Evening star., 1897-02-20
Contraction of Loans Shown BY the
Bank Statement.
LOOKING 10 ZEE COMING CONGRESS
Discussion of the Conditions Of the
Situation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February 20.-Continued
nervousness in the continental markets had
depressing influence on London's prices
this morning and again curtaiied the vol
ume of local business. The holiday Mon
day discouraged new undertakings. as the
narrow range 90 prices fully indicates.
The undertone of all markets was steady,
but the Inducements for extensive opera
tions are extremely moager.
The domination Of the market by opera
tors prejudced against Improvement has
been unusually conspicuous during the
week. but the result is harcly worthy OF
the effort Prices yield stubbornly in most
instances. and significant liquidation has
at all times been impossible. Concerted ef-
fcrts have forced fractional declines from
time to time. but the recoyeries have been
both prompt and substantial.
y limited demand adds to market value
more than double the amount artificially
deducted by professional contrivances. The
daily operations of the room are ali that
intervene between the present apology for
a stock market and complete stagnation.
With this fact in view actual owners of
securities see nothing alarming in the daily
fiuctuatior in prices.
On the other hand. trade conditions and
the initial evidences of prosperity encour-
age confidence in period OF fnanc ial res
toration. Manufacturing districts are
awakening to new activity and commercial
enterprises are assuming proporu oas
worthy of careful note. The opportunity
to earn money being created il is but nat
ural to look forward to he time when sur
plus profits will seek investment.
Money made in the security market nlas
add impetus 10 a movement. bat the en-
curing movement is inaugurated by funds
accumulated in the ordinary channels of
trade. Until such channels become pro-
ductive beyond the limits of a mere exist
eIce. no new value. except in special IN
stances. can be added TO corporate securi-
ties. At this time attention is turned al
most exclusively to the new tariff bill.
The government must he put upon
firm business basis. receipts must regularly
exceed expenditures and the laws govern
ing successful business methods must be
construed as strictly as in the case Of in
dividuals. That such results are within
reasonable expectation is almost univers-
ally believed by the largest interest In the
street.
The firai adjournment of the present
Congress may not improperly be the sub
ject of a demonstration in financial circles.
The tendency of such demonstration. Ii Is
needless 70 add. will not indicate regret.
1t is the incoming Congress. howeve-. upon
which hope is now conferred Should Its
record conform to present expectations
stock values will slowly take a new
significance. Until evidences Of good in
tentions in this particular multiply. the
non-committed capitalist will proloag his
period of inactivity.
The weekly bank statement is disap
pointing inasmuch as the loans have again
been contracted more than Sl.jo.'sD. show
ing a lack of employment for idle funds.
A gain of $5176ao in lawful money Is re-
ported. the amount being equally divided
between legal tenders and specie. The lat
ter has come mainly from California. and
the former from nearby points. The re-
serve has been increased more than 81
| W9.W1. thereby adding unnecessarily to
the strength of the local banks.