The times. [volume] (Washington [D.C.]) 1897-1901, 1899-07-16

neSiatlng and uncertain, as from DAY 10
day the hopes for the statement have been
strong or otherwise. The level of prices
has advanced a triie from the low of
Monday. The figures of the statement are
of more than ordinary Importance, not only
intrinsically but on account of the certainty
that they Will continue to influence the
market this week. There can be no ques-
ton that they are more favorable than was
expected generally and that on the whole
they should be considered satisfactory.
The large increase in reserves that had
been hoped for is shown and the banks now
have nearly 81, 000, 900 in excess of the
legal reserve. Loans have been contracted
enormously to accomplish this showing,
and very little additional money is shown,
but ii is most significant that despite TINS
calling in of loans the money market mas
been easier during the week than II was
before The closing rate on call money
yesterday was only per cent, whereas 1t
had been per cent on Saturday OF the
week before. The money situation is not
by any means cleared up, and it is certain
that difficulties may yet appear, but the
temporary effect of the statement cannot
but be beneficial to the stock market Yes
terday's advancing prices at the close
showed what the general feeling regarding
II is. AS far as the argument that the
farmers will draw money from New York
for the movement of their crops is con-
cerned il should be remembered that New
York is worse situated than the Western
cities, and that there will undoubtedly be
a strenuous endeavor on the part OF the
banks to secure the help of these cities
during the next three or four months. The
figures of the statement are as follows:
Reserves increased. .................... So,0St2.o
Specie decreased. .....-................. 5og'4o9
Legas increased .......-................ LIZ 4OO
Deposits decreased. l5,2tS 100
Loans decreased. Il, lsO,1OO
Circulation increased 1850
The general situation, aside from the
money outlook, has shown no diminution
of its general attractiveness. The railway
earnings have continued to increase. The
yearly statements are coming in, and they
are all most prosperous exhibits. The trade
conditions are unchanged, the weekly re-
ports of the financial and trade reviews
showing a continuance of the great activity
of the past months with prices strong and
even advancing in many cases. The annual
report of Americas exports and imports is
far better one than the pessimists would
have led people 10 believe possible few
months ago.
The outlook for the stock market cannot
be considered unattractive. 1t is possible
that the remainder of the present month
may not see anything like a boom in prices,
and, indeed such an advance in the mid
summer month would be most unusual.
On the other hand, however, as has been
stated, the appearance of the money situa-
ton is somewhat more reassuring, while
aside from this one factor, all conditions
are favorable TO fair strength at present,
while the large interests are accommodating
stocks preparatory to the big boom of the
early autumn. And it is not without the
range of possibilities that the market lead
ers may decide to start the upward move
ment sooner than now seems likely. The
advice of conservative people generally is
to buy stocks on every reaction, and thus
follow the lead OF the big financial inter
ests. The way in which fake stories have
been circulated by the bears during the
past week and the little effect that they
have had should be a warning against SELL
ing the market short, in the opinion of
some of the most careful brokers in the
street.
According to the Treasury Department
figures printed in The Times heretofore ex-
ports of the country for the past fiscal year
were only 100000 less in value than
those of the preceding year. They were
SIZE, 100000 greater than for any previous
year in the history of the country. In
many directions the exports have increas-
ed largely, the chief falling off in value
for the year being on account of the high
price of wheat last year and the immense
amount exported There was an increase
in the imports for the year of $50, 000, 600.
The balance of trade sins- Americas favor
was 1886, S66.037 the exports thus being
nearly double the imports in value. This
showing is the more remarkable because of
the assertions made in many quarters a
few months ago that the balance of trade
in Americas favor was rapidly disappear
ing, and that the result would be immense
shipments Of gold TO Europe in the near
future.
The annual statement of st. Paul will be
issued shortly. II is learned from an ex-
cellent source that this statement will
show the gross earnings for the year TO be
S3S, 600, 600, which would be an increase
over the gross of last year of $4,000, 600.
The net earnings for the year, according
to this information, will be over s14, 0O0,-
OO0 and will thus show more than a mil
lion dollars increase. These figures show
that the u per cent on the common stock
predicted in this column has very nearly
II not quite been earned. ST. Paul was
strong yesterday toward the close, though
in the first trading there had been some
selling of the stock. The closing price for
the day was 131 3-S, net gain of Ia
The other grangers were strong, but Bur-
lington lost q trifle in the net change for
the day, and Rock Island remained stat
| tionary. There is a disposition to transfer
interest from this group and other high
| priced securities to the Iower-priced at
| present, as has been stated heretofore but
| it is quite probable that st. Paul may ad-
vance during the week on account of the
fine showing of the company.
Statements from all the officers of the
Brooklyn Rapid Transit system that they
do not expect a strike and have found
| their men generally of the same opinion
had a most reassuring influence on the
stock of the company yesterday. Brook
| lyn was more buoyant than at any time be-
| fore during the week. Ii opened at Ill,
| of half point from the close on Friday
| and at the lowest price for several days
but Immediately began to advance The
top price reached was 113, and the close
was at 112 rs. a point and more net gain
for the day. Manhattan was also strong
! yesterday. In the case of this stock nearly
the entire week has been favorable to it
while Brooklyn has been declining in price
The talk regarding the acquisition OF Man.
haitian by the Metropolitan company wa.
heard in the street, but no new facts wer,
| developed. The street generally is in.
clined to be bullish regarding the stock.
The gossip regarding Northern Pacii,
common continued highly optimistic, anC
the action of the stock during the day wa
entirely in keeping. The stock has ad
vanced in the week a point net, while thu
remainder OF this market has been sta
tionary or declining. and yet in all tn
selling of the first hour yesterday 1t wa
only allowed to go off half a point, all o
which was recovered before the close.