Show SPECUlATION AT SEA Erratic Movement in Metropolitan J Metro-politan the Cause THIS DISCOURAGED ACTIVITY There Was a Bally In Wall Street Beforo tho Bonk Statement Appeared Ap-peared and a Renewed Decline A ter Its Appearance Amalgamated Copper Became Strong and Moved Up Street Was Prepared for a Further Expansion of Loans Demand De-mand for Bonds Broad and Active SILVER New York 55yc San Francisco 61c London > 23 7lwl Lndon LEAD New York exchange J124 COPPER New York exchange 212 13 Silver and Drafts I I New York Feb 15 Silver 6 c Mexican Mexi-can dollars i3c San Francisco Feb 15 Silver bar 55c Mexican dollars 45c drafts sight 12c telegraph Gc Honey and Exchange New York Fob 15 Money on call nominal prime mercantile paper IQUfc per cent Sterling exchange firm with actual biiBlncss In hanker bills at 4 STfEMSTVl for demand and nt 413i for sixty days Posted rates 54 S3Vt3 > Commercial bills UfISl New York Mctnls Metns New York Feb 35 Trading all departments depart-ments of the metal market today was very slow Prices as n rule wero unchanged un-changed Private cables from London were negative In character and there was neSte market there Locally tho t market was steady to flrm nt 21Slf 25W and some small Jobbing sales were made on that basis Copper ruled about steady with lake quoted at 12 to 12c electrolytic at 12c to 124e and casting at 124 to 123rtc Lead was steady to flrm at f 1 121 Speller Spel-ler was quiet and unchanged at 1103 wa 4J5 i Iron was firmly held but quiet San Fancsco Mining Stocks San Francisco Feb 15The official mlnin stocks today closing quotlon or mining day wcro a folows i Alta I I N 3 Andes fr Occidental Con 10 Belcher 0 Ophlr f 91 B B Z Oermn 0 Caledonlo i Potosi U dial Con 1 Savago 0 Chollar 10 Sierra Nev Hi Cholr Conldenco r > Silver IJI il C C Va 13 Standard 3 0 Crown Point O j Union Con 2 G C 13 Utah Con u O 2 Mcxlcm Yellow Intet 16 NEW YORK MINING SOCKS An Sm R kCY Ladvlo V 05 preferred V 30 Little Chief 1 Adam Con o Ontario 7o Alice 45 OpJir fQ Breeco G PhoenIx 0 Brunswlcl W PotosI V n ComMtocl Sa3go O C C Va 12 Sierra Ne 12 I DeadWQod 0 Small Hopcs 2 Hor Sliver l40 Standard 31G Iron Sliver 61 1 BOSTON lINJG STOCKS dventure 197OthDonaV21r0 Iouc 3 00 JPlurot V V3l Amalgamd 02 QuIncyjl0tO tHO Baltic 30 S cyd S 5 BIngham 250 Tamarack 15v Cl Hecla GOO lrhnou 7 O Centennial 13C Trinity 1300 1 Trn r hn 130 Cop Range rfJ Unltt SltLslM Damn Ccal 710 Utah 2400 2100 Franklin 13W Victoria 500 isle Royalo 275 Wlnona lG 50 1Iohawle 3225 oherno ISW Oscla 7G5 Stocks and Bonds Now York Feb I5An exceedingly erratic V ratic movement In Metropolitan Street Railway confused tho speculation In to V days stock market and discouraged activity ac-tivity elsewhere in the market The largo V scope of the plan announced and the large resources demanded for carrying I V out caused some apprehension as was seen by tho break In the rlock to below 1C3 after an opening advance of over a point This and tho disquietude over the threatened enforcement of the tax on callloan collaterals caused some sharp i declines In tho market recessions reaCh V ing a point In uomo of the prominent A Hocks V There was a rally before the appearance of iho honk statement and n renewed decline V de-cline after Us Metropolitan clno nCer Is appearance Ielrorltnn V was then taken vigorously In hand and marked up to 1 over lost nights last price Amalgamated Copper also became very strong and moved up 2 An overextended over-extended short account was seemingly ic sponsible to a largo extent for the rise in this latter stock The combined movement move-ment drove tho shorts t cover Isewhcro and the market rallied wipIng out tho Important part