OCR Text |
Show "miionnoas Uoexpected It Expansion in Loans Way of Accounting for It Except uu In Financing' Some Great Cor-I Cor-I poration Project. 1 NEW YORK, Jan. 21. Thoro was a Tjood deal of commotion and aomo con-wuslon con-wuslon In tho actlvo two hours' trading of 83 today's stock market, but tho Important jvchanECS on tho day wero conllned to a jlXew stocks. Tho further buoyant riso In ftho Northwestern Grangers was In con-f con-f uectlon with nnothor rise In tho Northern lSccurltlcs on tho curb. i4 Tho general level of prices, howevor, 4"was maintained with dlffloulty and gavo "Sway entirely on tho appearance of tho J bank statement, disclosing on unexpected joan expansion of J3M7-5.700. This Is far ;)ln oxcess of any previous weok'n, lncrcaso 'M Hn tho loan Item during tho history of tho -7M ' clearing house and It was further notablo lOB? I' for tho fact that tho lnoreaso In loans lias MfC, ' been mado by tho thrco or four largest Si ; banks In tho clearing house. In which are tSi ' usually concentrated tho greatest syndl- cftto operations of tho country's most pow- Sierful financial groups. Nothing baa appeared on tho surfaco to i rjcdlcato into what channel this enormous J! extension of credits may be turned. There J have been several bond sales during tho ' week, but not sufficient to account for - im tho propositions of the loan expansion, g i; genie part of tho resources thus expended 'I 1 tnoy bavo gono for tho payment of matures matur-es ' lag American railroad notes and bonds ' l held abroad, and It Is known that tlio n '. cheapness of monoy hero has prompted ic 59- bankers to employ runas ior uio pur-chases pur-chases of largo amounts of bonds held by aM'Earopean investors which aro to fall duo SM'in a short tlmo. But there- will bo room SilJ-suII for tho supposition that oomo groat a jj-S project of corporation llnanco is In prog- rsAi Compared with this week's great loan tt,jorease, that for tho wcok ending Jan-Ota Jan-Ota wjury 23 lost year comes noareBt to an On.'! Svmial amount, whon tho bank loans ln-LTa ln-LTa J'creased p,Co0.3'. Tho only other parallpl a IK occurred during tho spring of 1901, prccod-ctm prccod-ctm l!lng tho great fluctuation era, when for fi'lf faeveral weeks tho clearing houso banks Oi'vmado Increases In tho neighborhood of $J J.C'.ttO In their loans. S r f Today's 6tock morkot closed actlvo and oJreasy. Total oalca of bonds, par value, iifc Sjs.sso,ooo. , , ... c.m f Dealings at tho stock exchango this I week have expanded to an average of 5p,'i J over a million shares a day, and tho 0 jtfc growth in tho volume of the bond dcal-tags dcal-tags has been moro notable, with an ln-4 ln-4 fKf creased health In the demand for In- I vestment Issues along with tho contln-SM contln-SM tucd activity In tno moro speculative bonds. But the tone of tho stock mar-? mar-? kct has shown much irregularity and jJ I unsettlement. ?S The volatile spurts In a few very nc- i tlve stocks hnvo not carrlod tho general X list along with them, and tho ppeclol ''1 ' movements havo served to beget doubt, is r and suspend, rather than to encourage. I, ' General demand for stocks. This was m f due to the apprehension that professional 1J I speculative operation! wore largely re-IJ re-IJ t sponsible for tho congested activity In a A I few and a doubt of tho genulness of ? ( the general activity. WA t Tho moncv market has been unruffled i hy all adverse Influences, such ns tho 9 V withdrawal of 10 per cent of the Govern-9, Govern-9, ' ment deposits from the national banks I rind the continued outflow of gold . to f foreign markets. But the heavy Influx of J monev from tho interior to this point has been sufficient to glut tho money li r market , , i "51 Tho falling off In railroad traffic and ( I ' tho easing of the car Bhortagi. and the W I gross earnings mr mo ov.