Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-19
Little Demand for Stocks on New
York Exchange.
DULLRESS AGAIN THE FEATURE
All the Arguments, However, Are
on the Bull Side.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evenin. Star.
NEW YORK, February l9.-The stock
market again reflected the characteristics
which resulted in last weeks disappoint-
ments. There was no public demand, no
aggressive manipulation and no significant
Incubation Earnings were generally good
for the second week in the month. Nash
vile gaining s1s6,3i5 by comparison with
the same period one year ago, Missouri Pa
cific reports an increase of $4,000 for a
like period and Wabash a gain of sTOg7o
Metropolitan street railway for the quar-
ter ending December 81 reports a gross in
crease of s412,926. and net increase of
slS2,9so Showings of this character are
taken as a matter of course, the street be-
ing fully aware OF the country's prosperity
and not seeking to Justify the dullness be-
cause of adverse conditions.
The fate of the currency bill at the hands
Of the conference committee is causing some
hesltancy IN certain ultra-conservative cir
cles.
II is feared that the refunding clause NAV
be dwarfed &c impracticable proportions
ana that the good intended may never ma
tef1alize. Against this view however Is
the proverbial persistency of the Senate and
the belief that no half measure will be per
united to pass on the eve Of a presidential
election. The banks are directly concerned
with this legislation, and it would not be a
wise policy for them to encourage a stock
market demonstration in advance of the
complete safety of the bill.
the present surplus of the associated
banks. while being drawn upon for COM
mercial needs, is probably ample for all
purposes save an advancing stock market
A big demand from commission houses
would mean a big borrowing demand at the
banks. Money would advance in sympathy
with every million withdrawn from the sur
plus holdings. The passage of the bill on
the other hand, would insure a more elias
tic currency and an increase OF many mil
Eons in the supply of available funds
should the bill be passed while commercial
prosperity continues the apathy Of inves-
mand.
The present market suffers from a con-
siderable holding of miscellaneous securi-
ties bought at higher prices. Accounts are
running along, full to their margin ca
paclty ana interest gnawing them slowly
down TO the alternative of more money or
fewer stocks. Strong interests realize this
ana for this reason there is a dragnet under
the market picking up such issues as Union
racine baltimore and Ohio, Southern and
the Trunk Lines
Accumulation does not always mean an
immediate advance, but it usually means
advance knowledge of impending develop
ments. which when fully matured complete
the speculative process. American Sugar
Is being held moderately steady by reason
Of an increase in the following which be-
ileyes that the dividend is not going to be
radically altered. American Tobacco, on
the other hand, is the subject of most glow
ing dividend rumors.
The Steel stocks are earnine, large diyi-
dends and would improve but for the fact
that one OF their number has delayed its
initial payment.
The bond market shows an inyes tnent
demand on considerable scale and this
tact encourages belief in stock improve
ment after the bond premiums reach
point which will emphasize the desirability
OF dividend paying stocks yielding more ON
the market price and being. in some in
stances quite as good as speculative bonds