The age-herald., 1902-01-05
 PROFIT TAKING
 HURT THE MARKET Stocks Made But Little Head
 way Against the Movement 1. WEEK HAS BEEN GOOD ONE Activity and Strength Was Reflected By the Confident Spirit over the
 Outlook for the New Year. Increase In Cost.

New ork. January 1.-The disappoint- ment over the weekly bank statement to- i day made it difficult for the stock market ! to make headway against the selling to ! take profits. A good part of the gains were wiped out after the statement ap- peared and some of the weak stocks fell a point or more below last night Realiz- ing was in evidence from the outset among the coalers and some others but the heavy absorption of the United States steel stocks and a rise in amalgam ated copper gave some tone to the market. Copper promptly relapsed and selling also met the advance in the United States steel stocks
 The rise in the copepr stock was based on the reported dissolution of an injunc- tion against the payment of dividends by one of its subsidiary companies. A number of low priced industrials devel- oped strength during the day especially the producers of railroad equipment. St. Paul advanced on it's increased earnings for the fourth week In December The announcement that this company would discontinue statements of the weekly earnings gave rise to some doubt among
 
 The bank staten ent showed an increase of only $3,457,S00 in cash which was less than half the amount predicted. The increase of reserve requirements by the large loan expansion more than offset this in the surplus item which accordingly showed small decrease. Confidence in early ease of money was considerably dashed by this development.
 z The activity and strength of stocks this roe1r oa1,4 41d "a over the outlook for the new year. The .year-end stringency of the money mar ket has ben ignored in the confidence that a few days would see a relaxation of the money market of vast resources through the unprecedented disbursements on ac- count of the interAt and dividends and of the currency which has. been in active circulation to accommodate the needs, of the holiday trade, the volume of which has been an index of the great prosperity which the country enjoys.
 The practical consummation of the conversion of Northern Pacific preferred stock into common stock which was an essential to the plan of organization of the Northern Security Company, has been an element of strength for stocks. The adjustment of hostilities which seem to be still latent in the ans-continerital railroad situation, was felt to be depend
 
 progress relieves anxiety caused by the evidences of obstruction to it. It is hoped also that the way is thus opened for a resumption. of some of the important pro- jects for further combinations which were interrupted by the shock of the Northern Pacific corner last May.
 Speculation which has made stock prices above normal as compared with previous statements, justifes confidence of prospective deals as already displayed tby operators. k4
 W Capital issues on the various railroad mergers and purchases has been confess edly at rate which requires a continu- sance of the recent level of prosperity to make adequate return upon new securities as investments. High prices have been paid in all cases for properties included in mergers. Not only Is this true in the case of railroad properties but presumably of industrial properties although public in- formation in the latter case is much less. The Amalgamated copper incident and the developments in that trade are. felt to be pregnant with suggestion of possi- ble results to flow from a decline in de- mand for products. of other industries. capitalized on a basis of heavy consump- ton at high prices
 Manufactured exports. and increase of imports is suggestive of lessening demand
 
 pressed foreign markets The lack of the financial stimulus of enormous foreign credits by reason of favorable trade bal ances has already been conspicuously evil dent. Signs of revival in foreign financial and industrial affairs raise the question of the relative attraction for capital of a turning point from depression and a level Tar advanced towards expansion, if not infation The balance between these con alterations and the apparent purpose of prominent capitalists to embark on fur fher large enterprises which are depend ent for financial success upon large de- mand for securities and a strong stock market give promise of two parties in The speculative field in the future.
 The bond market has been fairly active but som ewhat irregular and there has been no striking investment demand for mortgage securities
 United States refunding 2's declined H and old As h and the 5s advanced k per cent from the closing call of last week
 New York Stock Market.