Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-06
FINANCE AND TRADE
Stocks Were Dull Again on
Wall Street.
DUE TO TIGHT MONEY
BANKERS NOT DISPOSED TO EN-
COURAGE BUYING.
Warnings Of Last Year Seem to Have
Failed During This
Season.
DUE TO TIGHT MONEY

Special Dfspatch TO The Evening Star
NEW YORK. December 0.-The stock
market today was duplication of the
weeks professional dealings and had few
interesting features. Not to trade at all
and to be relieved Of the necessity Of sup
porting prices Is the wish of numerous
large interests. bat financial obligations
cannot be cast aside 80 easily. There is no
incentive to new business, no influence in
viting to uninvested capital
Yet investments already made are not Sc
riously threatened The banks cannot
finance an advancing market. and good
news falls fiat In consequence. Enthusiasm.
confidence in ultimate results and the
splendid condition Of general business
courage holders Of good securities but
bankers advise no further accumula ton.
The total loans of the banks exceed the
total deposits by 100000. and the LIST OF
January obligations are not fully provided
for.
This condition may be transitory. but
even so. prices cannot improve until its eff
feet Is fully known Prices are likely to
start I'D from lower level and scattered
liquidation can scarcely be avoided. In
three months. il the sky is clear. Wall
street may forget present conditions and
manv DELAYED undertakings may be press
ed forward to success.
The easy forgetting Of last years scars
Is a grave defect in stock market wisdom
Annually come the predictions that the
west will supply funds for the moving OF
Its crops: that our exports will offset Eu-
ropes demand for gold and that borrowers
will pass over semi-annual settlement per-
iods with concern. Almost annually these
predictions fail.
In the calm cheap-money intervals banks
have supplied money for stock market pur-
poses with liberality suggesting an mex
haustible supply. Operators of twenty
years experience and the mushroom spe-
ctes OF plunger are alike deceived. The
money becomes more desirable than the
collaterals, and the borrower alone remem-
bers the verbal assurances that there would
be no stringency.
The big market Of this summer was fos-
tered by the banks and the lean commission
business of the early winter follows be-
cause the banks cast precedent aside and
walked headlong into blind alley. To re-
trace their steps means liquidation of loans
and delayed market achievements. either
this or the hammering down of the wall
by further plunges. The latter course is
the least certain
The loss in lawful money during the week
has been 1881. 100. or about the amount in
dicated yesterday. The loans are larger by
81 .611 900 and the deposits have fallen of
$4,O74.200. The net result Of all changes re-
duces the surplus reserve by $5.s12. $50 or
to a total Of $9.97s. $50. Some comfort was
taken in the relatively small increase in the
loan item. and prices rallied slightly at the
close Of the day.
The export movement shows an encour-
aging increase and the return flow of
money from interior points cannot be ap
probably delayed. There are securities for
sale on good news. however, and leading
commission houses suggest to clients that
while there may be merit in certain issues.
immediate profits are not likely.
A comfortable bank balance Is more to be
desired than increased line of long stocks.
The mistakes already made are to be reclt-
oned with. and as the reckoning will fall
upon broad shoulders the public should
seek no interest In the difficulty at this
stage.