Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-12
Bears Fail to Make Impression on
Stocks Today.
BANK STATEMENT Was FAVORABLE
Attempts to Force Liquidation Met
With No Success.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 1.-THE trading
element resumed it's selling during the OPEN
ing hour this morning, but was again con-
fronted with a scarcity of stocks and an
absolute lack of liquidation. The market
settled down to await the publication Of the
bank statement and retained it's steady I'M
dertone under the restricted volume of
business from the room. Early estimates
Indicated a gain in cash for the week, and
this prediction served to hold prices pend
ing its verification.
The statement itself was an agreeable
surprise, and was followed by good buying
for both accounts and left prices at the
close at their best for the day. The net
gain in lawful money is $685. 900 all in
specie, and, for the most part from inter-
Tor points. The loans have decreased So
$4,000; a most encouraging development.
since the process has been in large de-
gree voluntary and gradual. The increase
in cash and the decreased loan liability
will make bank accommodations somewhat
more reassuring for the present.
A very modest increase in the deposits
allows for the entire gain in cash being
carried over into the reserve fund. increas-
ing that item by S6,2s4. I13 Altogether. the
exhibit is the most encouraging for some
weeks, and comes very OPPORTUNITY as an
addition TO the buying incentive The
extraordinary basic condition of the stock
market is reflected by the recent stability
of prices In the presence of decreased bank
reserves, and continuous misgivings as to
the future of the money market.
Whatever changes were recorded in the
money rate were invariably put down TO
transient conditions, and no one doubted
the resources Of the country or entertained
a serious thought of protracted money
SfriQRpncV Money is in the N
unusual volume. but IT is not in the assoc
ciated banks of the city Of New York as
formerly.
Room traders may make prices for other
peoples stocks whenever the local banks
show impossible changes in cash holdings
but the values of such stocks will he APP
preciated and guarded by the financial in
terest Of the whole country, the clients OF
out-of-town banks and trust companies who
do not weekly submit their affairs to the
consideration of Wall street stock operators
New York houses can borrow on good listed
collaterals from their correspondents in
other cities.
The recent wave of prosperity embracing
practically every branch of commerce has
not been local simply, and because bank
reserves are under what they were a year
ago-and verv decidedly under those fig
ures-it does not follow that money is
scarce. Money Is being employed one way
or another in this country and in Europe.
but 1t is American money. and will come
back into banking channels In due season.
Considering its present mission and its de-
EeioDment OF new resources. its absence
from the counting rooms Is an ENCOURAGING
feature of the situation
The industrial incorporation has been
checked, the digestive process is going on
and the good properties being classi-
fed. The danger spots are either being
removed or placarded with their dangers
Earnings are running up 10 record figures
and dividends are likely to change only for
"a n NgF7f- IN T.
Coal and Iron. 3 per cent being added to
opening figures today. nay be duplicated in
other properties. This property sold al &c
in January OF the present year and is now
above St and may become second Brook
Ign Rapid Transit, both in price and the
matter of delayed dividends