The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-28
FINANCIAL AND COMMERCIAL.
SATURDAY, Dec. 2.

SATURDAY. Dec. q.
.esbnss we're again quito active on tho
Stock Exchange to-day. and prices were
strong. Tie leading stocks held their
ca,in Of yesterday and advanced fraction
ally. The various pools whose work has
been tho recent feature OF tho market,
confidently renewed their operations II Is
commonly understood that the party o:
spccuiators to whom, with more or less
grace, the nonlc OF Jne Of the leading hotels
of the city attaches, are bullish on the
marsct and general speculation now Is
probably largely under their leaders hip
The stocks in which distinct pool manipu-
h.ion Is aDrarsnt are the Rock Island,
Detroit Southern and St. Louis and San
francisco ieeucs. For Obvious reasons
most conservative commission houses are
very careful ul'oat taking orders in the
Cock Island shares, while in the two other
classes Of stocks there In little public inter-
est BROOKLYN Rapid Transit and the coal
stocks to- day showed heavy profit-taking
and the Erie stocks were rot a. prominent
as yesterday, although they held firm.
some rather mixed statements Of railroad
earnings appeared. Tho Central Railroad
OF Now Jerseys increase Of Si2O,s23 for No
Ar.t net lncrease in tbs earnings Of the road
shown since April. The Southern Rail
ways increase In gross earnings for the
third week Of December of sos ,o9+ attracted
favorublo attention. while the Atchisons
increase In net for November of only sec, 5s5
was naturally not 30 well construed. In
tire last five months the not earnings Of
tho Atchson system have decreased
1e5G .O9i.
Tho bank statement was certainly not
catering. although it could hardly he
called bad. II showed a decrease in loans
for the week Of but 1885,. $40. q loss IN cash
Of e ,0?O mo and decrease in surplus re-
serve. therefore. OF si,5%6.30O. Part OF
the loss in cash was undoubtedly due to
causes incident 10 the Christmas season.
The total loans Of the banlting institutions
centred In the Clearing House are now
ss7h, s2i 600. while deposits are $sGj, o53 400.
Thus for over q month now. the banks
Of the city have Continuously loaned more
Inoney than they have had on deposit.
Such an occurrence in all the past expert
ence Of Wall Street has never heen held
20 be other than a sign Of danger and of
undue expansion q credit. and. indeed.
IL has never been witnessed before save in
times Of obvious market peril. The fact
is sufficient explanation OF the reason why
banking sentiment in the financial COM
Inunity now is by no means a. optimistic
as the sentiment Of Wall Street. and 1t
indicates with reasonable certainty that
the present high rates for the use OF time
money will continue for an indefinite time
TO como. The weekly return Of the Bank
OF England, published o-day, made q poor
showing The most important event Of the
day Vas. however, the report from the
Custom House Of the weekly imports Of
merchandise. The value of these imports
amounted to si4,ii9.573, the largest imports
IN any one week this year, as against SlO,-
Ss2 500 Last week and 81, $50, 5ss last year.
Apparently We are still buying Injuries
and merchandise Of all kinds in Europe
on IN enormous scale. and as long as We
continue to do this. and procure for 1t no
offset II. the shape Of an increase in our own
export trade. the foreign exchange market
must continue In its present menacing
position.
The most prominent stock In the trading
to-day was Amalgamated Copper. 1t ad-
vanoed nearly points on the assertion
that the decision rendered the day before
yea srday In one Of the suits brought in
the interminable litigation between the
Amalgamated and Heinze interests In
Montana necessitated the payment OF
N.Soo.ooo by the Heinze people to the
Amalgamated Company. The claim was
promptly denied by the Henze spokesman
In this city. A fiimsy story was also afioat
10 the effect that an "arbit ration Of all
difficulties had been arranged between
the Amalgamated Company and their
Montana opponent. There Is substa ntial
foundation for the statement that the buy
ing Of Amalgamated to-day did not pro.
coed from those who know most about
the present copper situation. both as af-
fecting the Amalgamated Compsny's in
terssts and those Of all the other copper
producing companies. The buying was
simply q part Of the present market pro-
grsmme that is being carried out BY pro-
fessional spectators for the rise.