the encouraging re-
marks from well informed people regarding the
collateral loan tax served to induce a better de-
rnand for stocks in the afternoon, and. a
rule. advancing values The cheap priced rail-
way issues were again actively bought, es-
reciaIly Colorado and Southern shares and
Southern Railway. Baltimore and Ohio en-
joyed conspicuous strength: also the Chicago
Great Western securities In the industras
Sugar Refining gained over a point. while Anal
gamated Copper touched its lowest price Of the
year. The steel shares closed fractionally lower.
Brooklny Rapid Transit, after early weakness,
ended at a net gain of over one point.