The Washington times., 1902-01-26
Favorable Change in the
Financial Situation.
THE WEEKS BANK STATEMENT.
Figures in Accord With the
Preliminary Estimates.
A VERY IRREGULAR DAY.
Stocks Suffer Reaction Through
PrOft-Taking by Speculative
Holders of Traction Shares.

NEW YORK. Jan. 25.-The most I'M
portant development in the financial Sit
uation this week is the easier money mar
kets all over the world. This has re-
suited, to a large extent, from the pay
ment of loans made incidental to the
first of the year settlements, and also to
the smaller volume of speculation both
here and abroad.
The indications are that the protract-
ed liquidation of industrial and other en-
terprises in Germany has been completed.
and in consequence, more confident tone
is developing in tlat country.
south African Speculation.
Prospects of an early termination of
the war in South Africa have produced
more hopeful feeling in Great Britain, and
have incidentally started considerable
speculation in the shares of South African
gold mining companies. Notwithstanding
the possible demands that this specula
tion may make upon the money market,
the Bank of England. because of the in
creased strength of its position, has low
cred its minimum rate of discount one
half of per cent.
The local money market has been af-
ltSltu bN HcdNs It'tiplS vi
currency from the interior and by the
temporary excess of Sub-Treasury dis
blrsements over receipts. The increase
of less than 50. SOC, 900 in the loans can
hardly be regarded as important, and is
probably due chiefly to commercial op-
eraticns.
Increase of Deposits.
The increase in the deposits is very
nit ha rrir,
changes, and the net result brings the
surplus reserve up to s25, 1872, 400. Stimuli
taIeously with this improvement in local
conditions interior banks are seeking to
lend their surplus funds at this centre.
and it is understood that considerable
amounts have been placed on time during
the week.
Though the dealings on the Stock Ex-
change this week have been comparative
ly small, they have not been without in
terest. The maturing of plans regarding
the Metropolitan Street Railway Com
pany. presumably with the view of opera
ting the whole system by the extension
of the underground trolley, has resulted
in a net advance of more than points
in the price of the stock, though the final
sale today was about 3 points below the
best figures recorded.
Oh Susar anu topper.
The probability of a reduction in the
tariff on cane sugars, and better demand
for refined in consequence of the recent
shading of prices, has stimulated specu-
lation in American Sugar Refining stock
that leaves the price "a points higher
than last Saturday.
Anna lgamated Copper has been stub
bornly strong throughout. and the market
for it, together with that for the shares
Of the other copper producing companies, |
particularly abroad, would seem TO con-
firm current reports that negotiations for |
the establishment of harmonious rela- |
tions between the principal copper pro
ducing companies are progressing salts |
factorily.
The Selling Professional.
While the remainder of the list closes |
somewhat lower than a week ago, ii is |
plain that the selling which has brought !
this about has not been liquida tion, but |
chiefly by professional operators.
Today's market was irregular in the |
first hour. and generally weak in the final |
dealings. There was renewed selling of |
Reading issues, but for what reason has |
not yet transpired. Profit taking by spec
ulatiye holders of Metropolitan Street
Railway depressed the price of that stock
IL per cent Throughout the remainder
of the list net declines were fractional.
Strength in Speciaitics.
Specialties that showed exceptional
strength were Chicago and Eastern IL
linois common, on rumors that control of
the company is in demand; Fort Worth
and Denver City, on the belief that the
Smrp1uG for he lac Z
shortly be distributed among the holders
of the stamped stock; National Lead com
mon, St. Lawrence and Adirondack and
Rutland preferred. The sharp advance in
the last named is explained by the fact
that the principal owner of the road is a
prominent member of syndicate which
has purchased the Canada Atlantic Rail
way, which connects with the Rutland
at its Eastern terminus.
Bond Market Unaffected.
The bond market was unaffected by the
reaction in stocks, being moderately ac-
tive and very firm throughout. There was
a continuation of the brisk demand for
Georgia Central issues and a moderate
recovery in Continental Tobacco fours In
the outside market the noteworthy deal
ings were in Dominion securities, in
United States Reduction, in Northern Sc
curities at a further advance; in Mexi-
can National common. which sold at 15
in Hsckensaek Meadows. at an advance TO
81 and in White Knob Copper.
On light transactions Havana CONNER
cial sold at "A, and the preferred at 81.
American Tobacco made a further de
cline TO 247, and Standard Oil lost part
of its recent recovery, declining TO $50.
New York Stock Exchange. Jan. %.