Show a I MS iu IS EAST JAST o Market 1 is Active A ivo Without V y r r Startling Feature REt LIZINe IS flEA HEA VV V I II WEEK RAS ONE o OF oP STU STUPENDOUS DEALS New York Fet Feb Fe S stock market was free from sensational movements but was WaB fairly active It was evident that realising was going on on a liberal scale Beale especially in the high grade railroad r stocks under cover of or the upward movement in some of ot the very low priced pried stocks in both the rail rall railroad railroad road and industrial lists Among the candidates for favor in hi this department Were vere Standard Rope Leather Mexican National and some other stocks of a similar grade which showed continuance ance of yesterdays strengths Advances in Sugar Tobacco and jeneral Elec Electric Electric lec also helped to sustain the t market m Atchison on was firm all day and aDd in hi t the te thelast e last live five ve minutes was w suddenly run un unto U uto j to 56 at the same time that t Union Pacific preferred wa Wd sold so ld down sharp sharply ly y to 87 Chicago a East Bast Illinois was pushed up 8 6 but tout reacted and Louisville Missouri Ouri Pacific were rather The steel stocks moved narrowly and were irregular Speculators I in those stocks seemed disposed d I to await the expected authorised an I of ot the reported plan for lor I AV of ot control in the steel trade II before making m further r commitments I The rhe bank statement brought some I further selling ae upon the market but v support was forthcoming and an anno and I no further serious inroads were made upon prices I The furer large impairment of ot re reserves reserves reserves serves disclosed by the bank statement and nd the probability that the sleet steel deal dIeZI dealis is yet to be provided for undoubtedly somewhat speculative enthusiasm But the bears were manifestly timid about taking the market fn view of the present po of further great financial projects 4 Week of Big mg ig Deals Wall Vall street has flu been all week in the throes of the excitement of prodigious financial projects contemplating cont such su l vast ast consolidations of t property as have never before been known When th the market opened on Monday it WAS tn the first fist opportunity for tor the effect on tile the public sentiment of the tho th Union Pac J Southern deal to manifest itself as its consummation had not been formally announced until Friday after atter afternoon afternoon I noon after the close of the market and I upon the eve of or the Saturday holiday II Information of the negotiations in pro gre s for the gigantic combination of I steel corporations has also become pub public lie lic property during the week Speculative Speculative Speculative sentiment has been dazzled by bythe bythe bythe the financial potential ties thus shown I and trading in the stock market has again run up to near near the tb high record 1 of activity c vity The extent of price move movements I ments has bas also been extraordinary as asI I is Js but natural when the abnormal pro proportions I ls IA portions of the dealings is considered Whet Where speculators are dealing in 1000 to share lots Iota as they have been doing this week much greater changes in prices are bound to occur than where the normal unit of share lots te is adhered to Market arket is lu Speculative The highly speculative character of the market is i shown by the feVerish and erratic character of the price movement nt Professional operators are axe i iwen i well wen aware ware a that speculation invariably invarIable w V overruns itself in such a headlong and reckless market as 8 s that now prevail ng rg and they hae been n quick to av avail il ll t s of opportunities to take profits This has haa as been true not only of oft the t he bulls but bitt of the bears bear also so that the occasional bulge oIn prices have havene ne ally given way before the heavy ui ings encountered while the sudden dips dies which have bave at times occurred have been