The Washington times., 1901-12-29

NEW YORK Dec 2S-Superficial oh
servers OF the stock market may regard
the wide fluctuations and unusually heavy
dealings in Sugar as the most important
occurrence Oh the stock exchange this
week
The episode in Sugar Refining was un-
questionably an interesting one, particu-
lerly as illustrating how seriously pro-
fessional operators. flushed with success,
may be mistaken in their diagnosis OF
both business and the speculative stu
ations, The market as whole has doubt
less been benefited by what has taken
place in Sugar Refining. since tho decline
in it doubtless shook cut mary weak
speculative holders. not only NJ that
specially. but OF other stocks.
II also helred to establish level of
prices that proved to be attractive to
actual buyers. Moreover. it demonstrated
that the market possessed a great degree
Of inherent strength.
The Important Developments.
The really important developments in
the security marke have taken place dur
appearance Of public buying on mod
crate scale ana indications OF a mach
more confident feeling than has existed
for some time on the part Of both in
vestors and speculators
Tie end OF the week finds the monetary
situation considerably improved. Re
ceipts OF currency from the interior have
more than offset Sub-Treasury absorp-
tion. and the pualic has turned iis dc-
cumulated savings for the holidays into
the banks through the medium Of the re-
tail stores.
II may plausibly be assumed that a
very large proportion OF the unexpected
increase OF nearly s. eO0.e30 in lawful
money shown by today hank statement
represents holiday disbursements
Small increase in Louss.
The increase OF less than slOOOooo in
the loans is smaller than might have
been expected in v,eFv Of the unusual
shifting Of loans toward the end OF the
year.
The inorease in deposits is nearly 81
600 Geo moro than called for by the funda-
mental changes noted However. the in
crease in reserve Is sufficient to provide
for the larger deposits and carry over
s., 0OO to The surplus account, iT.cTeas-
ing that item to s7.Ssl so
II is plain from the foregoing sgu-es
that the bank Cnier upon the closing
days OF the year 30 position TO haH3le
without friction tie shifting OF large
amounts OF money incidental 20 The Jann-
airy ] payments The situation was also
improved by the disbursement by the
Sub-Treasury to-day OF ovc- s. sec. .0oQ for
bonds purcbesc1 earlier in the week.
T.re stock transactions.
The transactions in stocks during the
last four and one-half days we're a little
larger than FOR the previous full business
week. and the dealings in bonds we're
relatively larger. the recovery in prices
since Christmas has been so pronounced.
Practically the entire list is higher than
a week ago.
The trading in stocks today was on a
fairly large scale and ii was again widely
distributed. The more noteworthy deal
ings were in Sugar Refining at . net ad-
vance of 2L points. In Reading common.
and in Missouri Pacific. each Of which
made a net gain Of Is per cent.
Throughout The remainder Of the list
the net gains were fractional Amalga-
mated Copper was 4 feature. but re-
tanned only small part OF its maximum
Improvement.
Higher az Closing.
Less active issues that closed materi-
ally higher than last night were Central
of New Jersey, Continental Tobacco pre-
ferred. Panhandle common. Pressed
steel Car preferred. Tennessee Coal and
Iron. and United States Express. 4 cen
spieuous feature Of the market-was the
decided increase in the volume OF com
mission business.
Influenced by the favorable bank state
ment the closing was strong. h5ugh al
d slight recession from the besi prices.
because of profit taking At the end Of the
week.