Evening star., 1900-07-09
Banks Opposed to Artificial Restrip-
ton of Money Market.
BUYING OF ILLINOIS CENTRAL
Advance in Sugar Strengthens
American Company's Stock.
GENERAL MARKET REPORT

Special Dispatch TO The Evening Star
NEW YORK, July 9.-The reaction fol-
lowing Saturdays disappointing bank state
ment was not continued today, the decrease
In reserve not being considered as in any
sense significant. The accepted explanation
OF the decrease is that sterling bills have
oeen paid to the amount OF the decrease
Money is ruling easy. and every effort 4.
oeing made to thwart any financial deuon-
stration In the Interest of politics which
might produce a scare among the actual
owners Of securities. With the larger hank
ing interests pledged to the stability OF
prices by reason OF underwriting obliga-
lions. extensive loans and the like a NANCY
scare from sentimental causes will nor he
sanctioned This view is growing In cir
eies which have hitherto predicted unusual
bargains later in the season Lover
prices are not unlikely. but it is Thought
tnat the presidential year of 1900 Will be
exceptional to the extent that the buyfnR
Mtil pe better than the selling whenever
prices are forced Off from any cause
Crop reports are relied upon 10 help the
market inasmuch as IT is now thought the
worst is known Of the wheat situation i'm
the northwest, and that good news may he
expected on both corn and wheat elsewhere
In conservative circles the opinion is gain
ing ground that present prices compar.
very faVorably with values. and that fi,-
ture reactions must inspire interest on tho
part OF the investment public
Ine dealings today were in tho main pro-
iessionai, ana there was a tendency To
await the government crop report. In a
Few instances there was some activity b,1t
even In the shares attracting the largest
well distributed 0t
The buying Of Illinois Central was called
good because of the report that the conn
pany was earning o per cent and would
surely advance its dividend rate to & per
cent Inc granger shares generally were
strong In tone as the result of covering
and modest buying for turn. The pool in
Atchison preferred holds the price In spite
OF selling by an opposition party and the
short account has failed TO yield the results
predicted in certain quarters. The stock
will sell ex-dividend this week and a better
opportunity will then be had 10 judge of It's
strength.
Brooklyn Rapid Transit sold off sharply.
under the execution Of an order for ,nD
shares and forced a sympat hetic decline I'm
the general marget. An advance in refined
sugars helped the price of the American
Companys shares. but the buying had no
special significance. The stree, believes that
the trade war is about settled and that an
agreement which allows the companies to
make money at the present rate Will scarce
~ pe permitted to lapse at the end of the
preserving season.
The coal stocks regained some of the
srength lost on Saturday as the result of
renewed manipulation and the customary
talk OF new consultations. Outside of a
small clique there is no demand for thes,,
stocks. and there would seem 10 be little
prospect OF arousing public interest during
the not season. The market is in the hands
OF tne room, and for the present such ac-
uyity as will make fractional profits is
about all that is contemplated
experienced cliques Will oppose each
other during the waiting period and wide
nuctuations may be expected in a few spe-
clalties as a result The investor is hold
ing tenaciously to what he has in his
strong box and IL keeping his bank account
-
nese situation may disturb European mar
kets and in sympathetic way our own.
but purely local causes all contribute To-
ward do-nothing policy