followed by violent recover recoveries Ifs ies The purely speculative clas of ot operators are not distinguished for close cIos clo analysis of values s If It they can attract attracta a large following will join then thea in buying or in selling stocks un until until until til a change in prices has ha been caused cau ed which offers them a profit their ob object object object is attained But the scope of the financial projects now in contemplation c tion Hon is so 90 vast as to the jug judg judgment ment even of the large arge proprietors themselves as to t l the measure of f their effort t Bankers who are asked to t take part Tart ir ii financing some of the th deals are aret themselves selves and uncertain tain as to tok t S k f the effects to ensued on the value of the securities on the money market mr t tand and on OIl the financial situation at t large The problem is really one of world worM worldwide wide ide conditions and application The speculative markets will solve it in time but they th y will solve it In te usual way That is to say the first violent fluctuations will carry prices pr eS far from normal intrinsic values and it can only be l eby by successive s oscillations of de decreasing deI creasing violence that the price pendulum can again gaIn be brought back to near intrinsic values Gold Stop The of the gold SOld e export port movement and the marked relaxation in money conditions have re removed removed moved moed the apprehension of a possible drain upon our money market mar t on n that hat eore core It is claimed that mars money moDeY v Harket arket is safe afe te from the dang da l of dis iB disturbance from the She projected steel com corn comI corna I a as 88 such transactions are 4 Achieved largely through exchange e of ild securities for tor new The railroad bond market has been almost active and prices nave have been mote steadily than those thos for stocks Low grade speculative or ue tive I bonds have been in largest de demand denand e mand nand United States refunding declined V and the Is advanced per cent over the th call caU price of a week ago Bund Bond Quotations r L i S refund s M K K A T P 48 W q registered registered 1064 N Y C Is Jill Iff U t I S refund Sg 18 N J C H gen Bell coupon No Pacific SIt 3 S 71 1 lJj r V s 31 r mg s fl No Pacific 1 r S coup I N Y C CN St at t tU I 1 U S n is reg L 4 1 I S n jN N TV W con f I 1 S o 0 4 Na Nay NaI Nay I 1 U S o 0 Ore Nav Nax Is 10 t V I 1 S os s reg m J O 0 S L 1 te Ss 17 I 1 S 58 coup cOlP O 0 8 S L 1 con slI D I of C 3 2 K t s 13 1 Read Bead gen 95 96 Atchi gen 4 10 R it G W J is Atchi AchL A ts is 92 95 9 St L 1 I 1 M Cal Cau So 2 Il von Eon O LI c Ohio 44 H St o S F FC FOnio O C 1 gen Os 19 C N W V con COD conC 1St St t Paul con conSt 73 St P C P PSt C N W S F St P G C P Deb 5 s t So ilo Pacific Chi thi Ter 46 97 91 So RaIlWay f Solo rolo So 80 45 4 S j R It T a 68 a aD r D Sc R B G 0 4 T Paci P Erie irle Gen tIes T Pacific ft Si 26 Kt Ft Ji TV W Y 4 D C CIs tUn Mn Pacific 1 R Is 85 8 I Wabash Is 18 ll 11 Vt Wee Klec s Wabash Is Ill la Ia 1 a Central Is West Shore 4 48 nl J L i N Uni Wis Wig Cen 48 M 1 K k T 28 78 73 1 Va Ya 96 Stock Quotations Atchison 56 T Pacific nth 4 1 Preferred SS W L 1 B E 14 B Ohio g 91 Second pfd a 33 Oan an Pacific 91 Wis Central 11 Can Southern S 57 57 Third Avenue l lr r i C Ot o ti 41 B E i O pM 87 87 C r G wT W lO NatI Tub Tube 67 17 f i B A I Q QC j Preferred C I 1 1 L 1 Adams Ex Ea 1 O Preferred 70 roJA 4 A I x 17 C S E I IC Jl 1 L S Express 57 C I N W l W VF F Express 40 0 e C R I 1 P PC 1 lAm Am Cotton Oil 00 arM 40 A C C C St L 76 Prefer Ad Colo Cob Southern 10 0 Am l S 4 First pfd 46 Preferred 11 Second pfd 23 i Am S R Tl Del Pel Hudson Preferred 97 IJ Ii L 1 K Ko c Am Spirits s 1 sR I R o G tF Preferred 17 Preferred 87 Am Steel Ste Hoop 32 Sri Brt rIo I i Preferred 77 First pf 1 Am S s I W 82 32 No pfd l 1 f I 92 I Coal 17 ih m Tin Thi Plue 64 1 king Val acred t 91 u Central Am 11 1 Ia Central 25 4 Preferred