Evening star., 1896-12-05
FINANCE AND TRADE
Weekly Bank Statement Shows In
creased Specie Holdings.
CONTINUATION OF EASY MONEY RATES
Belief in Conservative Legislation
Gaining Ground.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, December 5-London's S
failure to respond to the dividend on South
ern Railway preferred was somewhat dis
appointing in local speculative circles this
morning AMI discouraged any significant
buying for eithcr account. The statement
of the road in question for the fourth
week OF $97 GOA. making the total decrease
for the month s2O9,s43. Earnings from
July / to November 30 show a decrease of
$i49474
From these figures IT is readily seen that
the proposed disbursements is"not from re-
cent earnings. and can under no circum-
stances be considered fixture. The period
of prosperity incident to the increased traf-
fic to and from the Atlanta exposition prob
ably laid the foundation for the fund from
which payment is to be made The real
significance of the determination to give
shareholders modest return on their in
vestmeat at this time concerns the general
market rather than particular stock. Had
London responded to the announcement
with an increased demand for this and 9TH
er American shares the real object of the
dividend would have, perhaps, been accom-
plished.
The money to be paid has been earned. q
circumstance warranting special mention
at this time. but it's distribution without
the probability Of similar action during any
taken al indicating q desire to accomplish
something out of the ordinary. If this
desire Is to begin a significant advance
movement in the general market the fail.
ure OF the first attempt is of small con-
sequence
Professional domination of the security
market Is practically waning from other
causes, and needs only the aggressive en-
ployment OF experience and capital to l,e
thoroughly routed. Market DEVELOPMENTS
aIter the reading CT the Presidents mes
sage to Congress Monday will In ali proh
at:i1ty attract new Significance
for the hrst time in many weeks the as
sociated banks report a decrease in specie
holdings.
The amount is less than one million and
is iuiiy onset by the gain in legal ten
ders. which brings the net gain in lawful
money up tC $i.W0WO for the week
Loans have been increased s., 623, GOO. which
coupled with the increase in cash accounts
Tor the gain OF s11.411.7o in deposits A
trifie over one million is added to the sur
olus reserve holdings
This statement foreshadows a continual
ton or easy rates for money, circum-
stance likely TO find substantial reflection
in the bond market. The easier market for
money In London. loans being made / pei
cent under the Official bank rate is a fac.
tor arguing well for local securities of rec.
osnfzed merit. Foreign bankers are Of the
opinion that the Bank of England will
maintain its per cent rate during the bal
ahce OF the year but lower rates are prac-
tfcaiiy assured in the open market
DlvldenG-paying stocks should follow the
activity in the local market, and eventually
speculative issues will feel the influences of
abundant employed capital. Congress may
interfere with the natural tendency toward
recovery from time to time, but the i'm
preston Is daily gaining ground that con-
servatism will prevail al all critical legis-
latlNe periods prior to the 1th of March