The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-12-29
FINANCIAL AND COMMERCIAL.


ket may TeSdru tne Wlue fluctuations and
unusually heavy dealings in Sugar Re-
fning as tho most important occurrence
on the Stock Exchange this week. Tho
episode in Sugar Refining was unquestion-
ably n interesting one, particularly "a
illustrating how seriously professional
operators flushed with success NAV be
mistaken In their diagnosis OF both BUSH
ness and the speculative situations. II also
shows how comparatively easy II ia for
capitalists possessing largo resources and
confident Of their position TO turn a seom-
ingly successful bear campaign into a COM
plete and disastrous failure. Any ono who
had predicted last Tuesday hight hat Sugar
Refining would at the end Of the week
be nearly 2 points higher than at the close
Of business last Saturday would have been
considered an exceedingly reckless prophet:
yet this is what has taken place. The mar
ket as a whole has doubtless been bene-
fitted by what has taken place in Sugar
Refining, since tho decline in Il doubtless
shook out many weak speculative holders,
not only Of that specially but Of other
stocks. II also helped TO establish a level
Of prices that proved to be attractive 10
actual buyers. Moreover, It demonstrated
that the market possessed a great degree
OF inherent strength.
Tho really important developments in
the security market have taken place
during the last two days. They are the
temperance OF public buying on a moder-
ate scale and indications Of a much more
confident feeling than has existed for some
time on the part of both investors and
spectators. There are still many per-
a,na ,rhn rna chat priraa to. l!.L
but the fact remains that, irrespective %
the operations of pools and cliques in a few
stocks, there are more persons seeking
10 buy stocks han TO sell them. This
circumstance alone encourages ventures
on the long side of the market, each buyer,
OF course, entertaining tho notion that he
will be able 10 dispose Of his purchase 70
advantage before the upward movement
eliminates. The backbone of the market
is obviously the investment of a part Of tho
enormous interest and dividend disburse-
ments that will be made early in the year.
This Is plainly reflected in the active de-
mand for bonds and high-grade stocks at
advancing prices. Another and most inn
portant factor is that Wall Street has passed
through the present month without any
thing approaching a stringent money
market. There have been little lurries in
call loans at times. and there may be q
repetition Of them during the early part "
next week, but there has not been a day
nor an hour when brokerage houses in
good standing with the money lenders and
having good collateral to pledge have been
unable TO obtain all the accommodated
they required at 0 per cent.
Tho apI ~ tba vpaak Apda fha ynnpatary
situation considerably improved. Re-
ceipts OF currency from the interior have
more thar Offset Sub-T reasury absorb
tons, and the public has turned its accump-
lated savings for the holidays into tho
banks through the medium Of h retail
stores. 1t may be assumed plausibly
that a very large proper ton Of h unex-
pected increase Of nearly IS. 500. 900 In law
full money shown by to-day's "a state
ment represents holiday disbursements.
The increase OF less than $1,000 600 in the
loans Is smaller h might have been eK-
pected In view OF the usual shifting Of loans
toward the end Of the year. The increase
In deposits is nearly S2.O0o,OOO more than
Is called for by the two fundamental
changes noted. However, the increase
IN reserve il sufficient 70 provide for the
larger deposits and carry over 81, 200, 900
10 surplus account. increasing that item
10 1881 $50.
IL II plain from the foregoing figures
that the banks enter upon the closing DAYS
OF the year In a position TO handle without
the shifting Of large O 4
money incidental 20 the Jan ! payments.
The situation was improved also bv tho
dis bu r-ement by the Sub-Treasury to-day
Of over O. 5000 for bonds ~purchA-eI
earlier IN the week Now that al the
northern Pacific stock purchased abroad
last spnng has been brought over and pad
for. The foreign exchange market has ,-'-
come lifeles- AZ a material recession non
the figures that nec.-ssitatad exports =
specie during the first part - the month.
Germany will unquestiuuably reI~s
credits a. tankers here on the fret Of 80
year, the chances are that the foreign "h-
change markef will follow iLs normal course
q, this season II the year A. the sars
nloury ~il nov according 90 pre-
nov g. this centre from tho I-
tarior r. aII.arr. therefore. ulat. p. Tor
AZ the mraus fur ~coudurtins "ttru-.s
oI.raluur BIO ga" stock market are
rUe S'r-ot ussd have 40 rrF
ap-prrn"u-..u
~ q. .'arr conditions ~Eovsguigs pr..-.
aI. u fh- nam s~susfart.r h-
We, n.tr ptIu.s have fall-. r o. q
n l..r iYr. a. BE- s,Il kno~1. tlls boo
. ..I f.1Iu uufasufahI. ~ra. lrI
..r- DOB i4r Musi and n.utA lHs uua.f
.. .U.f lave uui ,rf UsE H t. m %
..tI a $500 cog o. art 'h,f Ia. 20
f.|. ~ De- 'arlIrgs o.. I.nf '..U.
. -H".# 3d.