The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-09
MARKET SOLD ON
BANK STATEMENT
There Was a Loss in Cash and
Large Increase in Loans.
SURPLUS RESERVES LOSE
But Prices Generally We're Not Much
Lowered, and the Close Was Fairly
s.roDg-Norfolk aad Westerns
Good Exhibit.

In spite OF lower figures in Lon
don stocks opened fairly strong yester-
day, and showed a disposition TO ad-
vance until the bank statement appeared.
This was q distinct disappointment to
tho traders, being very much worse than
they had anticipated. It was given out
that the banks would show q gain in
cash, notwithstanding the gold exports,
and that unless loans should show q
large increase the surplus reserve Wouid
not suffer But the statement showed q
loss in cash of something more than
s., 0oO, COO, while loans were expanded SSs.-
974 $780, and deposits increased S24,e84.9oo,
causing a decrease in tho reserve OF 80
727,125.
SOLD OFF.
AS soon as the statement appeared the
market sold off, though not as much as
might have been expected, and the. close
was fairly strong. Indeed in most cases
closing lids did not differ materially from
opening prices, although they were gen
orally under the best prices of the DAY.
Traders have viewed with more or less
uneasiness this continuous expansion OIL
loans, although it is said that such eA-
pansion is not unusual at this season or
the year. The market seems to pc III
a good technical position. and while there
i; not much speculative demand from the
outside there has been q steady -aDsorp-
ton OF good stocks for investment pur-
poses. and the pessimistic spirit Wnlcts
was so much in evidence several weeks
back has given place to a feeling OF
confidence.
TRADE REPORTS.
The trade reports for the week snow
that the general business OF The country
rests upon a perfectly sound blsls, ana
according to Dun and BradstreetS S. there
arc no bad signs in sight Railroad earn
ings continue to be good, although soille
of the roads are showing a decrease LOT
the fourth week in January, oWlnS' II iS
said, to adverse weather conditions.
NORFOLK AND WESTERN
The New York Commercial ADVERTISER
makes the following interesting. report
on Norfolk and Western:
one point regarding Norfolk and west
ern. the large proportion which It's purely
local traffic bears to its total frame, '.l.i'
apparently escaped attention. FROM .ho
! coupany's last report it appears thal .iie
total number of local passengers eau iie.s
was 22257 and the total NUMBER OF
| 1ocaT messengers carried one milo was So
| oS4 42s. The total number of foreign pas
! canrers carried. on the other hand. was
! on,v 81 597. while the total number or 10Y
eign passengers carried one ill1e Voc
| DC cl; rrhc relative earnings from TINS
| traffic was as follows: -, -,
local freight earnings ii'.'--'o e
| Foreign passenger. earni.tss.....'.' 1Vo,e'c
Total Observation-Disclosures -S1'ofo. 191
From which it is seen that during tiis
tl1ae3 fiscal wear Norfolk and Western oe-
| ri,ed, "a ner cent of its entire passenger
earnings from its purely local traffic 1i d
| nlaces the company in an cNcept'o'ts.iiy
s:f.r6nc~ positiOrl. The relative pIol'ui t!oi'
! of its freight traffic is equally as slslil' |,
| can't. During the last fiscal year the totsIi
| omo11tn Of local freight carried was s,S5S'
| 50o tons. While the total amount OF iocs.i
| freight carrieCb ono mile amounted 10 =,
100 G5f, AS tons The relative proportion
which The earnings derived from this
traffic bore to each other was as lolioW vs.
| Local freight earnings. l'2--'ooe
| Foreign freight earnings. ........' l'o'l'oo-
| From which it appears that OF the eli
tira freight earnings of the Norfolk an.
| western over ST per cent. was derive"
from, purely local sources This IS also an
exceptionally strong showing, ana i
laraa1v duo to the policy which has t'eef
nonsistontly followed by the management
! orbe1nin, to develop the resources OF tle
| tcrritory adjacent to it's lines. IL IS ,L,s
| el,arocter OF traffic which is the most Esll-
,,,1c +, railroad can secure. 1t is 70
| ,ar~e extent not touched by conpe'l'ioli,
and is susceptible of the very creates
| development.