The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-23
FINANCIAL AND COMMERCIAL.
SAT URpAY, Nov. "a,

SAT URDAY, Nov. 20.
Speculative enthusiasm In Wall Street
to-day was chilled by the weekly bank
statement, which. although 1t showed
that the banks had gained about the same
quantity Of cash a. was anticipated. at
tested q very much smaller reduction in
the loan account than had been confidently
hoped for. The loans Of the associated
banks decreased only q. 207 600 and in the
Last two weeks have decreased but S7,2e3 400.
This u Q much less decrease than was
expected after the notable liquidation OF
stock market liabilities. 1t WAS argued
o week ago that the comparatively small
decrease " the loans then showp was due
to the fact that the brunt Of the liquidation
had occurred In the closing days OF the
week, and 80 was not adequately reflected
In the bank statement then made. Rumor
was current In the Street yesterday and
the day before that the loans In to-days
bank statement would show q decrease OF
fully 30 900 900; and the disagreeable I'M
preston spread to-day, therefore, that
huge syndicate operations we're still absorb
ing the floating supply Of money at this
centre. II is probable. as has been time
and again pointed out in this column, that
the market liquidation has Affected TO
very great degree the loans Of out-of-town
institutions and OF foreign banking houses.
IL Ia said on good authority that over
$50 900 600 of foreign loans have been paid
of in the last month. These outside opera
tions, OF course, obtain no record on the
Clearing House books.
The net result Of the bank statement
to-day was TO bring the Street to a clearer
realization Of the fact that the financial
situation In this city and throughout the
country is still troubled that there Is no
possibility OF easy money for speculative
purposes for at least two months to come.
and that the great bankers who have at
heart tho welfare Of the community rather
than the desires Of stock gamblers have
not relaxed their grip on the situation In
the slightest and do not intend to. The
difficulty Of advancing 4 per cent railroad
stocks on q permanent per cent money
market still looms up as formidably as
ever. The high prices now ruling in this
country for all products are diminishing
our exports and increasing our imports.
Money b working tighter abroad. and the
December settlements are approaching.
The rally In the stock market following the
decline has already gone as far "a it should,
reaction In such matters. This is law
which spectators rather than investors
regard. At times, Of course, there are very
great exceptions to IL, and it's working is
by no means something to be invariably
reckoned upon. II is. nevertheless.
well-established general rule in market
fluctuations that counter movement in
the price Of securities following length
ened and pronounced move in another
direction, seldom amounts to more than
half of the original break or advance in
prices. as the case may be: this counter
movement, moreover, usually takes place
in a very short space of time as compared
with the time occupied by the movement
Immediately preceding. Prophets Of
further immediate advance in prices. there
fore. must needs believe that the deprecia-
ton in values has entirely eliminated and
that another bull market is under w6.
That there can be bull market in Wall
Street at this time is regarded as fiat
impossibility by the substantial powers Of
the financial community
1t Is probable that prices would have
reacted somewhat in to days trading ven il
the bank statement had not been disappoint-
ing. Nevertheless. at the opening of the
market nearly all stocks were active and
higher. New York Central was strong
on the argu nent Of spectators that the
road was. after all, mixed up in some way
with the supposed lease Of the Manhattan
system to the marlborough Rapid Transit
Company. The Reading shares were very
strong because of the indications that the
coal operators and striking miners would
settle their troubles out of court Such
foundation for an advance in Reading
seems slight, in view Of the fact that a ter
mination Of the difficulties in the anthra-
cite region is already assured. The Erie
stocks were singularly weak, while Anal
gamated Copper broke sharply. indicating,
perhaps. that the short interest therein
has been entirely covered. Nearly all
stocks save Reading common closed at
net losses for the day. Imports of mer-
chandise for the week at this port were
announced as being $l3,3l8,37l as against
el2, 032 6+8 last week, and 9,7s4972 last
year. There is apparently small hope Of
any decrease OF customs payments in tho
near future. II is worthy Of note that the
extremely mild weather now prevailing
over the country. while il il adding TO the
cotton crop. is facilitating the efforts Of
railways 70 reduce the congestion Of traffic
on their lines and is blessing to those who
are forced to buy coal for house heating
purposes. is. nevertheless, of disadvantage
to the general mercantile business of rhe
country. The usual trade incident to the
season is impaired thereby.
New York Stock Exchange Sales. Nov. n.
cLosrSo SaIcEs or usTrKD STATES BONDS
Bid Asked Bid. Asked
Uss.r. y e
1880. ...lOSh 09iI la25...,,l3oi5 1894