-i-uiu ( January, do not retain tho excess of re- Vt cent showings over last year. The gold a t production for American mines for tho vcar Just closed 13 found to have risen ' i 'to a new high record. It Is believed that V some light Is thus thrown upon the I i freedom of tho outward movement of ' I gold, although Homo stress is luld also ; ' uPn the possible Influence of tho great 1 ' I olume of our bank notes as a factor In : v expelling gold. With tho value of December Imports .- lifted to a record llguro for a slnglo i month and with tho enormous shrinkage , J i- In the value of cotton exports by reason 1 , of the fall in price, the December trado I balance In our favor fell moro than ,' M44O0O.IOO below that of tho December , fiT preceding, thus explaining much of tho I persistent strength of the foreign exchango ex-chango market. The conflicting Influences at work havo acted ns a representative agent on tho powerful efforts to lift prices, rather than In any posltlvo depression, and tho lin-" lin-" derton'o of tho market has been firm. TJ'u market for bonds has broadenod i ift!vterlallv, marking tho presenco of dfcnndant capital for Investment. Lnlted l 8tatcs new -Is advanced vor cent on I i r call on the week. 'i NEW YOP.K BOND LIST. I V S rf rcff.-iaiHIock V -Hs IWVl I coui-on AW, Japan Co cert Wi i I V S !i res 103H L. & N u 4b 103Vi J coupon 10Ui Man c u -In lOOH i I V S now is rK.,.lS0U Mex Cen is I f coupon 131U 1st lnc ' 1 I f V S old -to rcB....lM M & St L 4 t'S'i ' i j couiKjn 10 M. K & T a 101U :t Am Tob l.i cert.. Hi 2nJ.i M ' I : Cj crt 112 Mex Nat c 4n S'Vi 1 Atchison c .103?' N T C g 3143... .100 i ailjt Ati SSA N J C K 133 , I 5 A O L (s 102'., l'ac ia 105Vi , !, 1! O s 10Hi 2s 1 ! IHj 96 N & W C is 102?i I I : Cera of Ca Ds 1UU O S li r a SI, , let lnc 52 Penn c 3,i3 lc,Ji ' ' 'ml Inn 71 Tl.nllnr. rr In 10?U 111 f C & O Ihs 108Ti S L. & I M c ta..ltfi fltl! C &. A 2ta .... 52 S L & S V f is.. 90H BE C. B & Q n is. .101 St I SW o 4a..'.. SJJS , C,V. I 6i P Is.... S2li SAL 8 SO, ( col to . So Pac 4k ' C, C, C t St L So lly Ds 118U mk ! Ktn 4 102 T & .P lst 130H Wm Chicago Tcr 4s ... M T. SL. & W 4a.... SI j Colo MM iu. .. .73 U P 4s ....106 " 1 C k B 4s &2U conv 48 118 3 Cuba Ca cert ....101 V 3 Stosl 2nd 6s.. A ? D 1 R O (j 101 Wabash lots 118 3 i t)U Sec Cs SOla Jcb 13 CTll 7 A Erlo V Hen 4s... .102 W Md -Is k S311 'I ctn s 9lTi W & l E 4s WMi I TWDC latfl..lllU V.'ls Con 4b 9l i CLOSING STOCK LIST. 4 Sulea. HlKh. Low. Clona. (3 If Atchlon 2.KO S7 SCH SGV4 R preferred SCO 100'i 100i 300 AUmtlc Coast Line.... S00 123',; 123 123 3BBIUmoro Ohio 0.000 103K 102H 102H 1K Prferrtd -imti Canallan Pacific 50) '133?L 12311 133 IStmf fnlral of Now Jersey. 900 1931 IMli 1S3 '9K CJitnpcaico Ohio.... 2,003 40 48 4Ct j Cblcajjo Xi Alton 41 trt.'errcU 1,200 23 23 23 flBi S?' 0rtal V.'eatorn St j MY CM & NorthwcHtcni.... 10.701 226 221 222 ? Mil & st Paul.... 40.MO 177H 170 lTG'.i IK 'o Term Ci T 10,100 15H 14 1474 If1 Pffcrrcd 8.W0 2C14 23 24Ti i IK C p C U St Lou 1 5,300 86V., 514 95 j K C?,CTalo & Southern... 