The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-10
Bank Statement Much Worse
Than Had Been Expected.
LOAN INCREASE VERY SMALL
Had Anticipated Falling on.
AmaIsumnted Copper Gives Indica-
Freeze Out Bull AccOunt-FIoatinE
supply of Sugar Quite Small.

looked for bad bank statement. and
got one much worse than its worst an
ticipations. The loss in cash far ex-
ceeded what had been indicated by the
estimates Of the movements Of currency
during the week. and no broker seemed TO
have any satisfactory explanation of IT,
Many of them were inclined to take sort
of comfort from the possibility that pres
ent conditions might arouse Congress 10
the necessity of passing a measure for
the relief of the money situation along
the lines approved by Senator Aldrich, by
giving the banks increased latitude in
reducing circulation, which would make
them more willing TO Increase it at times.
and by empowering the Secretary of the
Treasury to deposit customs receipts in
the banks just as soon as collected.
In the item of loans, there was a rela-
lively small increase, considering the ad-
vance in the market dur:lg the week,
but this gave rise TO little discussion,
the matter of surprising interest being
the disappearance of so much cash--gone.
and nobody seemed TO know whittier.
Before the bank statement made its
appearance there was good deal Of sell
ing of stocks in anticipation of a poor
showing. and after the publication of the
figures the pressure OF stock increased
a good deal of the selling came from
the bears, but some of it was Of a kind
10 induce the traders 10 follow suit
Many Of these put out short lines and
departed from their usual custom by
going home short over the end of the
week. As a rule. operators Of this class
cover up on Saturday so as to have no
contracts outstanding over Sunday, and
their evening up is often sufficient 10
cause a sharp rally toward the end of the
session. No such rally occurred
to-day, closing prices being in many
cases very little above the lowest quota
tons of the day.
One thing that encouraged the bears to |
remain on the short side over the end OF
the week was the belief that on account
Of the impending holiday there would be
very little interest in Mondays market. f.
as the London settlement
would begin on Tuesday, when the New
York exchange would be closed.
Some shrcwd brokers say Amalgamated 4
Copper still acts as il the large interests I
were endeavOring TO freeze out some bull I
account This, they say, is the meaning
Of the great difference In the buying OF 4
and Anaconda. In the lat /
ter, the buying IS an accumulation. while 4
there is evidence OF manipulation IN the /
other stock
This manipulation may very possibly bc I
conducted by the alleged unwelcome bull 4
interest.
American Sugar Refining. after having /
shown evidence Of accumulation for some
weeks past. became one Of the strongest
features of the market to-day. the
strength being the more notable because
,olncident with decline in the general
list The floating supply Of the stock is
quite small. and Friday the average Of
transactions for a number Of DAYS did
rot run above 100 or 200 shares daily
IN the break Ia the market a week ago
Ome OF the cleverest traders on the floor
.ndeav0red to depress sugar, but they
ound such good support for the stock
hat they decided not TO carry the mat
ct far, and speedily covered the small
Inc they had put out on the short side
significance is attached to the strength /
4 the stock in view Of the fact that the
directors Will meet for dividend action
bout the end Of the present month. and
While there is nothing definite in the Tu-
noTs OF possible increase IN the rate,
here has for long time been more or
ess expectation of some kind OF a favor
ble announcement as a result of forth
oming meetings.
DisregarGing altogether the rumors
bout the possibility of some favorable
elton at the forthcoming meeting of
ugar directors. there is sufficient reason
OF the growth Of bullish feeling on the
took in a report recently issued bv the
,ureaU OF Statistics of the Department
T Commerce and Labor. which showed
hat not only was the total consumption
sugar in the United States last year
srger than ever before in a single year.
ut that the amount used here per capita
as also the largest on record
Il used to be "a favorite argument of Mr..
Iavemeyer that the per capita cOnsump-
on Of sugar changed but little from year
roportioned to the growth in population.
ne trade being never subject to any de
rease and only increasing at slow and !
rderiy rate. The bureaus report how J
YER, while leaving the force of Mr.. Have :
eyer's argument as to absence of danger !
a decrease in the total consumption
nimpaired, demonstrates that the rate
increase in the use of sugar has been
reater in the past year than even the
reatest trade authority had counted
pom.
More people using on the average more
Igar per capita has been the years his
ny Of the sugar trade, a new condition !
lat probably gives a new value TO Amer
an Sugar Refining stock. Usually. when 7
)nditions give new value to security. ,
'aii street is not slow to recognize the
let.
An unusual number of important divi- ,
md meetings viii occur this month. in {
uding Union Pacific, Southern Pacific. {
ew York Central. St. Paul, Sugar,
meters, and Standard OIL.
One Of the largest commission houses r
the street says in its weekly market !
tier: THE fact is that many of our :
.curities are now reasonable in price,
nd that purchase for investment is
ping on daily in odd lots, which is all
avs the commencement of the reversal :
the tide. When foreign buying begins
gain it viii probably take place in large
1iume. Among stocks that investors
ay safely take are Baltimore and Ohio.
aging on the investment So per cent;
'uthern Pacific. paying $50; Erie first {
Il.
'uri, Kansas and Texas preferred, show a
@ returns on tho Investment of : 81 No.. q