of tho losses Manhatn roso a point over last night Thcro w rs a further Jump of 5 nolnui In Burlington Cedar Rapids Northern making 17 points In ihrCo davg Union Bag pro lerred gained d points Tho street was prepared for a farther expansion of loans and was uppircntly relieved that i was no larger than H3 V 193700 but tho hopo of a gain In < nm wn disappointed and the decline of 620 100 In that Item raised the question whether tho return How of currency to Chicago and interior points Is Imminent Tho market closed quite active and firm at tho rally On the curb market thcro wore sales of Metropolllan securities when issued at 110 and thu bid price was advanced to JIG There wero sales of ho V Hubscrlpllon rights at 110 V Tho upward tendency of prices which was established Ill week was carried f over Into this week and thoro WOH an I V acllvo market with shifting points of V strength during the earl part of tho II V week Tho selling to realize proflis r V gained effect during the week however iho midweek Interruption of the holiday Dorying as an encouragement to this and earlier gains wore In consequence much r reduced while In a few weak spots wide I breaches In values were made Tho op J orations were evidently in tho hands of flpeculatlvo pools for tho most part and discouragement over tho unresponsive at titude of the general speculative public had much to do with the culmination of the riMe There wore however several changes in actual conditions that helped toward reaction reton V Tho proposal of the Brooklyn Rapid Transit company to authorize l bond Is I V 8uo of 3EOCKX000 was a chilling revolu V tion Details aro lacking ns to the par tion of this Issue which it is proposed to lloat at onco und tho purposes to which thaproceedc aro to be put but the URUICS V arofformldablo In tho suggestion DL demands de-mands upon capital and the future requirement V V re-quirement for Interest Following upon other largo bond issues for railroads whoso claims to earnings will take precedence of present stock issues and of new stock Issues which will havo equal claims with present Issues tim effect on speculative opinion waa dls V quieting Last I weeks great loan expansion by the Now York bonltH In the early part of the week was given renewed consideration and revived anxiety over the rapid expansion V ex-pansion oC credits I Is true that tho loan expansion of the New York banks V since the first of tho year has only been a little moro than halt ns much as during tho corresponding period of lat year while the replenishment of reserves has V been much nearer tho Increase of lost r a year so that the present condition of tho Now York clearlnehouso banks Is not I year materially different from that of lat t Tho position of the New York banks OH the holders of tho greater part of the V ultimata reserve for tho whole country has to 1 > taken Into consideration New V York trust companies have Increased their loami on collateral t an enormous V extent during the past year while their t reserves aro on deposit with Now York banks except for an Insignificant part V and figure In the reserves of tho banks Deposits of Interior banks in Now York V are Included hi the same way The credit expansion tho country over haM therefore increased tho liability upon Now York bank reserves This gives add ed Inlluenco to any suggestion s finan cial trouble In tim Interior oven where lhf of small proportions 8Ul1 proportont Money has continued easy In Wall Direct notwilhstandlng t weeks heavy inroads upon surplus rcucrves When the money rate runs ui to allractlvc iiKures It Is usual for the local trust companies to draw on their dcportts with the banks