3,401 2-tli 22-i 23 T ft1 it Preferred 600 62 C2 C24 i II' "d proforred 2,100 37 2 3C .' Sfaw'ro Hudson.. SCO 14 181 l&3li . K DlaWare L . We3l J0,, -jmp "mvrr .t nio G 32 .IB -.Prefcrrc-l it o'JBy s?1 zs-m 40 ,M i1. proforrcd 4.7W 794 7S 7515 J,eWV Tit:n?.Prftferrtd 2..W) M,t, C2 63 ' 4K "0:klnc Valloy 100 S3 14 814 &5V4 T-'jMl . Prc-fmij , P0n iwno1, Antral l.KO ICS 1C5 Ioa. Central 3.000 31 21 C0T4 5Bt TfC'crre1 K0 67 17 i?BvKnw Clly Southern.. 3, W0 30 23 20 2B?.T lfV,I & Nahvlllo. CI-OO 142 141 141W Sin,'attan L , 2,000 171 170 170 Vlr,StrMt Railway.... 1,400 11614 lie lis' AMI fffzlca' Central 00 23 23 21 mV r.Rt.V S Sl M 9W 55 94 W 'JBvV. 500 I" 1M 149 2K JL S-Urt PadflO 1,$4 107 106 106 'alii Kansas & Tsras... 300. 32 32 Sl ---- -f---t----r--- -f SILVEn. -f Now York 60c 4- -4- San Francisco COSo 4- 4- London 27d 4- 4- LEAD. , 4- 4- New Tor exchanpo ..J4.C03 4.70 4- 4- COPPER. , 4- Now York oxchnngo S15.001J15.25 4" 4-4-4-4-4-4-4-4-4-4-4-4-4-4-4-4-4- prcferred 700 CH 6C C5 N It of Mexico pfd 400 43 42 41 Now York Control H.MW 145 144 13 N Y Ontario & West.. 3.A0O 4t 43 43 Norfolk & Western .... 2.200 79 73 7S preferred 100 93 93 92 Pennnylvanln 12,200 138 13J 137 P CCtSt Ixuls 73 Reading 49,200 S9 SS SS 1st preferred 92 2nd preferred , S7 Rock Inland Co 10,100 37 35 JC prcforred . . S3 St L & S V 2nd pfd.... 200 71 7lfi 71 St L Southwestern LO00 27 M 26 prcferrci 900 G2 -61 01 Southern Pnclflo 1C.30J 67 CG C6 preferred 2,100 117 117 117 Southorn Railway 5,101 33 34 34 proferrsd , JO) 97 K K Texas Sz Pacific SO) 35 31 34 Toledo, St L & TVest.. 10) 36U 2G 36 preferred K-5 &.1T4T C3 IB Union Pacific 49,I00 120 118 11S preferred ... 63 Wabash 400 11 21 21 preferred JOO 43' 43 42 WlieollnG & Lalco Erie. 1M 1S 1S 1B "Wisconsin Central 300 22 21 21 preferred 200 45 45 45 Express Companies Adams 2J3 Aniorlcan L.J. a0 224 224 223 United States 120 WollB-Cargo 10O 245 215 245 Miscellaneous AmalRamatod Copper . 7,100 75 74 74 Amorlcun Car S: F 20) 33 32 32 preferred 300 92 92 92 Ajncrlcan Cotton Oil 34 profon-ed 93 American Ico 100 64. CW C proforrod SO) 37 26 37 American Linseed Oil.. CM 18 17 17 preferred .... S3 American Lccomotlvo .. 54 S4 S( preferred 100 105 103 103 American Sm : Rof... ll.KO SJ 81 84 proftrrcd 1450) 314 313 113 Amorlcan SUK?ir Rof... 1.00) 143 142 141 Amer Tob. pfd enrt 1.900 93 92 92 Anaconda Mining Co.. D00 10S 107 107 Brooklyn Rapid Transit 7,503 M 62 C2 Colo Fuol & Tron 00 47 4S 46 Consolidated Gas 20) 1SS 19S 19S Com Products . , 39 preferred 7G Dimmers' Securities... 1.10) 37H 3714 37 General Elcctrlo 40) 1SS 3S7 ISfitj International Paper ... 1.300 22 22 22 preferred 7S International Pump S3 preferred jc National Lead SO) 24 2414 24 North Amorlcan ! S3 Paclflo Mull r0 45 41 44 People's Goo 1X0 107 105 106 Pressed Stcol Car 200 SS 35 S6' preferred ,40) &3 ) S9 Pullman Palaco Car -via Republlo Stcol CO) ic 16 1C preferred 100 63 W 63 Rubber Goods 2H preferred 94 Tcnnensco Coal & Iron l.EO) 71T', 71 si 70 United States leather,. 1,70) 13 13 13 preferred 102 102 103' United Statcn Realty 73 United States Rubber.. 200 M 33'i ,T,,,rcf?rr,';J 100 100 1M W United Stateji Stcol 20,70) 20 29 '-9 prefc-rred 16.400 94 M: 01' Va Carolina Chemical.. 200 S3 35 3',U preferred 30) 107 106 106 WentlnRhoUBo Electric. 40) 1S1 ISO iso Wcstorn Union so) oii 'iu 50 Total Bales for tho day. 479.S00 shares Now "fork Money. NEW YORK, Jan. IL Close: ron-y on call nominal, no Joans. Tlmo loan3. easy: olxty days, 2Ug;y pr cent: ninety days. 23 per cent, six months. 