Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-24
Stock Market Continues in State of
Stagnation.
Big OPERATORS ARE OUT OF TOWN
Trust Companies Are Figuring as
Banking Institutions.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, July 24-An the business
transacted in todays stock market might
easily have been handled in a single hour
As II was, the ive-hour limit was divided
between professional trading and prolonged
periods OF absolute stagnation. Stocks are
not easily forced out and holders are not
disposed to concern themselves with the
present meaningless quotations In greater
degree than ever before perhaps brokers
are carrying considerable lines of stock for
absent clients. The market must wait nm
til those who are financially capable of
forcing activity exhaust the pleasures of
the vacation period. Conservative men are
leaving the town and going into remote
mountain resorts, crossing the ocean and
the like, confident that their security hold
ings are not in danger
Fronts do not tempt sales, because greater
profits are expected later on. This condi-
ton of mind on the part of strong interests
speaks well for the main situation. There
is no use in the little men trying to make or
unmake a market They must wait for the
propelling force, the return OF which is
largely a matter of Temperature
Earnings are good, in many cases with
out precedent and June returns are GER
tain to be outdone by those for the current
A~ACAAN-A" AiAht are eDcOuraSlNE,
prices Tor all commodities are upon a pro-
ntable footing and general atmosphere of
confidence is notable on all sides.
Inc money market is not in that state
OF ease which Wall street has come 10
consider essential to an advancing market.
Ii Is not due to any really adverse none
tary conditions, however. There are many
causes, more OF less familiar, which make
the bank statements as at present pre-
pared of less value as guide than former
~ a correct bank statement-that is one
showing actual liabilities and actual re-
soufces-must be more comprehensive than
heretofore.
The trust companies are a factor of grow
ing significance. These institutions have
been in some instances more prominent than
the national banks in financiering the enor-
nous enterprises of the year. Formerly
the trust company allowed the banks to
use their money by becoming depositors on
large scale. The trust company has been
passing through a period of evolution, and
mas come to be the department store in the
financial world. 1t has gone in for banking
on large scale, and consequently seeks TO
employ its own funds and has less to leave
on deposit with the banks What the trust
companies do is not recorded on the tape
Chicago, Boston and Philadelphia are
financing enterprises without the assistance
OF New York When idle funds accumulate
they are not hurried into New York as
formerly; they may be needed at home at
any moment.
New Gearing house rules relative 10 COL
lecuons are not wholly popular The stock
holders interest is being looked after, but
the depositor, especially the corporation de-
positor. is not interested in the stockhold-
er S case. The west is arranging TO move
its crops. and New York is losing money 10
the subtreasury. The latter condition COL
crs the local sentiment and the former is
completely ignored at times. Bank state
Hents should be construed only as a partial
reflection OF a local condition. To get the
real conditions the trust companies and the
several commercial ceEteTs should be taken
into the reckoning.