Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-27
FINANCE AND TRADE
British Reverses Cause Investors on
This Side to Wait
LOCAL POLITICS BECOME INVOLVED
Necessity of Higher Prices to Back
Up Monetary Legislation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 21.-Today's stock
market was narrow and professional and
represented only the inconseouentlai traa-
ing of the room. London, not unnaturally,
gave marked evidence of desire to post
pone trading until the consequences of the
weeks developments in South Africa are
more fully known. The gloom at that GEN.
ter mas settled down about the security
markets ana the pessimism resulting from
uisappointments and the menotony of fail
ure Is making inroads on prices.
Inc pelieve:s In higher prices on this side
oase their hopes on the prospect of i'm
Provement in spite of foreign affairs ans
the emancipation of the American marke.
This view is fostered 10 a certain degree
by the current Of political argument which
has lately set in against the present gnao-
cial policy. Agitation along the line of for
oign domination of our investment markets
While being singularly void of substantial
qualities, can best be overcome by a demon
stration Of local independence just at this
time.
Inc large interests, especially the bank
ing interests. are expected to demonstrate
TO the security holders in this country thar
the stock markets have abandoned tho
Europe's political grievances. Such a de-
monstration at this early stage of the
presidential campaign. it is argued. uould
materially strengthen the political phase Of
the financial situation.
The policy Of an advancing market and
not the Justincation of one Is the ars,l-
lnent most often heard in financial circles
The desire for a high market 10 realize on
Is everywhere expressed, and consequently
the movement may be brief. The really
mar EBf is 1a,l,
That now being pursued. namely one. of
conservative holding and limited activity
IN either acc punt.
Conditions are confusing and all that can
safely be said is that too hasty action in
discounting the good features will only
eliminate them. Business is good and 50
are earnings. but it will do no harm 10
wait and see what claim they have 10 per-
nanency. The prices of stocks a year ago
were improved, TO the extent of oyerdolps,
because OF the Few activity in trade Tho
liiilt OF that ACTIVITY is an unknown fac
Tor, but ii has one year less to go than IN
the spring of 1899
Money is cheap again. lending during the
week as low as = per cent, but brokers are
not changing the rates TO clients The sur
plus reserve, by today's bank statement, is
at the S30,O00.O00 mark. but it is not equal
10 inspiring the new demand This wouId
seem TO indicate a lack Of confidence in the
present money rate. The activity sought tn
be inspired by the present condition of ths
money market would only result in adyanc-
ing the interest rate
industrial collaterals are getting into
cans again. on new and safer basis but
This is because there are no offerings Of
others more desirable. The market is ali
night for the investor. but there are MANY
shrewd traders who are not convinced of
It's attractions for margin operators NOT
that such a time will nor come hut ,nI,
that it has not come my
The banks have gained nearly sayooo noo
IN lawful money during the week. and have
ADDED Sl5VOSoon to their deposits Ioaps
have increased S,515,600. probably thro,Ipb
transfer from trust companies to the bangs
The net changes add S5G92, 800 to the ne.
serve.