The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-01

The end Of the week and Of the r.ol b
and of the fiscal year in the stock market
cannot be said to have exhibited mu,h of
brilliance, or even much Of ordinary To-
terest. There has been some imp ovem U
in 81 during the past week, the ose
yest1 rday being on the average q poiat
or more above that of week ago. hs.d .
from this fact there has been little Ct an -.
The market is still narrow ard pr~fls-
sional in the extreme, The pubic reius L &
to get into speculation and the bull lea -
ers being either absent ffom the city or
Indifferent. The prospect is for a continu
ance OF these conditions for some time
longer. The uncertainty regarding IN
Chinese situation, the iIpSsSibility OF
forming any definite opinion regarding he
spring wheat crop, the Kansas City Con-
ven;ion this week, are all matters ia.
will tend to hold back both bulls and
bears in their speculative ventures. Tlere
IL nothing in the situation TO make a
strong upward movement probable al
present and the chances are eyel mo. e
against a decline below the levi O.
week ago. The most careful market people
advise buying securities on declines fur
investment because whatever the outcome
of the immediate market may b. Ihe.e an
be 10 question as TO the intrinsic values OF
securities being more than present prices
recount OF the conditions whieh favor
ultimately much higher prices is unreces-
snry. The main facts in the situation al
the facts that no one can dispute are that
railway earnings continue ifnmente: that
they are not falling off in the way tina, the
bears predicted; that Europe and OIL her
parts OF the world are enXious TO se-u
immense amounts of manufactured goods
from thi. country during the coming year
and are already taking more than ever
before in the history OF the country: that
money is cheaper than ever before owing
TO the big balance Of trade In favor o. this
country, and 10 other causes. and finally
that security prices have tumblei m ny
points during the past six months and are
now far below the level warranted b.
earnings and dividend disbursements Il
may be added to this that the street has
discounted, in the slump OF the market
wheat crop much smaller than is pcseib G;
Bryan's election. which the large part OF
the street would consider calamity; war
with China and complications with Euro
pesn powers, and number of other most
unpleasant circumstances. II any one Of
these 'caiamit.es" does not appear IL will
be bull argument.
Tic bank statement yesterday was be,-
ter than lad been Looked for The eSpert.
had said on Friday afternoon that IN.
banks had lost funds 10 the Sub-Treasury
during the week As a result OF this the
street expected a decrease in cash and In
surplus reserve. What actually occurred
was an increase In cash OF more than hal.
. million dollsre. an increase In the re-
serves OF more than q million, and de-
crease In loans OF more than q million snd
q half The discrepancy between the pre-
dictions and the facts lie not easy to ex-
plain. The securing Of funds to be paid |
Out In July interest and dividends has been |
accomplished without causing any trouble |
In the money market az yet. As matter