The age-herald., 1901-12-15
ANK STATEMENT ADVANCES STOCKS Operators Buy Stocks Briskly After Its Appearance CLOSES ABOVE LAST NIGHT
  Previous to the Bank Statement the Market Was Dull and Hesitat- Ing and Governed By
 Copper Fluctuations.
CLOSES ABOVE LAST NIGHT

New York, December H.-Operators III the stock market placed faVorapie 'i' 4ernretation upon stoday's bank statement and brought stocks briskly after us ap- nearance As prlces rose over last nlght level, heavy selling to realize was
 countered which carried prices pacA iroin the best. The offerings diminisheo ae the decline. and the closing was hrih ae level generally slightly above that ol ias- night. Previous to the bank statement tho market was dull and hesitating and governed largely by the erratlc nuctua- lions in Amalgamated Copper. The stocN onened with running sales of 62OO shares at e51b6s6, compared with 66B at last ,iab+,s close It declined to 641e breaking . the low record and checked the aoVaheihs tendency in other stocks. The last prlces were 651h net loss for the day. Tne stocA went & lower than last Saturday com nared with a high price early in the week more than 10 points over last Satur- days low level
 The sert1ment regarding the stock was much confused, and brokers usually cred lied will. acting for insiders beth bought and sold the stock The decline in cash reservas of the banks was about mil lion less than was expected. The liqulaa- ton in the speculative markets was re f1ected ir the loan contraction or ablfo- 100. which reduced the encroachment oia 5 the surplus of $1,152,65o The transler oi funds to New Orleans through the suo- treasury was continued today, anu loi eign exchange here hardened, put money nee eaeier in London, and the price Of American eagles declined 3. The year-ehu construction of the money supply mas been the dominating influence In the stocH market during the whole of the week. anu was very clearly forshadoweo Ill iase Saturdays bank statement. Witn sur plus reserves of the banks down to pc low 100000 and large requirements TOT credits incident to the season oehhitely known the problem was one or very slin- nle arithmetic. The market has suggest cd rather clearly that some of the soad financial powers have acquiesced Tn downward course of prices Tor the tune as offering a more substantial vantage ground from which to face the exlgencles of the annual settlements. In adoition there have been demands to meet Which are not counted upon. Probable foreign demand for gold, in spite of the decline in foreign exchange rates to below the point at which gold exports are proht- able as a simple exchange operation IS sure to continue for some weeks.
 The active speculation in grains and cotton has also made continuous de- mands upon New York cash which was not counted upon at this season ot the year. The smaller expenditures or the government as compared with last year has expanded the current surplus and made large demands upon the New York money market through the sup treasury operations. The decision or the sub-treasury to pay the January interest in advance Is designed as a rellef rom this drain but the payments will not be available until next week. The supply of government bonds available for re- demption under the treasurys offer is constantly diminishing and does not af- ford adequate relief from the drain from the collection of surplus.
 This Is not only a present factor, but also causes a sense of uneasiness as to the future effects. There was also evil dence during the week of some special money requirements which was attributed to the needs of mercantile house. Ru- mors of difficulties growing out of this were used with effect by the bears. The sale of large issue of New York City bonds was effected and the. reported pur- chase of the Pocahontas Coal Company by the Norfolk and Western was sup posed to involve some syndicate borrow ings The money market has, in conse- quence been active and stringent during the week and there was good deal of liquidation but liquidation of speculative accounts forced by callings of loans.
 There has been some effort to draw parallel with the situation of December 1899 which eliminated in a money panic on December IS when the rate for money ran up to, one-half of one per cent with
 
 year and with violent liquidation in the stock market. This parallel does not take account of the sensitive condition of sen- timent in 1899 consequent upon the pre- ceding imitation of industrial securities and their disfavor with money lenders owing to the lack of information of the real financial status of the companies.
 Last year call money touched per cent. or higher during each week of De cember without interrupting the buoy ant rise in the stock market, which had set in in the fall, with the hardening tendency of the money market in that month was promptly reflected in the for : eign exchange market promising relief by gold imports in case of necessity Evi dently the condition of our foreign in- debtedness at this time precludes the chance of any such relief The opera ton of the refunding law then was yield ing large sums to the money market in the payment for the premiums on the refunded governm ent bonds. The move ment of currency to the interior in the early part of December, 1900, gave place 3 to large receipts in the latter part of the month in response to the increased de- mand in New York
 The stock market was stimulated and excited by the, Pennsylvania Coal Com pany purchase and the adjustment of the anthracite industry with the accompany Ing rumors of other great deals and com u1inationss which were to follow It, is sufficiently clear, however that there is no close parallel with the condition in December of a year ago or of two years ago. Amalgamated Copper, though very cratic during the week and heavily dealt in. has been less of a disturbing element than last week, it's occasional