Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-02
FINANCE AND TRADE
Extreme Dizziness characterized To-
days Stock Market.
BEAR ATTACK ON SOUTHERN
The Bank Statement Was Better
Than Expected.
GENERAL MARKET REPORTS
Speci1l Dispatch to The Evening Star.

Speci1l Dispatch to The Evening Star
NEW YORK, September 2.-Pronounced
dullness dominated the stock market dur
ing todays short session, and public inter-
est was not manifested in a single active
issue. Mondays holiday and the general
belief in a decreased cash reserve served
to hold the market In check and prevent
any new business. London sent over high
err range of prices but there was no re-
Spouse from this side save such as was
intended to steady rather than to improve
prices.
The great Vanderbilt consolidation which
served as the background for all that was
interesting in yesterdays market lacked
confirmation. but the issues concerned held
stubbornly in spite Of the general lack of
interest elsewhere. This trans-continental
transaction may be Of slow growth, but
that the plan will reach maturity and to
the great good of all properties concerned
is not seriously doubted.
Rumors Of a scrip dividend on Northwest.
an exchange of bonds of that company for
the stock of Omaha and similar operations
find credence in certain circles always in
advance of official confirmation. Wander
bilt methods, however, are usually satisfac-
tory in the long run and there Is some ex-
cuse for the rooms enthusiasm the mo-
ment that any new project is contemplated
Manhattan's report for the year ending
June 30 reflects deficit after charges and
dividends of $3.50. 4SS. against surplus in
the previous year of s223,276 This condi-
ton of affairs had no effect on the price
OF the stock, the traction stocks as group
holding remarkably well in spite of the
prevailing dizziness.
Some attempt at a selling movement was
undertaken in the southern shares on the
reported outbreak of yellow fever but the
operation fell fiat. Nowhere in the market
was confidence in the short account con-
spfcuous. The halt in the advance Is self
evident, but no experienced operator Of
prominence sees any radical change from
the original basic facts which inspired the
first outblrst of optimism.
A short interest is said to exist in Ten
neSsee Coal and Iron Of sufficient proper
tons to insure a further sharp rise in those
shares. and the condition is perhaps not
soiely confined to the iron shares. The adj
vance in pig iron is particularly disturbing
to the short interest In those shares, but
any movement against such interest will
force similar buying elsewhere
me bank statement again demonstrates
Its decreased prestige. although made much
OF by the bear party by falling into the
general fund of commonplace develop
ments.
Considering the defects in the system of
averages, the growing importance of the
non-member institutions particularly the
trust companies, and the increasing indie
pendence Of out-of-town banks it is not
surprising that the weekly bank statement
should be set down as an event of only
passing significance. Financial conditions
are no longer interpreted by bank state
ments made once a week but by interest
rates, the sensitive daily barometer of
calm and storm. As it was. the bank
statement was a trifie better than predict
ed. and closing prices Were better in many
instances in consequence.
The loss In lawful money during the week
has been 1922. 900. the bulk of it in specie
The loans have decreased s3,126.90, and
the deposits SS.:}41 800. The latter change
is due to a well-distrbuted demand from
outside sources. The net result of all
changes reduces the reserve 3d. 1928. The
money rate will be Well worth watching for
a time, the season of the year favoring
slight hardening without suggesting scare
ity beyond familiar limits.