The Washington times., 1902-12-28
Operations Confidently Re
newed by Various Pools,
and Fractional Rises
Forced on an Active
Market.
Statements of the New
York Banks and the Bank
Of England Both Unsatis-
factory.

NEW YORK. Dec. 27.-DeaIings we're
again quite active on the stock eV-
change today and prices we're strong.
The leading stocks held their gain OF
yesterday and advanced fractionally. The
various pools. whose work has been the
recent NatuTe OF the market. confident
Iy renewed their operations.
Il is commonly understood that the
party OF spectators TO whom. with more
or less grace. the names of one Of the
leading hotels OF the city attaches are
bullksh on the market General specu-
lstion now Is probably largely under
their leadership.
The stocks in which distinct pool ma
nipulation is apparent are the Rock ISL
and Detroit Southern, and st. Louis and
san Francisco issues. For obvious rea-
sons most conservative commission
houses are very careful about taking or
ders in the Rock Island shares, while in
the two other classes Of stocks there is
little public interest.
Brooklyn Rapid Transit and the coal
stocks today showed heavy profit taking.
and the Erie stocks were not as promi-
nent as yesterday. although they held
firm. Some rather mixed statements Of
railroad earnings appeared. The Cen
traI Railroad OF New Jerseys increase OF
s12o. 1928 for November is noteworthy. in
asmuch as il is the first net increase in
the earnings OF the road shown since
April
The Southern Railways increase in
gross earnings for the third week Of De-
cember OF sos. .O94 attracted favorable at
tention. The Atchison's increase in net
for November OF only S26.5S5 was natu-
rally not so well construed. in the last
five months the net earnings OF the At
Gibson system have decreased 1855. .esl.
Bank Statement Unsatisfactory.
TIE bank statement was certainly not
fatterine. although II could hardly be
called bad It showed a decrease in loans
FOR the week Of but S5Ss 500. a loss in
cash Of s.. O2O. .OOO and a decrease In sur
plus reserve. therefore OF S1.546.300. Part
OF the loss in cash was undoubtedly due
to causes incident to the Christmas sea
son.
The total loans Of the banking institu-
tions centered in the clearing house are
now SS75, ,321 800. while deposits are $685.
s53. 500 Thus for over a month now the
banks Of the city have continuously
loaned more money than they have had
on deposit.
Such an occurrence In all the past ex-
perience OF Wall Street has never been
held to be other than a sign Of danger
and OF undue expansion OF credit. and,
indeed. il has never been Witnessed be-
fore save in times OF obvious market
PERIL The fact is sufficient explanation OF
the-reason why banking sentiment IN the
financial community now is by no means
as optimistic as the sentiment OF WaH
Street
II indicates with reasonable certainty
that the present high rates for the use
OF time money viii continue for an in
definite time 70 come.
The weekly return OF the Bank Of Eng
land. published today, made a poor show
ing
Record Imports.
The most important event Of the day
was. however the report from the Gus
tom house OF the weekly imports Of mer-
chandise. The value OF these imports
amounts TO s1414s.57s. the largest i'm
ports in any one week this year. as
against SIC. .332. sos last week and Sl2,-
33053S last year.
APPARENTLY we are still buying lux
urieB and merchandise OF all kinds in
Europe on an enormous scale. and as
long as we continue 20 do this. and pro.
cure for it no Offset in the shape Of an
increase in our own export trade. III,
foreign exchange market must continue
IN it's present menacing position.
The most prominent stock in the trad.
ing today was Amalgamated Copper. II
advanced nearly 3 points. on the as.
sertion that the decision rendered tn,
day before yesterday I'm one OF the suit,
brought in the interrnlnable litigation
between the Amalgamated and Heinz,
interests ia Montana necessitated n,
payment OF 81. 600 by the Heinze peo.
pie to The Amalgama-ed company. Tn,
claim was promptly denied By the Heinz,
spokesman IN this city
A 6imsy story vas also ahoat TO th,
effect that an arbitration" Of all din
culties had been arranged between IN,
Amalgamated company and their Mon
tana opponent.
There is substantial foundation fol
the statement that the buying OF Anal
gamated today did not proceed from
those who know most about the presen
copper situation. both as affecting IN,
Amalgamated cOmpany's interest. an,
those OF al the other copper producinl
companies. The buying was simply
part Of the present market program tha
being carried out by professional spec
ulators for the rise.
Nav Ynrk Stuck Exchanoe Dec a.