The age-herald., 1901-12-16
BANK STATEMENT
 ADVANCES STOCKS Operators Buy Stocks Briskly After Its Appearance CLOSES ABOVE LAST NIGHT Previous to the Bank Statement the Market Was Dull and Hesltat-
 Ing and Governed By
 Copper Fluctuations.
CLOSES ABOVE LAST NIGHT

Neu York. December 14-Operators III the stock market placed 1aNoi"D'o
 ternretation upon today's bank s.a'eiiie''' and brought stocks briskly al'er i.s r ,,asro,.a As pr,ces rose over last night ,a,,., baovv selling to realize was en-. .,,,,,tored which carried prices back rom the best. The offerings diminisheo "' the decline. and the closing was hrnA al ,evel generally slightly above that ol iass nis-ht- Previous to the bank statement .,.a ,,,ar,,at was dull and hesitating and governed largely by the erratic huc'ua t,ors in Amalgamated Copper. The stoek onened with running sales of 62Oo snares .+ esih6s6 compared with 66A at las, ,,cbt,s close. It declined to 641s breaking tbe low record and checked the aoVanci'e tendency in other stocks. The last prices wer., 65B net loss for the day. Ihe s'ooN went sk lower than last Saturoay coii'- nared with A high price early In the week more thar 10 points over last 0a'ui- days .ow level.
 The sertfment regarding the stock was mich confused. and brokers usually creo-
 
 and sold the stock he decline in casn ,.a.u ,.asar.,os of 1he banks was about a mil lion less than was expected. The i'quiua tion in the speculative markets was re AecteJ ir the loan contraction or NIL, mn which reduced the encroachment on inc surplus of $1,152,6S0 The transfer VI funds to New Orleans through the su treasurv was continued today ana TOT eisn exchange here hardened put niohey was easier in London, and the price U, American eagles declined 5. lns yea @ construction of the money suppiy has , oe tbe dominating influence in the seocN market during the whole of the week, ana uas very clearly forshadowed In last soturdav,s hank statement. With sur nIus reserves of the banks down 10 pe- low 100000 and large requirements TOT credits incident to the season oeh'ii.eis known the problem was one or very si
 nIe aratbmetic. The market has suggest ed rather clearly that some or the sohu financial powers have acquiesceo III downward course of prices TOT the tiii'e as offering a more supstantiai . 'aii'aee ground from which to face the exigencies % tho arnual settlements. In addition there have been demands to meet whlch arc not counted upon. Probable foreign demand for gold, in spite of the decnne in foreign exchange rates to below tne noint at which gold exports are proli.- ahle as A simple exchange operatlon' IS sure to continue for some weeks
 The active speculation in grams anu cotton has also made continuous oe- mands upon New York cash which was not counted upon at this season oe inc wear. The smaller expenditures or tbe 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-treasl1ry to pay the January interest in advance Is designed as reiet rom this drain but the payments VIII not pc available until next week. The suppiJ of government bonds availaple TOT 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. put also causes a sense of uneasiness as 10 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. Hu- mors of difficulties growing out of this were used with effect by the bears The sale of A large issue of New York City bonds was effected and the reported pur- chase of the Pocahoatas Coal Company by the Norfolk and Western was sup posed to involve some syndicate borrow ings. The money market has. In conse- ouence been active and stringent during the week and there was a good deal of liquidation but liquidation of speculative accounts forced by callings of loans.
 There has been some effort to draw a narallel with the situation of December 1899 which eliminated in a money panic on December IS when the rate for money ran ul, to one-half of one per cent with a commission the equivalent of IS per cent year cd with violent liquidation in the stock market This parallel does not take account of the sensitive condition Of sen- timen. in 1S9g consequent upon the pre- ceding imitation of industrial securities and their dsfavor with money lenders owing to the lack of information of the real financit tl status of the companies.
 Last year cali 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 tion 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 to large receipts in the latter part of the month fin 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 minations which were to follow. It ia sufficiently clear, however that there is