place tho rato recedes to to place 10n When rccees I paid by the banks on about tho figure deposits the trust companies aro likely deposl3 loans and redeposit with tho lo call rcuep03lt cal This Is likely to have the euect or exaggerating ho I tendency 01 the n oxaggertnf toward plethora or money stringency 10 lallcet tho cuso may be J Is 3robahle that loans are being transferred probahll tlUt to at present from the trust companies tho banks thus increasing tho loan account ac-count of tho banks much moro than the actual outstanding credits arc Increased The money market has not had any gold exports mon reckon with this week Opinion Opin-Ion differs as to whether the export movement 39 ended or Is only suspended The Bank of England evidently has con Dank trot of the London market and could make an advance In Its rates orfecllve on the continental demand mailed but ho money mltt conlncntal mand un London for gold has relaxed anl Berlin has been a free lender In nne Dcrln continuance of this latter I ondlllon would preclude tit likelihood or further gold exports from here Some Importance is attached to the de Islon to apply the loan tax ot the war cvcnue law to call loans on stock OpNa inns on margin The frequent shifting or AM loans and of tho collateral un3 the payment of the tax separately on aih transaction would make the cost of such loans prohibitory and would cut off he largest part of tho activity In the lock market Some of the hater selling of locks Is I attributed to this cause stOc Increased number of railroads reporting re-porting decreases in gross earnings co roared ro-ared with Kisl year for tho first week In February has not been without I effect on ho market These decreases are attrlb iItel to the groat falling off In the grin movement General merchandise traffic I movcment maintained Gen Is reported to be well maintined eral conditions1 of business are reported I encouraging anti the demand for all grades of Iron and steel products Is phe omenal Tho general undertone of the market hnsn consequence shown firm icsa In spllo of the speculative V prolll taking There hns been a broad and active demand de-mand for bonds which has tended to bring prices of many of the newer and price oergrado Issues toward the price level oC the hlghgrado lneslment mortgages United Stales new 4s advanced t per cent Unied the closing call of last week NEW YORK BONDS U S ref 2s rcg 10314 U S 65 coup 10 < U S ref 2s coup IOS4 Cob So Is II l 13 S 3s regIOS4 Den t Rio G sJ21f 1 S 3s coup1031 Nor Pac Is ICI USn 4s reg139MNor Pac 3s 71 USn Is coup 1D So Pac Is 9hi I US ole 4s rcgl Union Pac 18101 U Sole As coup 112 U P com isl06 US5sreg106 CLOSING STOCK LIST uchlson 10 77I s 774 79 preferred X 9Oi 9i iwii Bait Ohio 4300 105 IOJ lWai 1 preferred u 100 10i l 91 I 9i I Can Pacific iwu Can Southern 2w S6h S sY Ches Ohio 600 464 46 4GJ Chi Alton 200 S4Vi 34 23 i preferred > J Chi Ind Jt Louis 50CO Sl 12 I f374 r preferred n O S i9 > i M lh Chi E Illinois ICO 142 142 141 Chi Gt West 3400 21 2Jb 4 I > A preferred 200 SO SG S B preferred 200 477k 47h 4 Ii Chi Nor West mi 21i VI ChI RI Pao 400 1s 1G3A 1s Chi Ter Trans lOu J61 11h IG preferred V 3 yc C St L 200 i014 101V4 101 Colo Southern GG03 19 15 1S 1st preferred 3300 GTVi 66 C 2nd preferred 4JXX 35Vi 3Jh 3i4 L Dcla As Hudson 100 172 172 1iI Dela Lack W z DRG Hi preferred 1100 9W rl 9314 lie V V 33CO 40 3 Z4 1st preferred MO 704 C3 68 2nd preferred 103 M 51 m Great No pfd rrc 300 ISSTi IfcS 15Sj locking Valley t 61 preferred 100 SH SI 81s lllnols Cent 1300 HIM 1WVS HOVi Iowa Central MO 49 47i 48 preferred 500 81Y 80 506 L E Western G proferred 1J5 Louis Nash 1900 1G1h 104 1 f Ho lanhattan