The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-16
FINANCIAL AND COMMERCIAL.
SATURDAY.. Dec. 10.

SATURDAY. Dec. 10.
There was a continuance to-day Of the
upward movement in prices in the security
market that set in so sharply yesterday
and further gains of a point OF more were
made by the principal stocks. The rise
was helped materially, no doubt, by the
publication OF a weekly bank statement
that was much more gratifying than had
been generally hoped for, although it still
LETT the bank surplus at a deficit. This
favorable result was brought about by
another large diminution in bank loans.
the fall in the item running to more than
81, 900, 600: and as the cash held by the
banks increased 81 ,?24.OOO. the surplus was
enlarged by IS ,OO3. i25. leaving a deficit in
the total surplus OF 81 500 $50, as compared
with last weeks deficiency of se,7O2, l75.
Presumably this reduction of bank loans
was brought about in the same manner asst
has been throughout the entire fall mai
nv a transference OF loans TO the books OF
out OF town financial institutions. The
report Of the condition Of the trust COM
panies in the State, recently published,
k0ONt0 IUdl hV-t poA NV
extended help to the banks in the matter
of taking over loans in the same degree
that they have in previous ears or as much
as was commonly credited 10 them in gen.
eral financial discussion. There has been
TO some ext ent in the last month a retrans-
ference OF speculative accounts from this
CITY TO London owing to the Improvement
in financial conditions in England that has
-. "a, atnca tho Rapk nf ENGLAND made itR
q per cent. discount rate effective. II is
obvious, nevertheless, that it is by the ex-
pansiou Of credit in the interior Of the coun-
try that the local banks ave managed TO
pass through the trying period since the
first Of September. The advance in the
market to-day was without particular
feature. though strength in Union Pacific
stock was perhaps more noticeable than
elsewhere. Profit taking was noticeable
in the Mexican railway issues, following
upon the definite announcement of the
successful conclusion of the Mexican Cow
ernment's plan for the practical CONSOLE
dation Of the Mexican Central and Mexican
National railway companies. The North
srn Pacific and Great Northern shares dis
played somewhat more residence to-day
than they did yesterday. The curb market
was stronger than it has been for a con-
siderable time, being buoyed up especially
by a further violent advance in Greene
Copper stock. consequent upon the news.
to-day officially promulgated. that the
control of the property had passed into
hands allied with the Amalgamated Copper
interests. Closing prices in tho general
market to-day we're a little under the hest
on profit taking.
Holiday business throughout the country
is Of course in full swing at the moment,
and all stories agree that il was never con-
Quoted on a more active scale; while the
same statement may still he made regard
ing all lines Of commercial and industrial
trade. The tendency noted lone or two
weeks ago toward a decrease in railway
uross earnings as we'll as il snet revenues
is more strongly in evidence the general
reason for this appearing to be that these
earnings are now compariT nth the exl
tremely large returns Of a Vear lgo; and
should this tendency go on developing IL is
conceivable that il may become a stock
market factor of some importance. 40
cording to all analyses Of the matter. the
falling of is due TO a shrinkage in the move
ment Of grain, live stock and the like; but
lust why this should occur in view of the
seasons enormous crops unless the we'll
known fact Of the existing car shortage ie
at the bottom Of the trouble, seems a little
puzzling. Prices Of staple products, IL is
10 be observed. are about the highest on
record, and the movement OF merchandise
out OF the country continues all that could
he asked. The Governments statement Of
the November foreign trade was not quite
a. brilliant as for the preceding month, ar
owing chiefly to a relative increase in i'm
ports the excess of exports for the month
vas Ss2, sic, 5Ss, as compared with S72 ,043 ,oO1
In November, 1905. Foreign takings Of
cotton in the month were never exceeded
but once before in any one month in the
country's history, but the gain here wa,
Offset in degree by a falling on in exports
of breadstuffs, meat products and the like
In the commodity markets the event OF th'
week was a violent drop in the price o.
cotton caused by a Government estimat'
Of the seasons crop Of IL $40 900 bales. l
Is now admitted hat the output Of thu
cotton crop this year will outrun the cal
culations generally mad tw " or thre'
months ago. Tn damage to the crop By
storms in the early fall was chiefly directed
as turns out, against theq quality Of the croI
rather than its quantity. Sterling exchang'
has been constantly depressed during tn,
week owing to the continuing high rates 70
the use of money; and gold imports coul'
undoubtedly be easily arranged II 1t wa
thought desirable to bring them about.