The Washington times., 1902-01-12
A CHECK TO SPECULATION.
London Buys Heavily, But Lat,r Be-
gins Taking Profits.
BETTER MONETARY OUTLOOK.
Absorption of American Tobacco
common "a Feature of the Week
Northern Securities Proceedings
Acting as Dsmper on General
TradinG-Reyivnl of Foreign Par
ticipntiOn In American Dealings.

NEW YORK, Jan. 1.-THE weekly state
ment of averages of the associated banks
again failed to show the known increase
IN the cash resources of the banks dur
Ing the last week. The figures, however.
more nearly approximated the known re-
ceipts than they did las; Saturday.
Simultaneously with an average in
crease in lawful money of $685.. COO the
banks show a decrease in loans of about
the same amount. In consequence. the
increase in deposits is comparatively
small and practically ali of the increase
IN cash Is carried TO surplus account.
raising that item to about $4,000. 900
Favorable Statement.
The decrease in loans has, of course.
been voluntary. The statement is favor
able in every respect and foreshadows
greater ease in the money market. At the
close of the week time loans are auotablv
lower
Previous to the publication of the bank
statement the stock market. though quiet
was very firm. The change in tone from
the closing yesterday was due in part to
an unexpected revival of speculation in
London. which included American railway
shares.
The Bnying for Abroad
Foreign arbitrage houses bought mod
erately and the ease with which prices
rallied Induced traders TO buy back some
OF the stocks they sold yesterday. The
strong features were Amalgamated Cop
per, Sugar Refining. Atchison common
Manhattan. and Union Pacific.
After the publication of the bank state
ment there was moderate profit taking
Tor London account that wiped out a con-
siderable portion OF the early improve
ment. still. the great majority of the
Hst closed fractionally higher than last
night
Heavy Buying of Tobacco
Az interesting incident was further
advance Of 25 points in American Tobac-
co common on purchase of 100 shares.
That stock shows a net gain for the week
OF 62 points or purchases of $500 shares.
The prevailing impression rega riding this
movement is that very little of the stock
remains in the hands Of the public. and
tnEt the Consolidated Company desires
TO secure ii all irrespective of price.
Very Quiet Week
The week on The stock exchange has
been unusually quiet, particularly in the
stock list There were heavy dealings in
the United States Steel stocks prior TO
the publication of the company's state
ment for the last quarter. and also large
transactions in Union Pacific, Manhattan
Railway, Atchison common, Sugar Re-
hninG, and Amalgamated Copper The re- |
mainder of The list has been compare
lively neglected. The movement of |
prices has been irregular but as a rule I
values have been well maintained.
Checked by Proceedings.
In some quarters the view is held that |
speculation is checked by the proceed
ings against the Northern Securities |
Company in the Supreme Court Of the |
United States. While none of the Sc /
curities directly affected by this litiga- |
tion is actively dealt in. the point in
volved is an important one; for, if the
u innate decision should be adverse to
the Northern Securities Company, the
steps that have been taken to simplify
and strengthen the transportation sys-
TEN of the Northwest would have to be
undone. On the other hand, if the de-
cision is favorable there is little doubt
that other and similar combinations will
be formed between systems trayersing
other sections cf the country.
Monetary Conditions Better
Monetary conditions both here and
abroad have improved materially during
the week.