The Washington times., 1902-12-21
Quotations Affected byGood
News in Preference to
Bad RepOrts-An Opt
miStiC Trend.
Considerable Increase in
Loans and Discounts the
UnfavOrabIe Feature of
General Financial Situation

the stock market today is that. in spite
of the operation OF many factors tending
20 inspire speculative caution and juac-
tion. If not. indeed. directly working to-
ward lower prices, the market eviuccd an
urgent desire to move toward higher
level Of values.
The uudertono of the market was, in
other words. strong. Conditions were OBJ
viously such that good news rather than
bad news affected quotations.
There was little news Of any kind to-
day, good. bad, or Indifferent. and the
transactions were of a wholly profession
al order. Trading was quiet mp to the
appearance OF the weekly bank state
ment. and the course Of only two -tocks
throughout the day excited special in
terest.
Sugar Rises and Falls
American Sugar Refining rose . points
and then nuctuated rapidly back and
forth. finally losing half it's gain. in a
manner forcibly reminiscent of the rer-
formanccs of the stock in former DAYS.
The reason for the strength of the sccur-
ity was the belief, for which it is under
stood there is substantial basis. and
which is at any rate. generally enter
taincd in Wall Street. that the american
Sugar Refining Company has become pos
sesscd by purchase or otherwise OF the
most important beet sugar refining plants
in the country.
Prospects are bright for the passage of
the proposed reciprocity treaty with
Cuba. which would. Of course. be favor
able matter for the American Sugar Re
hninE Company. while it is rumored that
the cash surplus Of the company is now
very large.
Texas Pacific attracted moro attention
in the day. however. than any other
stock. 1t was very strong I'm the early
trading, rising 10 a.. II sank rapidly TO
40 and there remained steady. although
very large blocks were sold at small
fractional variations from this figure.
The dealings in the ock gave the
impression OF manipulation for some ex-
oeedingly mysterious purpose. The other
Gould stocks were very strong.
Railway Earnings.
Reports Of railroad earnings for the
second week Of December show large
increases as compared with last year
and make much better showing than
previous reports of the same nature in
the last few weeks. Imports OF mer-
chandise are slackening. Since Friday
The local banks have gained Sg9i. 600 from
the subtreasury. All these matters
Of course. lend support to Wall Streets
present optimism.
The bank statement was generally
regarded as of a noncommittal order
Loans decreased S3.5I0000. and cash
showed a loss OF 81 .762 100. as against
gain in cash estimated yesterday
surplus reserves. therefore slightly
diminished The reason for the unex-
pected loss in cash was. i'm an proba-
bility the withdrawals OF money from
the banks for Christina purposes.
The unfavorable part Of the statement
as has been the case for some time. was
the fact that the total loans OF the
associated banks are stu in excess OF
total deposits; while the corollary fact.
that the return Of the condition OF
national banks throughout the country.
made on November p. TO the Comp
trollcr of the Currency compared with
The return made on September 10. shows
considerable increase in loans and dis
counts, is still the one unpleasant feat
ure Of tho general financial situation.
Gains in Cash
The banks OF The country have gained
a little over S25.000.0c0 ln cash in the
period intervening. But the gain was
due 10 The money disbursed in an ex-
traordinary way by The Secretary Of the
Treasury. 10 is known that there has
been heavy liquidation OF stock market
securities. Why has not this Iiquida-
ticn showed more iu bank loansg
The reason is. principally. that this
is the season OF the year when the
loans oi an money lending Institutions
naturally increase. and thar thi5 force
is greater than ever this year. because
OF the delay. owing 10 causes that are
matters of common knowledge in NOV
ing thc corn aud cotton CROPS 0lr|
banks have also been called rBon toI
provide money Tor the purchase of "a
large quantity Of our securities sold
-l hAA l4eIhtN hg AoltlNA llla.Hr. Care
ful consideration Of this matter lueti-
hes the conclusion that tho causes that
have temporarily increased tlc loans
or the banks in this manner are now
abatng their rigor and that The con-
diuoB OF financial installations OF the
land b. improving each day
The fact deserves notice here that tae
lowest point tcgchod by the market Do /
the last drop in prices was not lower
than that previously touched immediate .
Iy preceding This may o. may not Iu-
dicate that at the low point thus reach
cd forces begin 20 operate which pre-
vent any further decline The matter
is az least signidcant
The publication this morning OF the
terms OF the blockade proclaimed by
the Euglsh and German governments
against Venezuela makes 90 clear that
there win De no complications over the
possible seizure OF ships sailing for|
Venezuela from ports in the United
States before the blockade was en-
nounced. Sufficient time Is given TO all /
those ships 70 reach their destination /