Evening star., 1902-01-04
Rather Better Tone Noted Through
out the Stock List.
BANK STATEMENT WAS BEARISH
Poor Showing as to Amount of
Money on Hand.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 4.-opening prices
In today's stock market reflected a more
steady undertone than that which prevailed
at the close OF yesterdays business. Lon
don sent over a higher range OF prices. par
ticularIy for the Steel stocks. and purchases
of 10000 shares Of the latter were credited
to foreign houses.
Traders were not in sympathy with
higher prices, but there was a fair demand
from commission houses. Sentiment was
helped by the steady undertone displayed
In the investment issues and there are am
pie assurances that influential interests are
committed to higher prices.
There was some disappointment in the
showing made by the banks. inasmuch as
the gain in lawful money was fully 80 per
cent smaller than yesterdays estimates,
the total gain being "a, 49, 800.
An increase Of Sl1.5S6. 400 in loans In
taken to reflect the increased borrowing at
the end OF the year, and the transfer OF OBJ
legations from the trust companies to the
banks, usual incident to the years end
The deposits are larger by SIS. .33S. 800 and
the net result reduces the surplus reserve
$3fo,ti5, or to a total of $7,5l5,515 above
legal requirements. Money is undoubtedly
coming in from the interior In large vol
ume. and the local interest rate already
shows an easier tendency
There is always disappointment Of some
sort at this season. due to the mistaken be-
lief that the first day OF January marks the
end of money strfngency because OF the
enormous interest payments at that date
II is to be remembered that the checks ten
dered In payment Of such obligations are
usually mailed, and many of them 20 q long
way from the depository OF the funds Sc
curing them
A period of at least ten DAYS is necessary
to convert them into cash and to allow the
money market to work back to normal
condition. During this period stocks show
ing profits are marketed by traders and the
professional operator with the idea of get
ting them back during the doubtful weeks
in January. The effort made in some quar-
ters to compare days weeks of one year
with the same dates in another year are
of no practical value.
But fixed conditions, such as interest pay
ments in large scale involve, can be com
pared, and from such a comparison IL is in
dicated that the present market will have
at least one false start. There are more
men and dollars interested In Improvement
than In the opposite course. and accidents
alone threaten present optimism. Rock
Island was a feature OF the early trding
this morning under demand In which
western houses We're prominent.
Pennsylvania finds a ready market as the
result OF its remarkable growth and in
vestors are coming to realize the fact that
this system has not had its deserts In the
matter OF market activity. New York Gen.
tral has held well and is bought by houses
very closely Identified with the manage
ment.
ST. Papl Is firm, but there are signs of
hesitation In both Onion and Southern Pa
cific. Developments of Importance are ru-
mored in Pacific Mail and some significan Mt
buying has been noted during the week
Erie and Reading We're only steady. rumors
that no increase would be made In the divi-
dend in Erie First Preferred causing some
selling.
American Locomotive was a strong fea-
ture Of the Industrial department, as a re-
suit Of the liberal supply of orders now on
hand. Distilling issues reflected better
trade outlook. the preferred stock gaining
2 per cent during the day. While the closing
was irregular there was good support in
the active list