Evening star., 1900-08-11
FINANCE AND TRADE
Dullness in Stocks Does Not Invite
Bear Attacks.
HOLDERS NOT ANXIOUS TO SELL
Investors Hold Aloof, Waiting Lower
Range of Prices.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August 1.-THE week ended
today has been one of small results in the
stock market There has been no business
save OF the most perfunctory character and
the old idea that a lack of buyers Increase
the supply of sellers has been disproyed
ffolders or stocks have no concern for the
future OF their holdings, and refuse TO sell
Simply because the market is at a stand
s'lL "ould-be buyers have placed their
orders slightly under current prices. and
are patiently awaiting the reaction.
The market Is IN a rut and as yet there
mich, led.s lot its safety. Lower prices
nlght he expected from activity il nrec.-
aeht mas any value, but the largest houses
~ ~ Tue street predict opposite result
,1, brokers are carrying fewer stocks than
usuai. owing to the fact that clients haXs
either paid for them or are making tba,r
own loans. The present dullness is moi
therefore, due to any unWilIIneness nm tbe
pr. oI brokers' 10 carry stocks. The fact
that stocks are in the hands of actual nwn
ers may be taken as a strong sre,,mert
against professional selling and exp,ains IN
q ~. the recent decline in the popu-
larlty or the short account
Under cover of pronounced du,r,ess ara
with no demand outside of the room The
snort interest in Sugar and Tobacco have
peen Forced to cover during the last few
DAYS 1t is easier than ever before 10 fnr,..
premium on borrowed stocks and 10 rnr,
pei hurried covering movement
Liquidation alone can change this con-
ui.i1n, , put the Incentive is lacking The
market Is well supported and profif-takine
iaiis TO curtail prices materially The mere
knowledge that such is the underlying con-
dltlon prevents selling The suspicion that
no .o one wants ms stocks is the real incen-
1--WE 10 the hight of the average Investor
Inc present stock market is A nerfsctlv
correct reflection of financial sanity There
Is no demand and the street accepts the
tanf, n.
that a cessation in the demand rnaa,s
wholesale liquidation. There is no caIanItv
10 force selling. and the times Justify de-
Liperation In making new purchases To
pause IN buying does not mean an abandon
ment OF the original intention and Ia sell
~hat mas already been bought Few mar
kets nave matted except to retreat but had
haIts peeh more frequent deliberation would
nave prevented OVERRIDING
The present market being a novelty. its
outcome is unusually mystifying hut there
are some big plans In course of elaboration
under the surface and big interests are con-
ndent OF ultimate success.
The bank statement shows that the NO,
loss In lawful money has been only SIS. .apa
an IN legal tenders This showing Is sur
prising, because of the heavy gold shin
ments during the week The outflow bv
todays steamers Is not included in the
statement An Increase of sI34s 300 in
loans Is thought to be reflection OF the
Brltlsh loan transaction. since there has
been no other DEVELOPMENT reouiring s,,.b
a sum- A gain of s2.92G. 900 In deposits is
inconsistent with the other changes the
amount being nearly s1.oo0.Oo0 under the
requirements for balancing the statement
The net results of all changes Is sbou,n
by decrease Of 81 .0ls 925 in the surnlus
reserve. reducing that item to s2s 123aJs
An increase Of s1656oO in circulation is
worthy or note. Banking conditions are
very encouraging, and the financial mar
hets generally show the effects of this
khoWiedge. The government crop report
showing conditions August l. is considered
encouraging and evidence muliiplies that
Iii "ss; WIN send It's crops to market with
only minimum assistance from eastern
banks. ii"