The Washington times., 1901-12-08

4
Legals increased. ed................ 51S, 200
| Deposits increased LILO 400
Circulation increased. ..........-. lliO0
The banks now hold in excess Of the re-
quired reserve only $66O7.G75.
Call Lonn Rates May he Higher.
Such statement necessarily makes the
talk Of probable tighter money rates i'm
portant II is likely that call loan rates
Will advance somewhat this week. Con-
sorvatiye financial people. however, do
not expect any formidable stringcncy, for
the very good reason that the market is
undergoing 4 spagm of heavy liquidation
which viii release loans materially IN all
probability
1t is also to be seen that there is little
il any probability of a broad and active
stock market such as would increase the
use Of money in the Street The outlook
for further gold shipments is now well
out Of the way.
The Outlook Extremely Uncertain.
The immediate market outlook is ex-
tremely uncertain. The money situation
is not likely to prove serious, and this is
one thing in favor of prices The expec-
tation of poor bank statement yesterday
caused selling of stocks. 1t is not i'm
possible that after some little irregularity
tomorrow there will be q recovery on the
theory that the bad things in the financial
situation have been discounted. No bad
slump is expected by conservative peo-
pie in any event
Copper Compiicates the Situation.
The Arnalgamated Copper business com
plicates the situation somewhat The
directors OF the company will meet early
In the week TO take action on the div
idsnd question. Some reports are that
the dividend will be cut to per cent
Others are that there viii be no dividend
declared. a I per cent rate has prob
ably been discounted already. The
passing OF the dividend might cause a
further break in the stock, but there is
no way OF judging what the inside OF this
situation is and very little use guessing
nusincss Conditions Good.
Aside from the two factors of money
complications and the weakness Of Anal
Gamatod Copper, the business situation
is excellent everywhere. and the outlook
bright. The trade reviews were particu-
larly optimistic yesterday. noting the
large improvement in the retail trade.
especially on account Of the more season.
able weather. They commented again on
the car famine. which is certainly one
OF The best possible arguments that busi-
ness is heavy. An argument that is quite
z5 good is the immense bank clearanccs
earnings. both net and gross,
to show large Increases over
those Of a year and two years ago. The
steel and iron business is rushed to its
utmost, end has orders for many months
ahead, especially in rails
All these matters point to the very fair
probability chat whatever the immediate
stock market may do there will be
strong market later in the year and a
tendency toward higher prices Money
VIII surely be plentiful after the January
and the uncertainty in
this direction will be removed complete
ly. In fact. the question then will be as
to how to invest the surplus funds
prodtably. The disbursements al the he
ginning Of the new year will be by far the
largest on record.
Railway EnrnIngs.
The heavy tonnage movement OF the .
past three weeks is reflected in the earn
ings Of all classes Of railroads. Cross