Evening star., 1899-07-29
London Bought American Stocks
Quite Freely Today.
GOOD STATEMENT OF EARNINGS
An Unsatisfactory Bank Statement
Caused Some Selling.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, July 29.-Today's market
was influenced in the earlier dealings by
Londons attitude and later by the figures
OF the bank statement The former help
ed prices and the latter tended toward
curtail!ng them.
Ihe foreign demand was especially good
In Atchson. Nashville and Northern Pa
cine The buying abroad is attributed to
an increasing confidence in the early re-
moval OF such local conditions as are now
iihaering full appreciation of this coun-
try's business revival
The earnings of Northwest. showing n cal,
OF S.4oo.oo0 in surplus for the year ending
May 81. and Burlington's June repor4. show
ing an increase Of S4a2 900 in surplus after
all charges. were factors Of great slgnifi-
canoe in the local market situation In
ADDITION to such excellent statements there
are evidences of a growing restlessuess on
the part of certain large interests. and
many specialties are likely to be taken up
and forced into positions OF prominence.
MI Morgan. for instance, is thought to
be anxious to resume active operations,
and 1t is hinted that his low-priced issues
are likely to be taken in hand Southern
Pacific is also being given new attention,
and In any favorable market an effort will
be made to duplicate the prices made earli-
er in the year. It is thought that dividends
may be added as an incentive TO dealings
in these shares later on. This is remote
prospect, but one toward which many
items of good policy and wise administra-
ton are tending.
The granger roads report the prospects
OF a car famine in spite OF the additions
TO the rolling stock made during the last
TWO years The corn roads, at least. are
certain of an enormous traffic. The various
ha las In fIs
month show an increase I'm business activ-
ity. and even in the matter of labor dis
tCrbanceS the average for July Is reduced in
spite of the prominence of a few instances.
On all SIDES there are evidences of hope
and confidence the one exception being an
unsatisfactory condition OF local bank
sources
Today's statement of averages shows the
banks to have lost during the week s. 241-
400 in lawful money, nearly all in specie.
and presumably to the subtreasury. This
decrease is nearly twice as large as any
or the advance estimates. A decrease Of
over sS.3o0,0O0 in the loans is a curious
item In view of the increase in the volume
OF stock transactions at the end of the
week and the activity in commercial enter
prises. Here again is an evidence of the
things the bank statement does not show.
The trust companies and non-member
banks, coupled with the financial independ-
ence of other centers, are factors which are
constantly bringing the New York stale
ments of the associated banks down to a
mere re1ectlon OF the condition OF the banks
represented and are destroying it's c0mpre-
hensive features as well as its reflection OF
a national condition.
Today more attention was paid TO de-
cline in foreign exchange rates and the
buying of stocks by London than 20 the
statement of the local banks. The reserve
holdings decrease 81, PA 600 Cthe deposits
being less by more than ST.. 400. .000). bring
ir.g the total reserve above legal require
rnents down to Sl0,S11. 125.
The room sold few stocks on the pub
hcation of these figures. but there Is no
prospect Of the showing having any perma-
nent influence on prices. Money may work
a little higher, but once the August dis
bursements are made. the money market
should come around to a relatively easy
condition. The belief in higher prices is
approaching the unanimous stage but
there need be no haste.
The market can take care of itself on
merit, and when the increased energy Of
the individual is assured. toward the end
OF the vacation period, II wifi be time
enough to expect the transmission of the
excess vitality to the stock market