Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-26
Stocks Showed Strength After To-
days Bank Statement.
FAVORABLE REPORTS OF EARNINGS
Weakness in Traction Shares tho
Only Drawback
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. August 26.-During the first
few minutes of trading this morning trad
ers sold the market in anticipation of a
poor bank statement, and in the hope CT
closing the week with liquidation in pro-
gress. The holiday in London helped to re-
strict the volume of business and gave the
market professional aspect. The sales
were usually in small amounts and while
detracting somewhat from prices.
mistakably made for effect and lacked all
other significance. Earnings continue to
outweigh all other factors as a directing
force, and no material liquidation seems
likely until adverse business conditions set
in.
The weakness in the Traction issues. due
to the showing made by Brooklyn Rapid
Transit. has done more to check the al
vance than any one influence during the
last few days. Not only was there disap-
pointment as to the meager surplus earn
fngs of the property. but the horoscope
substituted for tangible present benefits
| failed to restore the previous confidence.
The extreme decline of per cent in these
shares during the first half of the week
necessitated sales of other securities to pro-
vide against such crumbling in margins.
In consequence of some forced selling due
to this cause. the several pools operating IN
certain low-priced railway issues were COM
PEELED to support rather than advance
prices.
This fact unsettled the market, and irree;-
ular trading. with small purpose and equal
ly small results. made up the dealings DUR
ing the latter half of the week.
1t is evident that the market has halted
rather than having turned back. Interest
has shifted from one set of stocks to an
other, bat the uniform advance. made one
or two days of enormous business is still
to be recorded.
The settlement of the gas war and a re-
turn to profitable business methods in the
manufacture and sale of gas may be the
event which will arouse the interest of the
semi-professional element.
me action of the several gas stocks
clearly indicates the presence of an inside
influence, the significance OF which has not
as yet been explained to the public.
Inc iong-delayed and much discussed
anthracite coal deal may be moved forward
at the opportune moment and serve as the
playground for higher and broader
market Closer working alliances, as is
promised for Mobile and Ohio. for example.
or chicago and Great Western NAV bring
the public into the market on larrs
scale OR. again. manipulation in the in
dustrlal group may assist in improving the
seherai ieVel While opening a way of re-
treat to the original Incorporating interest.
The success of water power as a means
10 wealth has only partially been demon-
strated in the latter group
many standard shares, and the market 10
hiled with plausible excuses for advances
elsewhere, the money market being the
on. item or concern in conservative circles
Today's bank statement awaited with the
usual interest, shows a loss of less than
one million dollars in lawful money, all in
specie. This loss is less than one-third Of
the estimates made earlier in the dav
Loans have increased s9.o56,oO0. showing
the new speculative activity as well as the
greater demand for commercial accommo-
dations An increase of 1884, 100 in the de-
positS is followed by a decrease of 81 TU3.-
S25 in the reserve. The market hesitated
for time upon the publication of these
figures, but was given excellent support
at the close of business
Foreign credits not being reduced MAJ
terally. and bankers are almost unani-
mousy of the opinion that the money mar
ket will gradually decline as "A factor
against improvement. This confidence of
the banks is gratifying, but fails to efface
the record of last year. with reserves fiye
times larger than at present.