The Washington times., 1902-12-07
Loans Again More Than
Total Deposits - Small
Covering of Shorts on
the Market.
Many Operators, Not With
drawn From Speculation,
Watching for the Jan
uary Rise" "

NEW YORK, Dee 6.-Today's bank
statement was as bad as was expected.
but IL was TO worse. and. while in it
was exposed the possibility OF higher
rates for the use Of money next week.
il relieved fears that anything like
panicly condition Of affairs was immi-
rent
The FUN amount Of cash known 90 be
lost, $6.S3L0o0. figured in the statement.
Loans increased. S1.6ll.OOO.
Some OF the larger banks had added
heavily to their loan account. as was
privately understood was the case. The
surplus reserves. therefore. calculated
under the old system. the system en-
forced upon all the clearing house in
stitutions by the act Of their governing
body. decreased. S5.S12. $50 reducing the
total surplus reserve by about one-third.
and bringing 60 down 10 Sg.g73.75c.
This is considerably greater surplus,
however. than existed in the correspond
ms weeks in the last three years.
IN a pinch. Of course. the clearing
house Institutions would probably not
debit themselves with a reserve against
United States deposits. and this would
leave them with a good reserve on hand.
Unpleasant Development.
The unwelcome feature Of the state
ment was the proof that the total loans
Of the banks are again more than the
total deposits. Loans are SSS1. f37 900
while deposits are SS79. 762 500
There was some small covering OF
short contracts, when the statement ap-
peared. but the resultant rally was fee
bic. There is no doubt that very many
operators have Withdrawn from the mar
ket although watching it lntontly with
the idea OF buying stocks for the Jan
uary rise, in some period Of anticipated
weakness in the market between now
and the end Of the year.
he historical precedent is perhans
Interesting. that the second week Of De-
cember has. i'm the majority Of cases.
witnessed the highest rates for call
mqsey. and the lowest prices OF stocks
racffdft IN the month. On the other
hand spectators are impressed with
the advice given them by money brokers
bankers. and the heads Of conservative
commission houses that the .Januar,
rise. this year. may be "a pretty uu-
certain quantity. inasmuch as money
SIN shows no signs OF returning from
The country. and that all indications are
that it viii not return in measurable
volume before February.
For the new week. Just begun. the
hanks have again sustained a loss Of
Sio0.090 20 the subtTeasury.
The Lean Account.
One reason why the loan accounts OF
the banks in our city and throughout
the country remain so swollen. and even
evince tendency to increase. is. be
yond any question. that a good deal OF
Our foreign Indebtedness has been Iqui-
dated, and that our bankers have neces-
sarily taken upon their own shoulders
the load thus thrown off by others.
Representative OF foreign banking
houses state that their remittances 20
the other side Tor dividends and interest
are greatly reduced and all Trustworthy
data lend force 10 the belief that we
owe much less money abroad than we
did even six months ago.
In one way this is very gratifying. for
IL shows that we row possess more OF
our own stocks and bonds than formerly.
I'm another way it Is not so pleasant.
because the necessity Of raising money
TO buy these securities has imposed a
strain upon our resources.
The increasing exports Of corn and
wheat and especially the former. are
therefore q most joyful factor in The
financial situation. isis movement has
been delayed by the Unseasonably warm
weather. and By the speculation in
ccresls IN Chicago. Il is sincerely 10
be hoped that both the warm weather
and the corners" in wheat and corn
are over.
Imports Of merchandise at this port for
the week we're also 1854 1853 less than
last week
Weak Issues of Market.
The weakest Issues to-day were St.
Paul. Now York Central. and Canada
Pacific. Naturally. in a period OF money
stringency. IL Is the high price issues
that are weakest. because money is re-
quired 10 carry item and because. as
representing proper cs OF great value.
money can be obtained from their sale
by holder In need OF funds easier than
from the liquidation Of securities Of .
lower grade.
One Of the rumors OF the day was that
Gould. Hawley and Hartman had ecf-
tied. Cr were in q fair way Of settling
their Colorado Fuel and Iron differences
The earnings OF railways for October.
as they accumulate, show gains In gross
over last year. but a considerable de-
crease in net which IS a little dIscourag-
Ing. Moreover. the opinion OF the fnan-
cial community De- not as unanimous as
it was that there viii be no legislation
seriously affecting corporations az The
present session Of Congress.
The speedy progress made ln the House
OF RcpIesl lutatives by Mr. LifucfeId.s
so-CsIlCd alu-trust' bill. providing for
the enforced publicity Of The affairs OF
corporations taxing their capital stock
and placing them 90 q considerable de-
gree under the control OF the Interstate
Commerce Commission. hardly gives the
impression OF Congress inactlon
New York Stock Market, Dec. 6.
High. Low. Lest. Cii'g's
Anal Copper .-.. 90 5GA J6# y
An. Bicycle pG.. IL
An. Sugar ..-....I1g7s l1S% ll9z =
H#