A 4 AV 4 Ana And Mn Co o 46 41 Ja 2 E W V 44 14 1 i R 11 Ti Preferred T W C F Ii I 1 4 Lake Shore Con Tobacco 47 L I I Nash 98 II Preferred l 96 Manhattan L Fed Steel 52 5 Met M t St S Ry E ls Preferred 80 Mx Max x Central cental I 11 liGen Gee Geo Electric W Qun St t 1 71 GIn Glo Gl Sugar 47 Preferred 7 Preferred 94 Mo Yo Pacific 91 ll finn Paper 22 M K 1 Ohio 72 Preferred Pr 73 M I K T 21 Laced Laclede La ed Gas Ga 73 Preferred 56 Nat Biscuit 38 38 N J 1 Central HW Preferred 91 1 I N j T L Central Nat NaH Lead Lea 17 N a Western est 45 45 Preferred 88 Preferred i 81 Kl Steel 47 47 Nou Pacific 85 86 Preferred 88 II Preferred 88 80 N Y A B Ont Out Vf 33 No American 20 j O 0 n rt N 4 Pacific Coast 53 I Pi 7 78 First pfd 87 67 7 Pennsylvania te Second pfd 63 53 Reading fl Pacific Mall 4 First pfd 76 75 Peoples Gas Second kond pfd pM 44 t 1 r Steel Stee Cr Oar ar 38 R B G W V 78 75 Preferred 77 Preferred referred 33 60 P Pal Car s St L u s F a 31 S R It T 6 5 First US pfd td m 61 Sugar PM iii 58 Preferred St lit L S W T C t 1 1 64 61 1 Preferred 65 58 U 17 S Leather ather L 14 SC S t Paul Preferred Pr erred 7 76 71 Th iso U S Rubber 20 St at t P Preferred 60 89 sq S Pacific 47 11 Western W ern Union 87 l 6 9 Railway 23 Amal Copper 81 11 Preferred d 78 76 Rep I S M H Pacific H 94 Preferred 62 i iP Preferred 87 P C C St i Wabash i 18 Preferred Total ales Weekly Bank Statement t New York l The weekly state statement ment of or averages of the th associated banns ban shows Loans s 4 increase Deposits Depo 0 increase M 4 U 4 Circulation J decrease 87 87 X Leal gal tenders decrease Specie increase In 1016 40 ill Total itai reserve increase L Reserve required in increase Cra crease Surplus reserve decrease 4 I The rhe L J IJ h Financier says The totals of the ti New York clearing house banks continue to expand tt t a 9 rate never be before lose fore to equaled Loans for the week I fending ending Feb 9 0 increased increase 0 making a gain of more than since Jan 5 la Jat last t This Thi enormous a a ac c cession cn to loan commitments seems j larger larer lar r than called caled for even taking t king into consideration the th tf amounts amount required to finance the various arious railroad deals nace dels I which have been pending over the month mont and it i is to be inferred that an appreciable amount of the borrowing hae ha ht been in the nature of a sterling ex I change hanle operation and stock market re the latter owing to the revival in activity noted of late hav hay j big ing In been exceedingly heavy The sur surprising surprIsing pr ng feature of the statement is the 1 I Ismall small gain gin in cash cah The total increase in tn specie and was n 0 t Which is considered less than half the amount calculated earlier earler In the week It I is true that the flow of money to this ti center from the interior is Js dimin and operations with ih the sub resulted in a a loss to the banks The treasury was wa a creditor at the te clearing cering house Saturday for over PM which was wis w paid pid over in one check cek on count of the Union Pacific settlement with the government This will ill figure re in full in next weeks bank statement Wun II and to that extent will oper operate operate ate ae against again t cash ash increase by the banks bank The gain in deposits amount lug ill to is due almost entire I 1 l 4 io the loan expansion and as it called for f fu an additional reserve re of more that the surplus rYe was decreased by Iy that amount less the gain in cash holdings I less 1888 This Jowers lowers the total I excess ext to but this figure de despite despite spite the rise in deposit liabilities of nearly in iii a 9 month is heavier than at the beginning of last month Banks therefore ther fore are stronger in surplus reserve r ethan than vas 0 the te case four or five live weeks ago lIgO a re remarkable remarkable fact considering the tn burden burd I ot of accommodation to which they has hn been subjected v 1 Viewed 1 in every light