The Washington times., 1903-01-04
UNDERLYING TONE
OF MARKET BULLISH
Observation-Disclosures Sub
stanual Banking Interests
Are Maintaining Prices.
Bank Statement Better Than
Expected - Decreased
Railway Earnings

NEW YORK. Jan "A good bank
statement was expected today but the
statement that appeared was better than
expected.
Loans were practically unchanged, but
deposits increased S..l51 400, so that the
excess of loans over deposits is nov
reduced to little over $1,000 600. The
cash held by the banks increased in the
large sum of S4.435.0c0. so that surplus
reserves were enlarged in gratifying
shape
Previous estimates of the increase in
cash we're much less than the figure
named. The large increase shown prob
ably resulted from the return Of Christ
mas money to places Of deposit.
Anticipation OF the bank statement and
the construction placed upon it by the
market after it appeared was practically
the only feature in the days trading.
Before the statment was published, ne
market was inclined 10 sag. on con-
tinuance of the proft-taking movement
noticed yesterday.
this movement. and. indeed. remained
heavy until the close of the market
The rally that followed after the pub
location of the bank return carried
prices. in most instances. back 10 the
closing figures Of yesterday
Conservative commission houses are
still advising caution on the part of their
------- ~4-F-,,--r-7,. .--r-F7-1v +las fTa- he
Iieve that higher prices will be seen be
fore the end Of the month Nothing is
more. clear than that the underlying TEN
FER of speculation is buIIish. The prob
ability is therefore that anything like
reasonably low rates for the use OF
money will be followed Dy rapidly ad-
-vaneing quotations throughout the gen
eral security list The prudent specu-
Iator viii, however. pay some attention
TO the advance that has already occurred
without notable reaction
Decreased Railway Earnings
More railroad statements Tor Novem-
Der appeared today. showing decreases
IN net earnings. owing to increased oper-
aring expenses. The gross increase o.
$3.50. 500 Of the Pennsylvania Railroad for
its lines east of Pittsburg was changed
into net decrease of S67I, 00o. A net in
crease on the lines west OF Pittsburg ef-
fected small net Increase for the Penn
syIvania system as a whole
The weekly statement of imports o
general merchandise shows that these
imports are stiH proceeding at q grea'
-rst =z-- rr ETiv-.
extent By Increased exports Of corn.
TIE sutbry-afe offs eeulsuoH fer. the rise
IL the cotton market, while it may be
justified by the unfavorable weather thai
has recently prevailed in the South. and
by the belief that he large estimates O.
the Gotten crop that have recently beer
current are without foundation, Is, never
theIess, as is anything which causes al
increase in the price Of our domssu
products al this time. not good thing
for eur export trade and for the foreiH
exchange market.
Trading IN Tobacco
TIE declaration last Wednesday Of
dividend CT 20 per cent upon the stock o
The Consolidated Tobacco Company hal
naturally caused a marked rise in tn
price Of the stock Of that company a
dealt in on the outside market. Thi
stock IS, however. 50 closely held tina
there Is comparatively little trading in ii
The only outlet for a demonstration 0
tEe feeling now prevalent in Wall stree
Is 10 the prosperity OF the compauy j
The Consolidated Tobacco per cen
bonds in the bond market. The bond
have. therefore. recently been very ac
tive and strong. ANA have. in fact, bee
one d the dominant features of The bon
list4u the last few days.
The Bews that the directors Of III
Union Pacific Company were still ne
gotiating with a committee of their en-
pIoyes regarding the demands made b
the latter for higher wages. ana tina
something like g. hitch had arisen il
these negotiations over the matter @
piece work, did not appreciabIy affect th
Union Pacific and Southern Paclh
shares The Street feels confident tha
ali labor difficulties on these roads vii
soon be satisfactorily adjusted.
Stunning up the entire situation a
the close OF the market for the week
AiLH 4'tt-St9t Let.--a1 lt+ t2At ltieli-Aai NJi-i
nlaaiJy IS. undoubtedly. that no sue
advance in market prices as has recent
" occurred could have taken place
substantial banking interests had no
wished il and were not themselves as
sured as TO lie safety and soundnes
Of present conditions Until this attitud
changes, and that Is TO say. until IN
great money lending Institutions agaI
tighten their purse strings. the grea
majority Of spectators. IN their pres
eat temper. viii choose to buy rattle
tran 70 seq,
New York Stock Exchange, Jan.
High. Low. last. chg
Anal Copper G5ft g. e41s