L 10500 134 132 133J1 Met St TRv 52 > lint Ilji 7 171 Mexican Central 100 2S ZS 23 i lex National i 500 10 16k IGf linn St Louis goo UQyL 110 fl0 Ilisouri Pacific lJOO 101 1 11R 103 MKT 100 25 25 25 preferred 700 IYL 1 51 1 t NQV JeraeYtCfnt tJll73 1f V Central 1300 1fj 1 i Norfolk W 1100 57W 57t Ol prelerrcd J JJ Ontario 5 W GCO SI 33U l Pennsylvania 4X lolli IM4 ILl SiLl Reading H J 8350 5S 57V1 1st preferred lCWO S33fi S3Vi S2Vi 2nd preferred 7700 GSty GTMs 6T St L San Ftan 410 < > C2ii C2 617 1 1st preferred S3 2nd preferred 200 73 73Vi 73 St L S West 100 2G 20 j 266 preferred 1000 92 59 59 St Paul 92 > 3 100 lC51h ICO preferred 1W So Pac 14900 G7 GG i CCJ w Southern Ry 4100 34 23 i preferred 21 3 9i4 1i L WJ Texan Pac 1000 42V 111 12 Tel St L West 300 21 211 2111 preferred 200 12 11 41 Union Pac 10COO 10W 102M i02 preferred 1W 89i 59L > Vi Wabash 4000 21 21 21V preferred 2CCO 434 43 13tl Wheel l L B 400 1 IDrd9 IS i 2nd preferred 21 Wisconsin Cent 200 21 20H 20 i preferred 100 40Yi 4CT t 40Va EXPRESS COMPANIES dams 200 AmerIcan 100 235 235 2CO United States I 117 Wells Fargo 195 V MISCELLANEOUS Vmal Copper 9SEOO 708 63 70 V Amer Car F 29 I preferred 200 SSV6 88 88 rner Lin Oil 1C preferred V 4S Vm Sm Rof S09 1W163l45 i preferred 100 93 JS 9S Anaconda M Co 900 33Xr 321 SV Brook Rap Tran 1COO G3 62 G2 it Colo F Iron KM SO 54 1 55 Consolidated Gas 400 220 220 ll 22L General Klectrlc 700 291 2iO 0Z 2906 Glucose Sugar 10011 131j 131j Hocking Coal 17k Inlernational P 100 9y 19li 19V6 preferred 75i nternatl Power S6 Laclcde Gas 91 Nat 1 Biscuit 200 4 l6 I 4651 4Gl < j Nat Load 17Vb Nafl Salt 23 aif preferred G3 I N Ameilvan 92i j i Pac Coast 73 Pao Mall d 500 46a 16 J1jfl PeoploG Gns n 20 100 SSVs 93Vi I Pro < iH > d S Car Ol preferred 3V6 Pul Pal Car 220 Republic Steel 100 i6i6 IGA preferred CCO CO6 GO GOVi Sugar 5 00 > 15 125i 12S = j Ttnn Coal or TiCO CO f5r 1511 Union B P Co 900 53 14 i I 15 t preferred 100 SO 77 SO U S Leather i001P 11 HVi preferred 81A U S Hubbcr 11 M preferred 51 U S Steel fiGOO 41 A 43 > i 431 i refi > rred r 8700 9PA 93 93 i West Union 200 91 91 91A Am Loco mo I 200 311 21V 3H preferred 100 92yt 92o r2Y LONDON CLOSING STOCKS Cons monoy91510 N Y Central 1GSM ConK acct 91716 Norf West 50i Anaconda lMi preferred 91 Atchison 79L i Ont West 35 preferred 101 Pennsylvania 771 Bait OhIoJOS > 4 Reading 2 I Can Pacific US lut preferred 42i Ches 8 Ohio 47 > A 2nd preferred 345j Chi Great West 25 So Railway 347 Chi M l St P 170 preferred Cl9 i I Cal Rio G I5 I JI So Pacific f y preferred 95 Union Pacific 105 Erlo 40s preferred l 92 1st preferred la XJ S Steel 45 2nd preferred 13 profr rred 958 Illinois Cent uiy 1 Wabash 21 Louis Nash 107i preferred 4n I I rrcferredCX ri l I Spanish Is 711 Bar silver quiet 23 7lGd per ounce Money 2 IEijJ per cent for Th nural tYl discount in tho open market short bills l Is 2 nor cent t eh imtc ° c Discount In l the open market for threcmonlhs bills Is 2 111G per cent Foreign Market v New York Fcb 15TIm Commercial Advert seis London financial cablegram nays The Mock market loduv was mod t 1leOr active with Kafllra supplying the or iradlng American issues were quietly I hal on the pootponcmcnt of the collection of the tax on Blocks dujiosicd as collateral She market disregarded Bomo qcllliK In anticipation that the statempnt of the New York Anocialcd banka might t make an unfavorable show Bml ing Baltimore Ohio was tho strong feature and Southern Railway preferred i 1f reel absorbed by New York ac count on talk of a 5percent dividend toppcr stocks were steady V St Louis Wool Market St Louis Feb 15 Wool Firm Terri I tory and Western mediums IGGlBci line uc coarse 12lGc |