The Washington times., 1902-12-13


The week $l.2Il. $50 was received. This
is "a decided turn for the better and
shows practically a change in accounts
of two millions. as last week there was
loss to interior banks Of nearly one
million.
The distinction between investment and
speculation buying apparently depend
upon whether the money used to pdr-
chase stocks comes out OF the deposits in
New Ork banks or b. forwarded from
other cities. Boston seems 10 be the only
city that s not suffering from a stringent
money market. and has plenty of funds
Tor investment. The condition I'm Chi
caEo. Cincinnati. and Philadelphia is the
same in proportion 10 that Of New York
The break in the prices Of the Consol-
idated Lake Superior stocks in Philadel-
phia produced a panic in shat city Of
serious consequences. Many persons had
invested their savings In those stocks.
and apparently few OF them had pur-
chased outright but were dealing on
margins There has been a drop OF about
30 points in the stocks. but the greatest
drop vas yesterday, due to the fatt that
the company had passed its dividends
after Borrowing one million to pay the
same, and made further Improvements.
The merging OF the Western National
with the Bank Of the United States.
means the establishment Of one OF the
strongest financial institutions in New
York The newly organized bank will
have a paid-up capital OF $40 600 600,
and will bring together the Equitable
Life Assurance Company the Mutual
Life Insurance Company, the Prudential
Life Insurance Company, the Morton
Trust Company and the Mercantile Trust
Company. The great financial power and
far-reaching influence OF these in asts
each Of which is a tower Of strength I'm
itself VIII make this new bank second
TO none in New York II is more than
probable the sale Of 1.700 shares Of the
/ City National Bank on Thursday al go
may probably be attributed 70 one OF
these interests. II has been known for
years that the Equitable Life was large
/ ly interested In the City National.
Call loans ran up TO y per cent yes
terday and time loans were refused ex-
/ cept to regular customers engaged in
mercantile pursuits. IL is believed money
rates win drop back TO 5 per cent.
There IS no doubt a call was made this
week on the speculative pool in Southern
Pacific. and as il is known Mr. Keene
is az the head Of that pool. all sorts OF
rumOrs we're circulated as to the diff
Guilty he was in. From the best sources
/ it can be stated that Mr.. Keene has as
much faith In the future Of the stock as
ever, and has as many uuimpaired re-
sources at his command to protect the
drives which have been made against Il
as be had when the pool was first formed.
/ AS matter OF fact. so 10 is said. the pool
I is now stronger than ever before, and
was reported TO be a purchaser OF the
/ stock yesterday below 90. IT is also
/ stated that none OF the pool stock will
/ be closed out below cost.
After the heavy liquidation Of IN,
week the bank statement was looked
/ upon as disappointment. and room
Z traders are inclined 20 view the situa
I ti0u from the bear side. However, th,
short side OF the market IS always IA
I vored by them. The bank statement wa,
as follows:
/ Reserve on all deposits Cde-