the c l makes for a firmer feeling feeding I t money m market although al this do ee arny mean higher rates at t nee nce The announcement of several I bonds issue and the steel deal d t will make nake the statement ot the thenet next net n st several weeks an interesting g taa stad stadt r There v seems to be beno no doubt j now nov that deposits de its before that time will rIse above th the thousand million mark now nearly nearl reached The trust com corn company pany p totals if available would probably probably ably aI show a proportionate expansion d due e to causes already noted Stocks in London Lo don ew York Feb 9 Commercial Ad Advertisers London financial cablegram The he stock market here waS wad fairly busy today and the tone was waa cheerful The strongest feature was South uth Africans where a great deal of stock seems to be taken upon American par of Rand mines rhese These recent purchases by American capitalists are re quite a novelty novel ty here The American department became strong rong with a lot of heavy buying But half an hour of it exhausted the pulls and the market reacted some what hat The continent sold the Ameri Amen Amerin can n list freely with the exception of th the Atchison issues The e exchequer bonds which wire were re of tf eI yesterday are expected ft to ge go g at a Pout mit 98 68 I 1 am informed at the Bank t Of f England that no n further addition to the floating debt is contemplated If m tb Is 18 1 necessary to borrow any an money for f r war purposes the loans will go oat jt ra In some BOme more permanent form fonn Money Mone was wa a little lutle lit le harder It lt is l understood that t the bank is 18 borrowing In the open market to stiffen the rate D Loans Exchange and Silver New York Feb 9 Close Money on cap cal nominal al Prime mercantile paper 3 H per cent Sterling s exchange nominal with ac clai business busin in bankers bills at 2487 48 for demand and at 4 for days davs posted ted rates fi 4 to commercial bills bIns 2483 44 Certificates non Bar silver 61 81 Mexican doHar 47 J tate e bonds Inactive railroad bonds DO n s lar government bonds steady Refunding 2 registered and coupon registered l and coupon I new flew JI W registered and coupon old registered and coupon Ss 58 registered and coupon Coon Metal Market New York Fe j 9 Business in the metal market was of a small volume today tod y with prices scarcely varying v a I heWs hairs hall breadth during the short session As Aa usual there were we no cable cabe ble to work W ark from and an d prices p s remain r on 0 the whOle nominally unchanged as a follows oU ws Pig Iron warrants warrant northern I foundry 1 U 1650 southern foundry and soft o ft southern Lead Spelter t l Copper pr per 1700 for Lake Iak Superior and W It 1663 62 for Casting and electrolytic e Tin I 2680 Condition of the t Washington Feb 9 s statement of the treasury balances in e general gene al fund exclusive of the 15 MX 0 gold rt i serve In the division of or redemption shows Available cash h balance balantE 85 gold 1208 Weeks Exports and Imports J N B r York Feb The imports of dry dy goods foods and merchandise e at the port of New York for last Iut week w k were valued at The imports of specie lt week were 7 gold and 1397 silver Exports of ot gold and silver from this i port to all countries last bUll week aggregated j ed 1 silver bars coin and 10 II d sold gold go 1 j London Mo y Market Harket London Feb Ft b 8 Since the he reduction of the bank rat money has a turn decidedly l upward partly owing to tl heavy heay repayments of i ioan an anh to Jh the lie bank b portly partly to by y tilE the bank to make inako tW U o rate effective and partly to the I af th u the war loan and closed at nt 3 per cent Discounts hardened s lUy The s ay Ys sf if 1 j The banks s action the Ule opinion ion that the tt might have been map made a fortnight t ago iO The bath Balf meas measure ure taken Iff lp a 8 warning l to t d h market ma ket rite The outlook is not clear c r |