The sun., 1902-12-10
FINANCIAL AND COMMERCIAL.
TuE6DAY. Dec. 0.

TUESDAY, Dec. ..
The dulnees in the market to-day as
sumed the form Of practical stagnation OF
business. Prices huctuated within range
Of half point on small and scattered trans
actions. Two distinct opinions continued
to be held concerning the course OF values.
One L. that the liquidation that has already
occurred and the extreme preparations
made for an expected period OF tight money
before the end Of the year will avert trouble.
and may. indeed. result in much lower rates
for the use of money than was anticipated.
The other opinion is that the present con-
di'ion IL one Of intense strain, that prices
are atil high and that with the calling of
loans that must take place iefore Jan. |
some weak spots in the market may he
unpeasantly uncovered. The former con-
clusion IL undoubtedly that which has been
arrived NJ by most disnterested observers Of
the market and by the leading financial in
terests Instances continue to come to light.
however, showing how great the demand
for money Is all over the country. De-
spat tch rs from Kar sas yesterday stated tina
banks there are receiving 10 per cent. for
short-,ime loans As compared with per
cent at this time last year Gold continues
Ia lie shipped to the Pacific { ,ast for reasons
that have never been clearly explair ed Va
rious municipalities Of high credit throurh
out the cou Try have fourd that lids for
recent proposed bond issues were few.
Most significant Of all. rerlars vas the
announcement vest erday that TIE issue of
the Penrsylvrnia Railroad Company'- AZ
per cent car trust equipment bonds was
sold upon a a., rer cert basis These bonds
are. of course. a security Of the highest
olass. and that they sold AT such low figures
is proof Of the state that the money market
is In.
The market weakened a. the close to-day
inst enough TO lose its gain of YESTERDAY.
This haproued, alt'oug'' col nlorsv ruled
lower. The tanks have lost 10 the Sub
Treasury since Friday s2,5s4 .o0o. which is
only about s4oO 90 less than the sum lost
IN the same period last week 80 that another
poor bank statement on Saturday Is ird
Gated Two very favorable Developments
81 tie dav were the heavy exports Of NOR
cNandise for the week. amounting to si7-
3lelos "a against S7,2as, ?o4 last week,
ard the large quartity Of wheat taken for
export upon the Produce Exchange. Tie
Illinois Certrars report for October showed
an increase in gross earnings of s2e2 ,477.
almost entirely absorbed by increased
expenses Stories were again current that
'he Colorado Fuel and Iron dispute was
about to he settled. and this impaired
lii tie strer 9Th TO the Denver ard Rio Grarde
and Colorado southern issues A slight
rise in Surar stock reflected the small ad-
vance In the price Of refined sugar The
quotations for raw copper again rose
slightly in the metal market. The recent
not able strength of the Great Northern
preferred and Northern Securities shares
10 believed TO be due to contracts made,
or virtually made, hv the Great Northern
Company with various large consuming
interests for lease on very profitable
terms Of a large quantity Of it's iron ore
lands.
The report Of the condition Of the na-
tional banks on Nov IS under the call issued
by the Comptroller Of the Currency, az
given out AT Washington this afternoon,
will receive careful attention bv all those
desiring TO thoroughly inform themselves
regarding the financial situation. The
report shows that the banks are in a better
condition than they we're on Sept, Is. the
date Of tho last previous report made bv
them to the Comptroller. the improve
ment being, OF course. the result of liquida-
tion in the stock market Nevert heless
the showing AZ now made is not overfatter-
ing. On the former date the banks in
sixteen out Of eighteen Of the reserve cities
If the country were below their legal mini
mum Of r'serve The last report shows
that twelve out OF eighteen Of the reserve
cities are thus deficient. Deposits and
loans have also decreased considerably
The greatest shrinkage in these items ap-
pears among the banks in Chicago, do
posits In that city falling from 5000 sos 400
in September AT the time Of the first report
to $l2s ,t25 600 nj the time OF the second.
The reported decrease is so large as to war
rant suspicion as TO the correctness of
the item. The loans in Chicago. accord
ing to the statement, have only fallen
from Sls8 1892 200 to Sl7i $500 In our
city both loans and deposits have barely
changed. In Boston, loans have increased.
while deposits have considerably decreased.