The daily morning journal and courier., 1902-02-15
tuamcrnl.
THE STOCK If fl RK EE.
A Higher Level of Prices.

New York, Feb. 14.The reaction
 which developed in yesterdays stock
 market continued this morning, but was
 checked during the day and level of prices was established substantially above last night The market became
 unsteady again and closed rather
 heavy. The question of tax on stocks
 as collateral for call loans seemed to
 play an effective part in the days deal-
 ings, yesterdays decision to collect the
 tax being apparently responsible for the
 weakness of the market this morning.
 Later reports that the question was
 still open to construction were follow , ed by the rally in the market. The special stocks which led the recovery
 were apparently influenced by individ-
 uaI causes. The dealings N Colorado
 Southern were on very heavy scale.
 The preferred stocks were also strong.
 The rumor in the street to account for
 the movement is that competition for
 control of the road is going on, prob
 ably between Union Pacific and the
 Gould interests. The strength of Sugar
 was due to the decision to take up the
 Cuban reciprocity question in congress
 after the war tax reduction measure is
 out of the way. The decision to push
 the latter measure also helped relieve
 the discontent with the loan tax. Bal
 timore and Ohio was in very active de- mand and more than recovered it's semi-annual dividend of 2 per cent, which came off this morning. Brook iyn Transit made a notable recovery from yesterdays depressing and Man haitian was strong in sympathy, but Metropolitan Street Railway fell away over point at the last. No public an nouncement had been made in the street of the Metropolitan readjustment plan. The Chicago Great Western stock rose from 1 to 2 points on reports that the company had acquired the St Joseph and Grand Island. Southern Railway preferred rose on the belief that it is to be placed on a per cent | dividend basis. The advance in South ern Pacific was also resumed with a | rise of over point. AmaIgamated Cop | per was the leader of the specialties in | point of activity and dropped 13s at one | time. The Glucose stocks lost 2A each | Some of the minor stocks which have ! recently advanced suffered particular | ly from profit-taking in the morning. | Burlington. Cedar Rapids and Northern l jumped 6 points on two transactions As there have been no gold exports | this week the gain in cash on the in | terior movement and on sub- treasury | operations is expected to be fully re- l fected in to-morrow's bank statement, | the prospective gaing being over $2, 000,- | GOO. The general expectation is for a , further loan expansion Reports from | Chicago indicate a hardening money | market there and an expectation of an | early return flow of currency to the in- terior to meet the vests needs for largely increased business. The pre- | mium on New York exchange at Chi I naeO fell to 15 cents per thousand to- | day compared with 30 cents premium yesterday. Sterling exchange hardened 1 slightly to-day, but further gold exports are not thought to be in immediate The Bank of England is l shown by yesterdays weekly state- nent to be in control of the London | money market and able to make an ad- vance rate effective. The reduction in he price of gold there shows that the pressure for gold from Paris has relax d, which makes demand upon New York for gold improbable.
 Bonds were again active. but the movement of prices was irregular. To- al sales par value, $3 545, ,000
 United States bonds were all un- hanged on the last call.