New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-02

- -,.-lrss nv a heavy volume of business
-, the stock Exchange total dealings belng larger
Than IN any other year. with the eAcepuOh .. a'V-,
,.r and 1899 For the twelve months ibSSis'z2s
-. r,.-a traded IL, compared with lsSbE.D3
80. Z, the preceding year and eSs+4eas in 1901
- 1-s 81 Js5 n 1888. Compared with twenty years
go there was increase in 1898 OF fooSosl Shares
- hoDas the total dealings for the year amounted
q mar value 10 1854 $50 against $3.50 sSsz In lsz
TIu. n 1892 prices for securities advanced 10 the
highest level record IN the year just closed QUO
,a+ions declined IN the greater NUMBER OF issues 10
.he lowest figures Cor many years. some issues sell
ing ut the cheapest prices IN the history OF the
cook Exchange. There were various causes Tor
- ssrere shrinkage in values in the year, the chief
on. being the reaction from the speculative orgy
=, the preceding twelve months. The insane bun
.c+,z1tv Of 1902 compelled heavy liquidation in 1903,
enorruorss losses among all classes Of spectators,
failures in commission house circles and the col
,anse OF p number Of banks and trust companies
outside OF New-York. The large outpouTing OF
stock was taken advantage Of by investors who
had money available for such purposes. and as
consequence stocks are now in the hands OF strong
financial interests and the outlook for better prices
tr 1864 is therefore much more encouraging than
IL was at this time year ago. when the market
Was loaded with overextended pool and weak mar
Gin accounts Since the lowest prices OF the year.
which were recorded early IN the fall, there has
been a gradual Improvement in quotations. and in
The greater number OF securities values are from
6 10 Is points above the lowest, although from 20
10 20 POINTS under the high record Of 1907.
MOVEMENT OF VAIUES.-In the first week In
january Of the year Just closed twenty leading
active railway securities sold at average price
Of ln2S which the high level for the year
The decline from that point continued without I'M
portant interruption until September IS when ths
low record for the year was made. with the same
railway stocks at average price OF $3.50 since
that time there has recovery OF many points.
last quotations for the year showing an average
rrce OF 1886 Sixty active railway shares sold IN
the year at average high price in January OF
1919, and n low price In the fall or e2.oZ' COM
rared with a high price Of 1867 in 1902 and low
price OF lOl.G5. in the Industrial list the average
rrice for the leading issues in the first week or
January, 1913, 65.33, from which level there
was a gradual decline to 42l5 on November 9. the
low point Of the year. The close was at about A.
II Is interesting 10 that the low price in 1858
of e. for sixty stocks compares with the highest
average price Of sixty active stocks in lsZ OF 1907
The low price IN 1903 Of $50 for twelve active
stocks compares with a high price in 1902 OF 1895
.he best record ever made by the leading active
railway stocks on the New-Yorz Stock Exchange
The heaviest transactions in the last year were re-
corded IN the first fey months. The record sales
were made on January s. when 152i9 shares were
dealt in In bonds the heaviest day was December
when transactions TO the par value OF IS $3.50
were reported IS~stocks the low record OF deal
tngs was made August Il, when 1871 shares
were dealt in while in bonds the low record was
.nRs amounted 10 only $4,000. The heaviest Satur
day transactions covering only two hours Of bust
ness were recorded on January 10, total sales
amounting 10 $4,000 shares. In the bond market
the decline in values in the year from six 10
fifteen points, although compared with the high
prices Of 1902 the loss heavier. At their low
prices Of the year. the market value Of the
stocks traded in the New-York Stock Exchange
showed a shrinkage In market value as COM
pared with the high prices of 1902 Of over
s2.500CoOO00. Some OF the leading investment
issues. as for instance, Chicago and Northwest
exhibited the heaviest depreciation. This stock
showed loss in market value Of over ss5,co0,0 900
q decline OF lis points Among the investment
Issues IN addition Northwest. the heaviest maxi
mum declines in the year were made by Jersey
Central. which lost "a points, st. Paul 65l2; Della
ware and Hudson. 35i5; Great Northern preferred
IS; Illinois Central asa; Lake Shore. 65; Louisville
and Nashville, 6i Brooklyn Union Gas. So; Con-
eoldated Gas. &C; Pullman, ca; Metropolitan. "a;
Pennsylvania. CO, and New-York Central, 56l4. In
the industrial list the heaviest declines from the
high record OF 1862 made by General Electric
international Power. which lost 17s points; New
York Air Brake. 81; Virgna-Carolina Chemical, IS;
Westinghouse 1o3; Colorado Fuel, Sc; United States
Steel common. 81 and the preferred. 49, The largest
transactions IN any one month were in January
when Is es6 O3s shares were dealt in. compared with
the monthly record Of 1902 Of 25,si5sl4 shares in
April and the record OF 1901 OF 42,ls40S. also in
April which broke al records in the history Of the
Exchange. The hghtest dealings were IN Septern-
n,
last year Of l5l2922 shares compares with s2o2.1oO
shares Of April 30 1901, the largest days dealings
in the history OF the Stock Exchange The record
day III bonds 1903 OF S. $500 par value compares
with the record Of $5e2Sooe. on April Il 1902 and
sI,5G550e on May !. 1901. which broke all records.
BANK CONDITIONS IN NEW-YORK.-The last
statement OF the New-York national banks. as re-
ported 10 the Controller Of the Currency, shows
that compared with the statement of September O.,
there was an increase OF ss9o000 in capital and Of
s2isS0 go circulation, while there decressee
OF ssls 100 IN net profits. OF s3lls7V0 in deposits
due banks and trust companies, Of $2oo4boO In the
amount due other depositors, OF $4,000 In the
United States bond account and of $z5e21,0O in
total liabilities these now amounting 81 on 097 800
The items of show decreases Of 1885, zoo
In loans s2i50J IN United States bonds TO secure
circulation, s2T4,ee0 in other stocks. bonds and
mortgages, s344.5J0 in cash items and banknotes.
ts5IIle0 IN specie and 800 in legal tenders.
The Increases were $685. 200 in United States bonds
on hand sl2s 600 in United States and other bonds
70 secure deposits 100000 IN premiums on gov
eminent bonds s5Os39o in real estate. furniture.
etc and sl7 9si 800 In the amount due from banks.
corapsred with the statement OF November 2, 1892.
the return OF November H. 1903, shows that there
vas a net increase OF sl2.5se.5oo in capital Six
banks increased this item by sls.6lT ooo-ths Bank
OF Commerce SIS oeo,ogo the Mercantile National
e oc0p0o tire Park 100000. the Market and Full
ton $4,000 and the National Exchange 500 600.
The Seventh National, capital s2.479.2oO, and the
Broadway. 100000 were absorbed by the Mercan-
tie and the Western. 100000. was merged first
with the United States and later with the Bank OF
Commerce; the Hide and Leather. 1t may be
noted, as the National Bank OF the United States.
absorbed the Western. and the latter was merged
with the Commerce The net profits OF the forty
three banks for the year Increased ss.7lo1eo.
compared with the profits OF the fortyseven banks
ago The total liabilities November 20 1902