New-York tribune., 1902-02-16
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Irregularity marked the course of values in
yesterdays market. while closing quotations
we're generally under the preceding days final
figures. bank statement which showed fur
ther heavy increase in liabilities and decrease
in resources was responsible for declines in the
last half hour although the selling due to this
cause was not heavy or for the account of i'm
portant market interests. The advance OF the
last week has, of course. created many weak
bull accounts evidence Of which was reflected
both in Fridays and yesterdays market. The
exaggerated fears among speculative traders OF
small means over the collateral loan and
bank conditions may lead TO further liquidation,
hut the prospects do not favor big declines or
any material setback to the current bull cam
paign in stocks. The aggressive efforts OF i'm
portant Wall Street interests TO prevent the coll
lection of the collateral tax encourages the be-
lief that the leading capitalists of the country
are arrayed the long side of the market.
They desire no development that will discourage
public opera tons IN securities.
The statement OF the Associated Banks
showed an increase in loans of S13,49S.1uU. a
gain in deposits of $14,597 100, and a loss in
cash of S6S6, 100. The result of all changes was
decrease in reserve above legal requirements
Of 81 ;}35375 to S13. $50 $50 against ST. S52,
10 at this time a year ago, and s-4'ol0'olo in
the corresponding time in 19OO Loans and de-
posits now at the highest points
corded loans being S13.215,1O0 above the high
record Of 1901, and deposits ~, 10000 above the
record on March last year. Loans stand at
S932 004, 700, and deposits at 81 015 900. The
gain in loans last week due in great part
to syndicate operations but the decrease
compared with the gain in the two preceding
weeks suggested the completion Of syndicate
preparations. Loan expansion reflects the
strength of financial conditions in this country.
1t indicates prosperous situation in the indus
trial activities of the nation, and shows the
hdence Of the substantial of wealth in the
stability of general business conditions The
loans are large, but they are backed by ample
security The transfer Of loans from trust COM
panies to the banks and increased stock market
borrowing were doubtless factors in loan eX-
pansion, but the chief explanation rests in large
financial transactions.
Metropolitan stock was advanced on buying
induced by the publication OF the company's
plan to finance its floating debt and for the for
nation OF a holding company. There is moth
ing IN the plan that warrants a higher price for
Metropolitan stock. which Is already selling at
level commensurate with its actual worth. 1t
is too early to pass judgment the Metro
potan plan, as like the Brooklyn Rapid Tran
sit Company's latest proposition, ii is a gamble
on the future. All the local traction shares we're
hrm. Manhattan was bought on the company's
statement for the December quarter. which
showed a big increase in gross and net earnings
and a surplus after dividends Of S4003 $50
against SlJS.O45 in the same time in the year
before The growth Of the company's business
is shown in the number Of passengers carried
which increased in the last quarter 6 295 800
over the same time in 1901 Colorado Southern
Issues were again active, but sold off on realiz-
ing sales. Union Pacific, Reading Wabash
issues, Amalgamated Copper and United States
Steel shares were leading active features Wa
hash common was strong and in demand from
good class of buyers Last prices were gener-
ally at recoveries from the low figures made
after the publication Of the bank statement
7 he usual weekly table Of price changes for the
active stocks follows: