The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-01-19
FINANCIAL AND COMMERCIAL.
0ArvRpAY, Jan. IN,

TO an extent oorreots the failure OF the two
previous statements to show the known
increase In the cash holdings OF the banks
This increase In reserve In the most favor
able feature Of the showing, stu the Tact
hat the loans nave been increased only
%. 2p2 900 should not he underestimated.
h increase In deposits 10 more nearly
consistent with the two changes already
noted than might reasonably v been
expected considering the magnitude OF
operations through the Clearing House
this week. The net result increases the
surplus nearly so per cent. making that
item q little over SIC 900 900.
In anticipation Of . favorable showing
by the banks the stock market was strong
during the first hour Of business. After
the publication Of the statement the mar
ket reflected profit taking for long account,
chiefly by traders and small spectators.
A part Of the speculative community ap-
peared 10 regard The statement ss, dis
appointing. but this must be a~ttItb,uted
TO It's ignorance or to unwarrarted ex-
pectations Of a larger increase In. cssh than
was shown. Realizing sales wtpcdssut In
most cases the early improvement and
left the List fractionally lower, h last
night. There were q few exceptions 70 the
rule, notably Metropolitan Railway, which
enjoyed a net advance Of ~ PEI, cent.
Lees active issues that closed materially
higher were the American Ice stocks. Aneri-
can Tobacco, Chicago and Northwestern.
Consolidated Gas, Continental Tobacco,
Glucose Sugar Refining and Westinghouse
Electric.
The dealings In bonds were unusually
- - O-N.l-. 80 . - N-a ArAtnAE 80
activity In Consolidated Tobacco "a, which
made q further advance to 90. In the
outside market there was q further recovery
10 American Can preferred, Norfolk and
Western and Pooahontas Coal, which were
strong and advanced 70 s4h; Dominion
Securities sold at sex, Hackensack Meadows
at OIL, and White Knob Copper at 1871.
Standard Oh sustained a further decline TO
$50. The feature Of the security markets
this week has boon the development during
the last few days Of a better toni than
characterized the speculation since the
early part Of the month. This has been
brought about In part by easier monetary
conditions both here and abroad, which
were emphasized to-day by the reduction
In the discount rate Of the Imperial Bank
Of Germany from 4 to 81 per cent,
Other circumstances that have enoour-
aged a more confident feeling arc prospects,
Of an early termination OF the South African
war and excellent domestic trade reports.
Lower prices for many commodities. notably
sugar. coffee and wheat, have stimulated
the demand for them. Thu y shown most
plainly by the large increase In the eIports
Of wheat and -four. which for the week
foot up 1900, 900 bushels, as against s,cdf.-
900 bushels the previous week. Sales 81
iron and steel this ~ have been un-
usually heavy and prompt deliveries COM
mand a premium. The principal interests
In the trade are pursuing a conservative
policy by trying to supply the demand
at current figures. Railway TRAFFIC re-
turns are constantly disappointing those
who hav~ argued that there would be q
falling of in earnings during the winter
months. Bank clearings show q decrease
from the previous week. owing to the COM
pletion Of the Jan. ] disbursements and a
falling Of IN speculation. Outside Of New
York the ciearings are IS per cent. larger
than for he corresponding week OF last
year.
Regarding the foreign trade figures for
the last calendar year and for December the
following from an authoritative source 10
Of interest Despite heavy reductions In
corn exports and In shipments OF iron.
steel and copper the exports OF domestic
products aggr egate only 1 per cent. less
than the record made in 1900, while imports
have gained Q per cent most Of this In
crease being In raw materials for Use by
American manufacturers and not Of luru-
ries The December. 1901, export total
has only four times been exceeded Wheat,
and houT reckoned &c wheat, exports In
1901 reached the record breaking total Of
2o4. SIS $50 bushels. valued AZ almost en-
actly 500 90. COO. q gain Of ~ per cent In
quantity and value over 1910. Lower
prizes for petroleum and cotton are TO-
sponslbls Tor the decrease shown In thoss
esports from the 1900 record. but higher
Tor hog products aided In enlaIsing
provisions expprt@ Ia unprecedented totals
A. oomparcd with the final prices Of last
Saturday. the majority ~ stocks are lower
The mor. important not declines ne IN
P~opl.s Gao ~ per o.nt, Manhattan
Railway q. iSts SECOND preferred a..
Nov York Central -, baltimore and Ohio
and brooklyn Rapid Transit a, es0h,
7 annsss.-s Coal and Iron ~. union Pacific
~. IIi. l. Missouri paciho and Norfolk
and Na-t@Tn eaoh. ChioaEo aud Alton,
iIt. hrs, pr-f-ff-d ana soutL.m paniho
f. -aah uhlon psoho 4, snd Chesapeake
AID OHIO = p~T rent Tho notswortLy
Ss in itnadlns ~, Isi omit
Muuutolitan htfsst halls ~ . Anlaia.s
ll-hnins Mssioan ,snusl and tad 4
~ s-ond Tf.fuurd ~ sHd is4dlas
tHsi pasfsifud = 80 osnt -