The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-22
FINANCIAL AND COMMERCIAL.
kArunpAH, Jan. n.


While the disqheting news regarding
the internal affairs Of Russia had a per-
oeptible influence on foreign marietta, IL
played little apparent part in our own mar
ket, which after momentary hesitation At
the opening developed no little frmness
under the lead of price advances In the
Vanderbilt group, which was 30 conspiou-
GUS In yesterdays trading. The shnree
OF the Chicago and Northwestern Hallway
resumed their remarkable upward movo-
ment. touching at one time prio ga points
over their closing figure on Friday New
York Central also rose full point, and
seemingly Influenced by the Developments
thought to be impending In this direction
ST. Paul advanced practically two points
Union Pacific displayed strength ooinoident
with the rise of Northern Securities In The
outside market to q new high record, and
the market as a whole, while not active,
gave the impression OF frmness. At the
end of tho first hour, however, rumors OF
an unfavorable character regarding the
bank statement gained currency, and hesi-
taton, and, In places. weakness, followed.
The actual publication OF the statement,
showing as Il did en- unlocked for and
striking increase In the loan account
resulted In ceiling movement, aided IN
doubtedly, by the evening up OF profess
etonnl operations before the holiday, be-
fore which in many places previous al
vnnoes were wired out and net losses In
rnoat cases email scored for che day. Re
sistsnoe TO this movement was offered by
several OF the !seues which had influenced
ne market earlier, notably by Chicago
and Northwestern, which retained points
Of It's advance, and by ST. Paul Manhattan
6iso closed at a gain. influenced by the rise
Of u points In marlborough stock IN the
outside market, and the COMMON stock OF
the Pacific Coast Company, whose ex-
csptiunAlly favorable condition has here
tofore been pointed OUT In this column,
scored an advance OF 71S points and closed
dc the high prioe. The weekly statement
o6 the banks, with It's record changee In
loans and deposits, called forth far more
comment than explanation. Briefly 1t
showed an increase Of s84. 100 in lonns
and "a, 655 100 IN deposits. with q gain OF
tloAsS,sOo In cash and loss OF s725,475 In
HirptuA The increase in deposits is only
q quarter Of million dollars less than the
eum Of the increases in loans and cash,
which makes the statement technically
favorable one. The increase In loans Is
the greatest ever recorded IN q weekly
statement, comparing with that OF Jan. %,
1904, when the loan increase reached the
record figure of s30,689, 200. On that date
also deposits increased SIS 03l.7oo, thus
overlapping the deposit figures Of
statement The statement for
1. hn
offer striking resemblance, "a do the ex-
plantations offered then and now that the
loan increase represents the transfer OF
loans from the trust companies to the banks
owing 10 the low rate commanded by money,
which at that time also ranged around
per cent The shifting Of accounts be-
tween trust companies and banks may,
therefore, be offered as explaining lar gely
he conditions shown by the statement.
but it ia not improbable that syndicate
operations in connection with loan flota-
tons and preparations for impending pay
ments such as that which the Union Pacific
is to make on Feb. f. when It takes up the
$40 .O00, 600 Of notes issued a year ago, also
bear on the matter. The last instance
gains added weight from the fact that the
loan account of bank closely connected
with the railroads affairs shows an ex-
pansion of over SIS 100000 along with a
gain Of nearly 81 900 900 in cash. The stock
market. at least. unless the great trading
in Reading be excepted. afforded in the
week no forecast Of this huge increase in
loans
Outside Of the Russian situation, In their
order Of importance. attention was directed
during the short session of business to-day
to the Pennsylvania Railroad strike position
which presented features ofenoouragement,
only part tally in the company's
stock, in that the positive belief was ex-
pressed that at a meeting late in the day
an acceptable solution would be reached;
TO the purchase 10y an independent steel
plant Of some 10000 tons of Bessemer pig
iron for quick deliyery-an order which,
il is maintained, practically cleans up all
the pig iron which the furnaces can make
until next April and which adds its evidence
10 the confidence expressed in the perma-
nence Of the revival in the steel and iron
trades and 10 the official statement that
during the week S3637,OOO Union Pacific
convertible pcr cent. bonds had been ex-
for common stock, leaving out
sf-'0Di'VN OF tIe Douus' ne
failure Of small banking institution at
Lancaster, Pa, was also noted Comment
was again made to-day in banking circles
on the exceptional condition % the bond
market, where investment demand has
overtaken the supply and seven considered
TO be extending tothe higher class ofstocks,
where it has undoubtedly affected such
issues a. Delaware and Hudson, ST. Paul,
Northwestern and New York Central. The
same issues and other railroad securities
will doubtless BE- Influenced favorably by
the exceeding mildncss of the present win
ter season. year ago at this time traffic
In all objections was seriously hampored.
and the results financially, were cloquently
set forth in subsequent annual reports.
= a,rl. - rI. Nnfa Ga1a Ian