Evening star., 1899-07-15
Stock Market Largely in the Hands
of Professionals.
MIDSUMMER DULLNESS is ON
Ioday's Bank Statement Produced
Favorable impression.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch TO The Evening Star
NEW YORK. July i5.-London aavices
report the market for American securities
as very dun. The regular midsummer
half holidays have set in. and there is
nothing doing in the court"
The local market opened quiet pending
bank statement, but the undertone is very
steady. There is not much pressure TO sell
outside of traders. The rank and file are
disposed to hold on for the statement be-
fore making new deals either way
London houses are inclined to sell a few
stocks on the unsettled money market
there. the dispatch Of troops to Cape Col
ony, and belief that the Bank of England
will advance lis rate Of discount to 1 per
cent next Thursday to bold its gold and
further protect its position
The motion before Judge Thomas to dis
solve the injuncuons upon payment OF
dividends on both common and preferred
stock of Federal Steel was not reached at
late hour. and counsel e.pect that the ar
sumeat viii take a few hours. II Is not
certain whether a decision will be given to-
day. President Rossiter Of the Brooklyn
Rapid transit has assured representatives
OF all newspapers that the rank and file
OF his employees are contented and that he
1eeis no anxiety over the situation.
The speculation in stocks during the week
has been largely Of a professional charac-
ter, and was to be expected under the cir
Gums tahces' together with the money
market IN such an uncertain condition.
There was considerable irregularfty TO the
general tone of the market The fears OF
prolonged stringency In money rates which
developed last Monday fromsthe shrinkaee
In surplus reserves the banks held over
legal requirements to 5000 900 were t,5ssi-
pated by the large influx of cash from the
west and predictions that this weeks bank
statement would make up a large amount
OI the loss led to rhNiya1 of htal sh
inent ana caused general covering of shorts
ana Considerable febuying by local onara-
tors anu the bull interests. which advanced
prices to the high level established i'm last
weeks trading
Some of the advances reached a maxi
mum OF two to three points In the general
iaiHodu Hst ana industrials The specu-
iStloil however ran ahead a little faster
than the facts in the money situation war
fanted, and the slump of the past two
Gays was the natural result OF the more
conservative feeling on this point and tha
desire among the trading element to se-
cure prohts pending the publication OF The
oank statement and the renewal of iba
aggressive tactics by the bear element. AS
result OF these technical conditions de-
GIheS OF TWO or three points were estab-
lished In Sugar, Consolidated Gas. Metre
pollldn traction and five points in Brook
iyh Rapid Transit from last SATURDAYS
l ltl-aI MUTATIONS but the net losses I'm the
general railroad list were confined within y
to per cent ~
Today's bank statement shows an in
crease IN reserves Of 1886 20, and A de
crease IN loans OF Si1.1SO. 100. and a de-
crease In deposits CT Sl3.2T3 tsa The state
liieht leht was more favorable than the last i'm
PIeSSions previous to its ann9uncer.,ent aD5
had very beneficial influence on the gem
eraI market. The increase in reserves
brings the surplus the city banks now boIJ
over IegaL requirements up to SlO6po M
anu IL IS believed that this will he ,-r,,,g,,
any increased from now on. The large in
iase lease IN deposits was due to the canceIla
ton OF loans and withdrawal of coIlatarai
s.,ltIy sSIl-1y AGAINST the same and the Country
palahces ana lending the same through
brokers' to obtain the high call money