The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-01-12
FINANCIAL AND COMMERCIAL.
SATURDAY, Jan. II

the known Increase in tho cash resources
OF the banks during the last week. The
figures, however, more nearly approxi-
mated the known receipts than they did
last Saturday, simultaneously with an
average increase in lawful money of $685.
600, the banks show a decrease in loans
of about the Same amount. In conse-
quenco the increase In deposits il COM
paratively small, and practically all Of the
increase in cash il carried to surplus ac-
count, raising hat item to about $780,
900. The decrease in loans has, Of course,
been voluntary. The statement Ia favor
able in every respect and foreshadows
greater ease in the money market. At
the close of the week time oansa are quotably
lower, as will be seen by reference to the
figures given further on in this column.
Previous to the publication Of the bank
statement tho stock market, though quiet,
was very firm, The change In tone
from the heavy closing yesterday was due
In part TO an unexpected revival Of specu.
lation in London which included American
railway shares. Foreign arbitrage houses
bought moderately. and the ease with which
prices rallied induced traders TO buy back
some Of the stocks they sold yesterday.
The strong features were Amalgamatcd
Copper, Sugar Refining. Atchison common.
Manhattan Railway and Union Pacific.
After the publication Of the bank statement
there was moderate profit taking for long
account that wiped out a considerable portion
of the early improvement; It'll the great
majority Of the list closed fractionally
higher than last night. An interesting
ino;Jaot - a f,,rtbor advance ~ 1s pointa
in American Tobacco common on the pur-
chase Of 100 shares. That stock shows Q
net gain for the week Of 90 points on pur-
chases Of $500 shares. The prevailing ms
preston regarding this movement Is that
very little OF the stock remains In the hands
Of the publ and hat the Consolidated
Tobacco Company desires to secure 1t all
irrespective OF price.
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 statement
for the last quarter. and also large trans
actions In Union Pacific. Reading common.
Manhattan Railway. Atchison common.
Sugar Refining and ~Amalgamated Copper.
The remainder Of the list has been oom-
paratively neglected. The movement Of
prices has been irregular. but as a rule
values have been well maintained. The
public appeared to take q little interest In
the market early In the week. but since
then speculation has been In the hands Of
professional operators and local traders
who have moved prices from day to day
within narrow limits. In some quarters
a. 49, O.. kAlI that aNAO,,lattNn q 1hAnLad
by the proceedings against the Northern
Securities Compsny In the Supreme Court
Of the United States. While nom OF the
securities directly affected by this litigation
are actively dealt In. the point involved Is
important one; for, II the ultimate de-
clsion should be adverse to the Northern
Company, the steps that have
been taken TO simplify and strengthen ths
transportation system Of the Northwest
would have TO be undone. On the other
hand. II the decision il favorable. there IL
little doubt that other and similar
will be formed between
traversing other sections of the
country.
Monetary conditions both here and
abroad have improved materially during
the week. There has been relaxation al
around from the strain OF making the enc
Of the year Disbursements. The local
money market can be described as normal
and as money In now returning from the
interior in large volume, lower rates than
are desirable may be quoted In the near
The complete liquidation OF the
accommodation granted by the
Of England at tho end Of the year
has started a discussion in London as 10 the
possibility OF a reduction in the Banks
minimum rate OF discount next Thursday.
The foreign exchange market showed a
rising tendency at tho end OF the week.
and 20 that extent the chances Of exports
Of specie during the coming week are IN
II thu country h still debtor 20 q
considerable extent TO Europe. the present.
would seem TO he an opportune time ior
the Indebtedness either n pat
or In whole.
General business shows sons irregulAHty.
oaused chiefly by weather conditions, and
also by stock taking The best reports
CONS from the Northwest In tho south
there IL somewhat less activity. oau.ri
presumably by the decline IA no price q
H. the Jobbiug trade tho ihdl'a-
tions point to d very large spring business
The iron aud rto.l Industry continues 10
head all others in r,-Iast to activity aud
m-Aint.nauor ~ price 4 i"'i'r demand
Tor urrals BE- rrpDu~i fiuI, etpurs -
bfrai-flf- are uuf ZAP tu t.uro - resent
vurks haus ,l'arugs AID rah-
tom. r-fuubs uultiluu tu chow mol.
crate i..r.4rs over laHt beaT o rrurn"ts
nFuu,s DO ]rIYa.I.u 49, a vHuln apfeafs
a. &c. -olf H.i r'afNy rl" only "fidonos
90 tLn .. ran tHuHs tha buahdp~n -
tDs t@ls.r...I tillIry syrii ats in us
-u.luaFrU.ff - vhit rutulslAsul ari
o. etc., ssar g. have flp s~sy vUh
llHiir-s fIurui
A. ,.mIau.I sfi uas hnal puaes =
I..t hafufIat u.r uaIHuiy - sasH 80
o. H.fr uuIaUaHt uDi 1sH.rs
u ni la.|a. Isf 'snf hssh. ft 'a.'laI
inIss naf na.i laIlu.fs 90
"a, A.IIHH ls.Hssuf asi 49,
Hs aIaI IH.UrH sI and hHH ID I
intni hI4I# hfsfl q 30
I4riftfrl allI isHafItaHts isnf.aH
aai 800 aia HftFa inIua -
Ausfra" tsaHf O.. tsaiHH
iH rl -HH IHsfrfful o. fFI
II .f.HfI go has.HHI o.
#. ..H 49,. al. H...