Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-22
Stock Market Almost Wholly in Pro,
fessional Hands.
UNSATISFACTORY BANK STATEMENT
Many of the Railroads Report In
creased Earnings.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch To The Evening star
NEW YORK, July 22.-Today's stock
market was dall and Cor the greater part
steady. London was disposed 10 buy mod
erately. but foreign interest is not factor
In determining prices. Earnings are the
chief incentive 10 higher prices. and even
the present remarkable exhibits Of The
Granger roads inspire only conservative and
cautious trading. There has been nothing
upon which TO base a scare argument
during the week, and traders have been
Obliged TO utilize the fact that no outside
public wa represented in the daily stock
movement.
There has been no pressure to sell, how
ever, and beyond the occasional reactions
about the room, the undercurrent Of the
general list has been quite as satisfactory
as the leaders of the market had predicted
Inc strike among the local street rail-
way employees caused a halt in the general
market. because of the possibilities IN su--
gested The stocks directly Interested
needed support. but were never denied IL
by friends The whole list felt the Diff
culty IN the usual sympathetic manner
but the week closes with a brighter pros-
pect in this particular
Ihe market is not big one in the sense
Whicn was commonly applied to the one
which eliminated early in April IL has the
possibilities of development and upon this
all the optimism of the larger interests Is
based. There are accidents and d!sappoint-
ments to be reckoned with, and no uniform
general advance ia likely until fail Dull
ness and insignificant room trading are the
logical expectation for the immediate fu-
ture.
The bank statement was a disappoiutment
and caused some selling during the final
hour.
An increase in cash had been expected.
but Just why the usual advance estimates
should nave been based SuCh a ~
II Is difhcult to sec. There was nothing In
the daily returns to indicate such a gain
but the interior movement was expected to
come up beyond surface indications OF its
Importance. Estimates placed the gain in
lawful money at something more than 50
OOO,0O0. The statement showed a loss of
Sl,b49.10O, all in specie. The loans have
been reduced Ss.S2s, COO, and this IS the one
favorable exhibit.
An increase of 81. 1856 $50 in reserve is re-
ported, but this is a mathematical addition
achieved through a decrease of over
Sl2,VOoc, not because of an increase In
serve is brought up to something over
Sl2,oeo"O not because of an increase in
cash strength, hut because of a decreased
liability to depositors. The reserve hold
lngs are something over p per cent Of what
they We're at this season one year ago.
bankers say there is no occasion for
alarm over money. but they are not wholly
unwilling that loans should decrease
The money market will not disappear as
a factor for some time, perhaps, but IL Is
Just possible that other sections Of the
country should be taken into account when
constituting money conditions. The clearing
house returns reflect an activity through
out the country which indicate the pres
ence and employment of money on "A la re
scale. Recent rules of local banks have
not Increased their popularity as ceT.osi-
tories, and many of the larger cities are no
longer disposed to swell the profits Of New
York banks.