The age-herald., 1902-02-17
STOCK MARKET
 CONTINUES DULL Erratic Movement in MetrOpol- ltan Street Railway Had Effect 1T DISCOURAGED ACTIVITY Amaleamated Copper Became very Strong and Moved Up Due to an Over Extended Short Account.
 Review of the Week.
IT DISCOURAGED ACTIVITY

New York, February 15.-An exceeding ly cratic movement Tn Metropoii.ah Street Railway confused the speculation in today's stock market and discouraged activity elsewhere in the market. The largest scope of the plan announced ana the large resources demanded for carry ing them out caused some apprehension as was seen by the break in the stock to below 16S after an opening advance or over a point This and the disquietude over the threatened enforcement of the tax on call loan collaterals caused some sharp declines in the market, recessions reachinEa point in some of the prominent stocks. There was rally before the appearance of the bank statement. Met ropolitan Street Railway was then taken yigorously in hand and marked up to 15s 5ver last nights last price, Amalga- mated copper also became very strong an4' moved up 2ss. An over extended sF account was seemingly responsible tu Hse extent for the rise in this lat tb 1gs1 The combined movement drove tiiz aNdrts to cover elsewhere and the ma .1sorallied, wiping out the important paIfa af the losses. Manhattan rose pc over last night.
 r Aowas a further rise of points in I. hmgton, Cedar Rapids and North ern ,stfc making 1T points in three days. Union Bag preferred gained points. The street Vas prepared for further expan- sion 0. loans and was apparently relieved that Tt was no larger than SIS, 499,7 7OO but the nope of a gain in cash was dlsap- pointed and the decline of $62S, 100 in that item raised the question whether the re- turn flow of currency to Chicago and in- terior points is imminent. The market closed quite active and firm at the rally. In the curb market there was sales or Metropolitan securities when issued at 110 and the bid price was advanced to ll6. There. were sales of the subscrlptlon rights at and at 10.
 The, upward tendency of prices which was established last week was carried over into this week and there was an active market with shifting points or strength during the early part of the week. The selling to realize profits gain ed effect during the week, however, the mi1week interruption of the holiday serV- ing as encouragement to this ana early gs ins were inconSequent.
 Operators were evidently in the hands of speculative tools for the most part and Encouragement over the unresponsive attitude of the general speculative public
 
 the rise There were, however several changes in actual conditions that helped towards reaction. The proposal Of the Brooklyn Rapid Transit Company to au- thorize a bond issue of $15O000,00O was ehilling revelation. Details are lacking AS to the portion of this issue which it is proposed to float at once and the pur- poses to which the proceeds are to be put, but the figures are formidable In the sign of demand upon capital and the future requirements for interest. Follow ing upon other large bond issues. Tor railroads whose claims of earnings will take precedence of present stock issues and of new stock issues which will have euual claims with present issues, the eff fest upon speculative opinion was dis- uuieting. Last weeks great loan eXpan- sion by the New York banks which seems to have been ignored in the early part of the week was given renewed con- Ftderation and revived anxiety over the rapid expansion of loans.
 Opinions differ as to whether the ex- port movement has ended or Is sus- pended. The Bank of England evidently has control of the London market and could make an advance in its rates effec- tive on the money market, but the conti- mental demand on London for gold has relaxed and Berlin was a free lender on 1 London. A continuance of this latter hcpndition would preclude the likelihood oif further gold exports from here. Some importance Is attached to the decision to epply the tax of the war revenue law to call loans on stock operations on mar gin.
 The frequent shifting of these loans and of the collateral and of the payment of the tax separately on transaction would make the cost of such loans pro- hibitory and would cut off the largest part of the activity in the stock market. Jome of the latter selling of stocks Is attributed to this cause. The increased number of railroads reporting decrease in gross earnings compared with last year for the first week in February has f-ot6b been without effect on the market. These decreases are attributed to the great falling off in the grain movement. General conditions of business are re- ported as encouraging and the demand for all grades of iron and steel products ise7 phenomenal The general undertone oEs the market has increased and show frmness in spite of speculative profit taking
 United States new 4s advanced M per cent from the closing call of last week.
 st- -
 Financial.
 fl New York, February 15.-The Commer- oial-Advertiser' London financial cable gram, says:
 h The stock market was moderately ac- i've, with Kaffirs supplying the bulk or the trading. American issues were quiet sy1 hard on the postponement of the col lection of the tax on stocks deposited as xSllateral The market disregarded s5me selling in anticipation that the
 lsfement of the associated banks might utske a unfavorable showing. Baltimore Ohio was the strong feature and Southern Railroad preferred was freely absorbed by New York account on talk of per cent dividend. Copper stocks were steady.
 NClearIngs and Exchanges.
 CHlIn anc ana