The Washington times., 1903-01-18
Increase in Cash Greater
than Anucipated-Net De
posts Over Fifteen Mil
lions More Than Outstand-
ing Loans
Upward Tendency Despite
the Inactivity of Trading
Chesapeake and Ohio
Strong on knowledge OF
Large Profits.

NEW YORK, Jan I7.-Trading on the
stock exchange today was dull and con
fined within very narrow limits P-ac-
ticaIly the only influence appearing to
govern the market was that proceeding
from the weekly bank statement.
The statement was very favorable,
and, what Is somewhat unusual, it
proved in every way It showed an
increase in cash held by the banks Of
ST., $4,000, and an increase in the sur
plus reserve of nearly S5.500.0o0. Loans
increased S14, 412 900. bul deposits in
creased $27. 500. 900.
The increase in cash was greater than
that anticipated by any estimates yes
terday but il was clearly due to the
fact that the bank statement last week,
under the average system. made the
cash held by the banks less than it was
actually known TO be The statement
this week repaired the apparent error.
The most gratifying feature Of the
statement was its revelation that the
net deposits of the clearing house in
stitutions are now over SD, 600, 600 more
than their outstanding loans The re-
verse excess Of leans over deposits has
long been one OF the most unpleasant
features of the local financial situation,
and everybody will be glad that it has
disappeared.
Despite the duIlness. the tendency Of
the market was clearly upward. Chesa-
peake and Ohio was espe siaIIy strong,
for the general reason. perhaps. that the
profits Of the soft coal carrying roads
are now known 10 be very large. but
especially because of the impression
which prevails in many quarters that the
Chesapeake and Ohio Company is destin-
ed to become the owner OF controlling
interest in the Hooking Valley shares.
But this is matter concerning which
. there has been no official or even semi
official PRONUNCIATION
There was steady buying, as there has
been for a long time past. OF the Erie
first preferred and second preferred
shares Missouri Pacific was another
stock which eyinced especial strength
The Great Western preferred stock
again advanced.
The belief Is still firmly held in Wall
Street that the Great Western road
must eventually be taken over by some
one OF the larger Western railroad sys-
tens The plans looking to this End. Il
indeed there are any plans. are as yet
carefully concealed.
The arrival of the steamship ST. Lozfz
afforded relief to the foreign houses to
whom the consigumeuts Of securities by
the ship had been fairly large. Al nc
time. however, has the anxiety been
acute on this account
A matter concerning which there
seems 10 be considerable diversity oI
opinion in the financial community a
present is the state of the market for
copper metal. StatistcaIIy, the markct
seems TO have about held its our
through the year. That is 10 say. The
stocks Of copper on hand at the end Of
the year were practically The samc-l
little less, TO be exact, than they were
al the end Of the year preceding.
Conflicting theories are adduced from
this fact. There are those who argue
that il shows that there Is a Iarg,
amount Of copper stiu pressing on tn,
market and that prices Of copper. anr
hence of copper stocks, must logically
60 lower. 1t is maintained. on III.
other hand, that The result proves tina
copper producing interests have he'll
their own through the year. and that
now that manipulation or copper price
seems TO be over. these interests are il
much stronger position than they were
The truth is that the production o
copper last year. the world over df
not exceed the normal rate Of increase
which is about per cent. One OF IN
most curious facts concerning the pro
ductioo Of any commodity IS that IN
supply or copper, whether high prices O.
low prices for the metal rule. increase
little more or little less than 9 Dc
cent each year.
This one foundation, al least. may .
accepted as substantial in any considera
tiou Of the copper trade-Jhat the cop
per market now rests in an absoIuteI
heaIthful and unbiased position. and
affected solely by The laws Of suDply an
demand Manipulation in It has ceased
and the vast amount Of copper at on
time held over the market by the Unite
Metals Selling Agency. acting for III
Anaigamated Copper Company. has be
come absorbed.
This is testified TO by the southern dis
trict and most conservative interests +
the copper business These interest
give II as their opinion however. tia
an Improvement IN the copper sItuat5o
is far more likely 10 Iavorably affec
the copper stocks dealt in in their IA
tive market in Boston, than it is 2
advance certain copper shares on IN
New York stock exchange.
New York Stock Exchange. Ian. I,
High Low Last chg.
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