3ff3 per cent Prlmo mercantllo popcr. 3tri per cont. Sterllnp exchanee. steady, with actual buxl-ness buxl-ness In bankers' bill at JI.S7.63 to tt.87.70 for demand, and at J4.85.30S4. 5.35 for slity-day U1II9. PoatPd ratee, JI.SC and J4.S5U. t'cmrnercial MIIh. t4.S4S4.S5." Bar silver. C0c Mexican dollnrn, 47c. Government bonds, steady; railroad bonds steady. ' SAN FRANCISCO. Jan. 3L-Slrver bars COHc Meiican dollars, Mc Clenring-Houso Averages. NEW YORK. Jan 21. Th statement of av-eroKes av-eroKes of the cloarlne-houso bojika of this city for tho week ohowa: T Increase. l?an, $1,038,811.10) JJ1.47I 700 Scp031lt0, 1.163.815.20) 44.653.10) Circulation 42,950,700 69 400 Li-j.'nl tenders M,637,SO) 3 ?w 90) SP416 224, Oil, 00 MJsllOO Kf:80rV'O 3U.6S7.600 30.43S.3O3 Rcscrvo required 290.913,SO) 11 1C3 775 Surplus 23.733,800 ;723!l75 Lr IT. S. deposits ES.97&.230 1.112 600 Decrease 2rew York Metiils. NEW YORK, Jan. 21. Thero was no perceptible per-ceptible cbaiifjo in tho metal market Copper continues firm, with -lake held at J15.60: electrolytic. $13.37ftl5.50; castlne. JIG.00 ij 15.23. Tin Is reported steady at J29.C0ff20.O) Lcadlsnrm at J4.60& 1.70 and spelter Is quiet Iron Is ilrm, with no uhadlns of con.v.nuenco reported. Treasury Balances. WASHINGTON. Jan. 21. Today's statement state-ment of tlio treasury balances In th cen-cral cen-cral fund, ercluelva of tho ?150.000,0O) gold rcrcrvn in tho division of redemption, shows Avallablo cash balancu, J133;SSI,561; cold 33 - LIVE STOCK. ' Chicago. CHICAGO. Jan. 2L Cattle Reorlpts. 200; steady; tjood to prime Mteers, J3.75BM 26; poor to medium. J3.75fr5.CO; stockcrs and feeder 2.2534.r5; cowb. Jl 25fW.40; hclforn, 12.0003. 10; cannon), fl.25'Q2.45; bulls. J2.10SM.03: calves ?3.60ir7.00. Hoks Receipts today. 13,000: Monday, 40,000; stronc, firm; mixed nnrl butchers', J4.45&4.63; good to cholco heavy, f4 C2fri.70; rounh heavy, :4.454.C5; lluht, JI.403 1.C7; bulk of nalus, JI.COffl.C0. Sheep Receipts, 2000: shebp steady, lambs firm: rood to cholco withers. J5.00O5.CO; fair to cholco mixed, J4.0OS-l.90. Western sheep St. 25 12-5. CO; natlvo lambs i5.7i7.75: Wenterrl lambs, $5.75127. C3. Kansas City. KANSAS CITY. Jan. 21. Cattle Rtcolpts. 1000: market unchmiirud; natlvo steers, 3 75 igS. 7C; natlvo cows and helf-rs, 11.75f?-4.RO; stockoro and fcmlorH, J3.00Qi.S0r bulls, J2.7&tr .03; calves, J3. 0026.50; Western fed nteor $3.C03i.25; Western fed cows, J2.00a3.7D. lloKt Receipts, COO), rnarkot steady to shnde lower; bullc of xle. J4 5504.75; heavy. .75 Oi.60; packers, J4.C5fri.75; pigs und llcht, 14.0) i-70 Sheep Nono; steady. Omaha. SOUTH OMAHA. Jan. 2L Cattle Receipts, 20); market unchanced. Hobs Rccolpto, 6500; market shade- higher; hoavy, J4. gojm.70; nuxou, J4.b.ic.60; light, J4.45C4.62; pies. S3. 753-1 -40; bulk of sales. JL:S3-I.C2, Bhcup RocPlpts, 1400; market enelor; Western West-ern yearlings, J5.25g.40; wethers. J5.00O5.C0; evcue. 4.25tf5 40, lambs, J5.50fi1.I0. St. Josoph. ST. JOSEPH, Jan. 21 Cuttle Rocelpts, 100; ttondy; natives. J2. 755,35: cows and holfors, U.74.40; stockcrs and feeders, J2.7S'34.00. Hoks Receipts, C800; fiteady to nhalo hlnh-f-r; light, J4.tOff-l.70; medium and heavy. ii.eoa-j.so. Shocp No receipts; demand stronc. Pacific Coast Grain. SAN FRANCISCO, Jan. 21. Wheat Firmer; May, JL46; December. $1.20. Barley Firmer; May, IL1S; December, 9Tc |