The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-21
FINANCIAL AND COMMERCIAL.
SATuRpAY. Dec. 20.

The fairest generalization that can be
made concerning the stock market to-day
Is that in spite OF the operation OF many
factors tending to inspire speculative eau
ton and inaction. II not, indeed. directly
working toward lower prices. the market
evinced an urgent desire to move toward
a higher level Of values The undertone
of the market was. In other words, exceed
incly strong. Conditions we're obviously
such that good news rather than bad news
affected quotations. There was little news
of any kind to-day. good, bad, or indifier-
ent, and transactions were OF wholly
professional order Trading was quiet up
10 the appearance Of the weekly bank state
ment, and the course of only two stocks
throughout the day excited special interest.
American Sugar Refining rose points and
then fuctuated rapidly back and forth.
finally losing half its gain. in manner forci-
bly reminiscent Of the performances Of the
stock in former days. The reason for the
strength Of the security was the belief. FOR
which il il understood there In substantial
basis and which ia. at any rnte, gener ally en-
,ert aimed in Wall Street. that the American
Sugar Refining Company has become pos
sessed by purchase or otherwise Of the most
important beet sugar refining plarts in the
country. Prospects are bright for the pas
rage Of the proposed reciprocity treaty with
Cuba, which would. Of course, be favora-
BILE matter for the American Sugar Refining
Company while it is rumored that the cash
surplus of the company is now very large.
Texas Pacific attracted more attention
during the day. however. than any other
stock 1t was very strong In the early
trading. rising to Al II then sank as rapidly
TO 40 and there remained steady, alt hough
very large blocks were sold at small frac-
tional variat ions from this figure. The deal
ings in the stock gave the impression Of
manipulation for some exceedingly mys.
FERROUS purpose. The other Gould stocks
were very strong.
Reports of railroad earnings for the
second week Of December show large in
creases as compared with last year and
make much better showing than previous
reports Of the same nature during the last
few weeks. Imports OF merchandise are
slackening. Since Friday the local banks
have gained $s9i 900 from the Sub-Treasury.
All these matters, Of course, lend support
TO Wall Streets present optimism. The
bank statement was generally regarded
as Of a non-committal order. Loans de-
creased &3.5lO,0oO and cash showed loss
of 81 .762 100 as against gain In cash esti-
mated yesterday; surplus reserves. there
fore, slightly diminished. The reason for
the unexpected loss in cash was, in all
probability, the Withdrawals Of money
from the banks for Christmas purposes.
The unfavorable part Of the statement,
as has been the case for some time, vas the
- - A.
banks are still In excess Of total deposits:
while the corollary fact. that the return Of
the condition OF national banks through.
out the country made on Nov. rs to the
Comptroller Of the Currency compared
with the return made on Sept. IS shows
a considerable increase In loans and
discounts, is still the one unpleasant
feature Of the general financial situa-
ton. The banks OF the country have
gained a little over $2S, 900 900 In cash in
the period intervening, but the gain was due
to the money disbursed in an extraordinary
way by the Secretary Of the Treasury. 1t
is known that there has been heavy liqui-
dalton Of stock market securities. Why
has not this liquidation showed more in
bank loans? The reason is. principally
that this Is the season Of the year when the
loans Of all money-lending institutions
naturally increase. and that this force is
greater than ever this year because Of the
delay, owing 20 causes that are matters Of
common knowledge. In moving the corn
and cotton crops. Our banks have also
been called upon to provide money for the
purchase Of large quantity Of our securi-
ties sold in our market by foreign holders.
Careful consideration Of this matter justi-
fies the conclusion that the causes that have
temporarily increased the loans Of the banks
In this matter are now abating their rieor.
and that the condition OF the financial
institutions Of the land IL improving each
day.
The fact deserves notice here that the
lowest point touched by the market in the
last drop In prices was not lower than that
previously touched in the break Immediately
preceding. This may or may not indicate
that at the low point thus reached forces
begin to operate which prevent any further
decline. The matter is at least significant.
The publication this morning of the terms
Of the blockade proclaimed by the English
and German Governments against Vene-
Zuela makes 1t clear that there will be no
complications over the possible seizure
Of ships sailing for Venezuela from ports
In the United States before the blockade
was announced. Sufficient time il given
to all those ships to reach their destination
unmolested. Such days of grace, OF course,
are necessary incident Of the proclama-
ton Of legal blockade. yet at one time
many Wall Street spectators were alarmed
lest the seizure Of vessels that have already
left our ports might call for action by our
country. The Venezuelan difficulty, how
ever, ceased rome days since to be factor
in Wall Street.
New York 81 ock Exchange Sales. Dec. m