New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-03

Stock market trading was active in the two
hours Of business on movement Of values that
generally tended In the direction of lower prices.
Declines were heavier than on any day IN many
weeks, while the market exhibited less inclina-
ton to rally than has been reported at any time
in the last month. There were various causes
for the weakness chief among them being the
war news from the Far East a superfciaIIy
poor bank statement and a somewhat overex-
tended bull account. London prices for Ameri-
can stocks came in lower, while in all depart
ments Of the London Exchange. as we'll as in all
the foreign markets. weakness was the leading
feature of the days operations. The serious de-
velopments in the controversy between Russia
and Japan naturally caused great uneasiness in
foreign financial circles, while in the home mar
kets there was an unmistakable feeling OF the
same character. despite the fact that the best
minds in the Street refused TO believe that
war between Russia and Japan would IN any
way involve the United States OF course, this Is
a question that only be settled by de-
veIoEments. In the mean time there is no
reason fol the holders of good American securi-
ties to sacrifice their possessions. In many
stocks the decline ran from 1 10 8 points. while
in a few issues losses were even heavier. as. for
instance in Amalgamated Copper. Sugar Re
fning Brooklyn Rapid Transit. ST. Paul, Con-
solldated Gas. Nashville. Chattanooga and st.
Louis. In Atchison Louisville and Nashville.
Manhattan, Metropolitan. Missouri Pacific,
Southern Pacific. Tennessee Coal, Union Pacific
and United States Steel preferred losses were
above per cent. The so-called Standard Oil
stocks were under pressure. and brokers who
represent the Standard Oil interests were active
sellers while the Well crowd was bearish and
inclined to hammer prices. The market ap-
peared to be we'll filed with stop loss orders.
and the selling on this account was an intuen-
tial factor in the decline especially in the issues
that recently enjoyed such marked manipulation
for higher prices. The close was weak. with
quotations at the lowest figures Of the day.
According TO the weekly statement OF the as
ISOLATED banks loans increased over S16.OOOOOO.
deposits over S2O000000 while cash increased
SO. 100000 and reserve above legal requirements
decreased over S3.OOO,OOO. leaving the reserve a
S9541 SO. as compared with $40 193,S5O in the
same time year ago, and S7,515,510 in 1907
The increase in loans was due more to the
preparations incident to the January interest
disbursements than to Stock Exchange or mer-
camille borrowing, and as consequence the eX-
pansion was chiefly a matter OF shifting or ac-
counts a reflection Of which was supplied by the
deposit item, which showed an increase about
eonaI 10 the gain In loans and cash. The in
crease in cash was the best part Of the state
r7ent as II Indicated a movement OF money
toward this centre, a movement that will doubt
less grow in volume throughout the month";
Compared with a year ago. the cash holdings OF
the city banks are slightly larger but IN loans
this wears item shows an increase over year
ago Of S3OOOOOOO In this week last year loans
showed an increase Of only $4,000 and reserve
above legal requirements an Increase or over
Sc 100000 The prospects. however. do not favor
disturbance in the local money market, as all in
dications point toward gradual increase In
hank holdings at this centre If war actually
breaks out in the Far East, and IL other powers
should become involved, then there doubtless
sIniS ba fjrmer money market throughout the
world.