Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-28
Sharp Attack on Sugar on Account
of Labor Trouble Rumors.
A DECIDED FEELING OF CONFIDENCE
At the Same Time a Waiting
Market Describes the Situation.
THE EASTERN TROUBLE


Special Dispatch TO The Evening Star.
NEW YORK. July 2S-Today's stock mar
ket reflected little of interest beyond a
sharp attack on American Sugar and some
evening up Of traders contracts over Sun
day. The rumors OF labor troubles IN one
of the sugar compsny's refineries were re-
sponsible for the decline In that stock and
for the unsettling OF the general narket
There was no new business and no clear
index to the natural tendency OF prices
Sentiment is unusually confident, and there
are no indications OF any organized effort
to force reaction. At the same time the
market IL wholly devoid OF the positive
elements of Improvement. There Is no out
side interest and no Indication OF increased
activity on the part OF the experienced
millionaire faction hitherto credited with
the really important market movements.
waiting market, srtihcially supported in
defiance Of the complexities OF the situation
about describes the present condition
Chinese ad ices have contributed nothing
to the relief of the financial tension during
the week. and bankers see a certain de-
mand for money ahead the result Of the
contention among the European powers.
The present optimism in certain quarters
as to the commercial benefits to be derived
is scarcely justified IN view of the certain
difficulties in the way Of final success. In
preparing for these advantages the local
money market and the entire country In
Its capacity as lender will feel the effects
of higher interest charges. In normal times
the preparation would be less influential as
disturber of sentiment but a crop move
ment and a presidential campaign at home
are TO be Incidents Of considerable sig-
nifcance
The call money market shows no signs Of
disturbance. but the growing preference
Tor time loans may be taken as a straw
No strfngency is expected, but a close
market is reasonably certain even though
tight one is averted. Stocks held by
pools and cliques. organized IN the absence
of the men of the greatest capacity would
not be retained in the presence OF an adj
verse money market. The coming week
and certainly the coming month. win bring
positive action on certain dividend pros
poets upon which speculation Is largely de-
pendent. If higher prices fail of materiali-
cation at that time the chances for ma
terially lower ones VIII be considered good.
The weekly bank statement reflects a
gain Of ASsl 200 in lawful money. the
greater part Of it in gold. An increase OF
s3.24i, 800 in loans is credited to farsighted
borrowing rather than to the demands OF
the weeks new business, and is the first
increase in several weeks. The increase
in deposits Of $685.. 100 is some s.. 100000
less than the amour. necessary to balance
the statement. the result being a substan-
tial increase of s. i5io75 in the reserve.
The surplus above legal requirements now
held by the banks is 81. .535.g15. This show
ing as a whole is very satisfactory and in
dicates that the banks are in a very
healthy condition and quite abe to meet
any probable demands The decreased spec
ulation Is especially helpful Just now In pre-
serving this evidence of strength.
Commission houses admit lack Of IN
centive to new business and hazard no
opinion as TO the immediate market II
clients prefer to walt experience has shown
that adopting the same policy has been
profitable to brokers. Indications favor an
increase of legitimate business on SCALE
down rather than on seale-up. The I'M
loading OF present pools IL not 10 he made
lie
Sank statement-Reserve. Increase 3d.
ioi.oto; loans, increase. 81 24T 500; specie
Increase. s3.O15. 500; legals increase 81 $50
ab; deposits Increase. So 6J1 200: circula
ton, Increase, Sl.032 300