The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-15
NO INCENTIVE TO TRADE
Spaea!atiye Sentiment at a Low
Ebb in Wall Street.
The Crop Uncertainty nrd the Chi
ncse situation Act as n Check on
tie observation-disclosures of the As
kociated Banks Favorablc-A Sub
stantial Gain in Lawful Money.

NEW YORK, July 14.-Today's state
ment of averages of the associated banks
apparently corrects TO an extent some CT
the Inconsistencies shown last week. The
known movements of money last week re-
suited in gain 10 local Institutions OF at
least sS,000.0o0, but last Saturdays state
ment, as will be remembered, showed a de-
crease in lawful money of nearly that
amount.
During the past six days the banks are
known to have received about sS,50o,OO0
from the interior and from tee Sub Trea 5Lry
without counting receipts by mail. The
statement shows an increase in lawful
money of nearly Si,S0G,0G0 more than the
amount just mentioned indicating ia. he
averages this week have been Influenced by
the money that did not show last week.
The other fundamental change in the
statement, namely, in the loans, is mod
crate decrease, which is not surp! Using in
view Of the midsummer duiiness, not oL4y
in Wall Street, but in general businc s.
the increase in the deposits does net re-
fleet the changes in the two items already
noted, by about 81, 500, 900. The net r,s-lt
Ii the largest increase in the surplus re-
corded in many weeks, bringing that ii m
cp TO very nearly s20.O00, 000, or about twice
what it was a year ago.
On the stock exchange there was prac-
ucally no business today, there being no
special incentive to trade on either side.
Even the bank statement which the spec
ulative community considered an excellent
one, failed to stimulate trading. The de-
velopments influencing values this week
have been mixed, but seem to be in the
main favorable. The trade reports this
morning certainly furnish basis for con-
sentative hopefuness. Crop reports are
conflicting. but. after making due allow
ance for exaggerated reports Of damage,
for speculative purposes in the grain mar
ket, the indications are that the present
crop year will be successful one for pro-
ducers, as whole. both regards guam
tity of the products raised and prices OBJ
tanned.
Commodity markets generally are re-
adjusting themselves to new values rap
idly and with minimum Of commercial
disturbances. This shows that the business
community has been shrewd in forecasting
events, and that it is in possession OF
ample capital to handle all legitimate en-
terprises.
Aside from the usual crop uncertainty
the market has been held in check by the
Tightful condition OF affairs in emma,
which engrosses the attention of the en-
tire civilized world. 1t is TO be noted,
however. that foreign markets as well as
our own are bearing the strain OF the So
luton of one of the greatest problems of
modern times with equanimity.
So far as the local stock market is con-
cerned, prices are well sustained, partly
because of the enormous earnings Of the
railroad systems Of the country and the
disposition shown here and there to make
prevailing dividends permanent, as in the
case of Louisville and Nashville, or to in
crease them temporarily, as foreshad-
owed in the case OF Union Pacific common.
Moreover. there is a genuine scarcity OF
stocks in Wall Street. Within the last
ten years American investors have OBJ
sorbed hundreds of millions of securities
which Europe has returned to this country
and also many millions more of industrial
securities Of more recent market.