Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-20
Satisfactory Bank Statement, But
Lack of Demand.
GOOD UNDERGONE 10 STOCKS
British Victory Would Probably
Help the Situation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 20-The week
closes with a STEADY undertone in all de-
partments but without marked gain in the
volume of legitimate business. The re-
fusal of the large interests to come for
ward and advance prices has done mora
toward encouraging the professional ele-
ment than any other development of the
week. This evident preference for inaction
is capable Of a variety of constructions.
but the explanation does not alter the facs
that aggressiveness is wanting.
In the first place, tight money chilled
speculation and the crumbling of bank re-
serves inspired caution and finally absolute
mistrust This mistrust of securities was
as evident in banking circles 1t was
among the owners of the colaterals The
remedy seemed to be in liquidation and in
a gradual building up of banking resources.
In arriving at the latter result many very
prominent operators suffered I'm the pro-
cess. The main situation was benefited
however, and the enforced idleness of for
merly active interests has allowed the
banks to work back to more comfortable
conditions
After several weeks OF retrenchment tho
call money rate has been reduced from 10
10 5 per cent, and an ample surplus reserve
substituted for awkward deficit This
result has been achieved at the expense of
prices. the volume of business and the Grip.
ping of some of the speculative giants
Money is easy enough AT the moment, but
former borrowers have not yet recovered
from their reverses Should they be granted
former privileges money would be easy ma
longer. Money is coming in rapidly bur
speculation during the days of the present
week might easily have been crowded into
the first half of the session. Commission
houses have done little. thereby helping 10
keep the money rate low
All this is making for future good hut
activity just now could scarcely continue
long at advancing prices A setback al
TINS early stage of the convalescent period
would shatter the hopes for the spring i'm
provement. "
War news is encouraging but vague. The
market has waited for a British victory
SO long that its announcement may be fol-
lowed by only a feeble rally or a general
selling of tired holdings The good hank
statement today and its predecessor last
week found stocks waiting to be sod In
the main the factors which go TO make
Intrinsic value are working strongly for
betterment. y few specialties will in all
Likelihood feel these changes first.
Just now the Vanderbilt enterprises seem
the likely sources of future movements.
The Pacific stocks have earnings and flu
ture dividends to recommend them. Many
Of the scmi-specuative bonds have a fine
opening for taking more conspicuous
place in the daily trading The passage
OF the currency bill may be made much
Of, in which event the general list would
move up moderately. A prr-CamDaLn mar
ket must be developed quickly if an ad-
vance is 10 be expected.
The bank statement reflects a gain Of
s. 4iS..25 In the reserve and a gain of
sllii'.oop in lawful money. Loans have
Increased Si.519 100 and the deposits are
larger by $lG23o 100.