The age-herald., 1902-01-19
PROFIT TAKING
 BY PROFESSIONALS Bank Statement Shows an h. crease in Cash Reserve BEAR DEALERS COMPLAIN Yesterdays Upward Movement Was Continued to Some Extent By
 the coaIers and Few of
 the Industrials.
BEAR DEALERS COMPLAIN

New York. January 1S.-There was no change today in the conditions upon which yesterdays advance in prices were pre- dicted. The bank statement showed more than the expected increase in cash re serves, that is, showing an expansion Of over $90O0,00c. A loan increase of S3,292-, 300 helped to swell the deposits so that the surplus was benefited only to the extent of $S00,00O The statement, how ever. was a strong one. and the selling movement with which it was met was obviously proft-taking by professional traders Yesterdays upward movement was continued to some extent this morn ing. especially in the coalers and some or Sie industrials but the later prort- taking wiped out about all the gains anu left several important stocks polht or more lower than last night. The reduc- tion in the minimum discount rate rom 403s1h per cent and the very strong recu- peration revealed by the Bank or Ger many was confirmation of the week indications of the improved situation III Germany. The indications are, however thf4 surplus capital there fnclines to now intss and other government securities anu no disposition has been manifest to renew interest in American securities. A req frre of the days market was the bidding in of Burlington and Quincy to POS com pared with last nights bid of 19l. NO stock came out American Tobacco unas- ae.sed stock sold 10 points higher at 25O. The stock market has felt cumulative effect this week of previous factors' which were in evidence before, but which were contested by supporting orders tm the market by insiders or by lnsplreu publications belttling the appearance or tbese developments. These efforts to contest q prevailing tendency were ap- narentlv abandoned with the opening or the week and depression and progressive neglect have set in.
 The permission granted by the omteo States supreme court on Monday to the state of Minnesota to appear and argue it's petition for hearing of its sult to prevent the formation of the Northern Securities Company clinched the nkeI- hood that this great project is to De sup jected to litigation that probably VIII De prolonged. The value of it's securities and the question of it's very existence are therefore tc be held in abeyance. The Introduction of these securities to the market and the efforts for their distribu- ton have been mich counted on by spec ulator5 as a stimulating influence Tn the whole market Another chilling influence on speculation was the announcement or new bond issues by the Atchison and ru- rnors of other issues by the Erie and Union Pacific. The basis of these rumors is the announced intentions of the two companies to make vast outlays for ex- tensions, improvements and betterments. In the case of the Fries there stands the declaration in the last annual report that ''it would seem the day is now approach ing when arrangements for new capital- zations be proitably made
 .-The proposed issues of $35, 100000 of ad- ditional stock by the New York Central company in the same category of inf1u- ences, the granting of rights of subscrip- tion to stockholders at 125, operating as valuable privilege at the present market price of the stock, has kept its quotation up.
 Bond dealers have complained that the investment demand for bonds was not as large as usual for this period of the year and the principal activity has been in speculative or semi-speculative bonds.
 United States refunding 2's declined A per cent below the closing call of last week.
 New York Stock Market.
 Ry Private Wire to- Murphy S C0