The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-07
FINANCIAL AND COMMERCIAL.
SATURDAY, Dec. q

To-day's bank statement was as bad az
was expected. but il was no worse. and
while il left the market exposed TO the
possibilities of higher rates for the Use OF
money next week. il relieved fears that
anything like n panicky condition of Affairs
was imminent. The full amount Of cash
known to be lost. s8.ssi 900. figured in
the statement. Loans increased 81 oil 900.
some Of the larger banks having added
heavily TO their loan account. as was pri-
vately understood during the week was
the case. The surplus reserves, there
fore, calculated under the old system i
which Is the system enforced upon all
the Clearing House institutions 10y the
act Of their governing body-decreased
S5,sl2. $50. reducing the total surplus re-
serve by about one-third and bringing
It down to 1913 80, This is consider
ably greater surplus, however, than existed
In the corresponding weeks i'll the last three
years. In pinch. of course. the Clearing
House institutions would probably not
debit themselves with n reserve against
United States deposits, and this would
leave them with a good reserve on hand
The unwelrome feature of the statement
was the proof that the total loans OF
the banks are again more than the total
deposits Loans are SsSl ,i37 900 while do
posts are $50. 1902 500 There vas some
email covering Of short contracts when
the statement appeared. but the resultant
rally wa, feeble There Is no doubt that
very many operators have Withdrawn
from the market. although watching ii
intently. with the idea Of buying stocks for
Ia, T., ytis. in M M
pated weakness in the market between
now and the end Of the year. The historical
precedon, is Perhaps interesting that the
second week of December has, III the ma
jority Of cases. w,nes Sod the highest rates
for call money and the lowest prices of
stocks recorded in the month On the
other hand, spectators are impressed
with the advice given them by money
brokers. bankers and the heads Of con-
sentative commission houses, that the
January rise" tins year may 10 a pretty
uncertain quantity, inasmuch as money
still show. no signs OF returning from the
country and that all indications are that
il will not return in meas urabe volume
before February For the new week just
begun the banks have again sustained a
loss OF 500 900 10 the Sub-Treasury.
One reason why the loan accounts of
the banks in our city and throughout the
country remain ~ swollen, and even eviuce
a tendency to Increase. ~ beyond any
q Ir,tion that good deal Of our foreign
Indebtedness has been lquidated. aud that
our bankers have necessarily taken upon
their own shoulders the load thus thrown
on 10y others. Representatives OF foreign
~ D.. itt
to the other side for dividends and interest
are greatly reduced. and all trustworthy
data l,ud torcc 10 the belief that We owe
much less money abroad than W. did even
SIX months ago. In one way this is very
gratifying, for il shows that we now posse SIS
moro of our own stocks and bonds than
formerly. IN another way il IL not so
=. aSlnt, because the necessity of raising
money 70 buy these sccuritics has imposed
n ri raln upon our resources. The increasing
exports o corn and wheat. especially the
former, are, therefore. "A most joyful factor
Ia ne financial situation. This movement
has pcen delayed by the unsaasonably warm
weather and by the speculation in cereals
In chicago. 1t Is sincerely to bee hoped that
botl the warm weather and the corners
in wheat and corn are over. Imports
= ncrcha1diso at this port for the week
were also s3jilG3 boss than last week.
Tie wcakes' issues to-day were ST Paul,
New York Central and Car adian Pacific
Naturally in a pcriod of money :, ri geucy It
IL the his, .rriCcd iSsues that are weakest
because more money is required TO carry
them AID because, as representing proper
tie u' goat value, NOR" money can be OBJ
tai ed from their sale by holder IN need of
funds than from the iquit at on of securities
of a over gradr. One Of the rumors Of the
dav vas that NeSsrs Could. Hawlcy and
Hartman had settled. or were in a fair way
OF sattli z, their CoioraGo Fuel 4 Iron dlfer-
euces. Tho carr iugS of railways for OCto-
Der, "a they accumulate, show gains IN gross
over last wear. but go sdcra' ,e doc req 50
IN net viii l. little diScourag. 9 More
over, III. OF ipu Of the financial COMM n V
il not aS untpinou- a. it wa, ilat there wi
he no leg~!at ion sori Iuslv affect z corr ora
tous at the prescott session Of Congress
The speedy progress mad" H. the House Of
Representatives ny Nj LjttlrHc,d's so-callecl
ANTITRUST bill providing for the enforced
publicity Of t." a airs " corporal i0ns, 'ay-
ing their CAPT al stock and placing them
10 a considerable degree under the control
OF to 1t tate CDmm"cc CCmrnissi, n
HARD y gives The impress ion of Cor gre, :
si,lai . action.