Evening star., 1901-06-08
FINANCE AND TRADE
Unsatisfactory Bank Statement
Caused Weakness in Stocks.
AN ATTEMPT TO RALLY FAILED
Prospect Now of a Dull Period
to Follow.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, June s.-opening prices In
today's stock market were generally under
the closing level of yesterday as the result
of a stagnant market In London and
apathy among local traders. Had II not
been for disappointing bank statement
the market would have dragged along to
an irregular closing under restricted deal
fngs. An attempt was made to rally the
market by advancing the Southwestern
group, the demand for Missouri Pacific
Forcing that property into prominence and
encouraging a sympathetic rise I'm Texas
Pacific and Wabash. This movement was
effective for a time. and indications were
favorable to a further rise until the bank
statement appeared.
A decrease of S1.911 $50 In the surplus re-
serve, amounting to a 30 per cent de-
q ciease IN that fund. came as a surprise to
tne street and attracted liberal selling in
an departments. An increase of s2l PSI
4oo In loans was equally surprising. since
thefe mas been nothing in the routine de-
aeiopnlenIs Oh the week to Indicate any
unusual demand for money. Ii is likely
that one of the several underwriting syndi-
Gates may have asked for this credit As
sl9 1850 is added to the deposits The
new tobacco syndicate has been suggested
as the possible borrower or It NAV have
been an incident to the copper consoIida-
ton.
ne loss OF S2,lVbSlp In specie iultCatp %
the counting of last weeks gold expOrts
1t Is probable that the showing represents
a past condition and the actual condition
at the end OF the week may be better than
indicated by the above changes in the sew
eral items. In view of the fact that large
sums are to be disbursed on the first OF
next month. in payment of semi-annual in
terest and dividends, the money market is
likely to be more sensitive than usual The
stock market needs an inspiration of some
sort TO lift IL out of its present skeptical
and cynical rut. If the money market
comes into harmony with the depressing
tactics of the professional clement the ad-
vance in prices and the PRONUNCIATION of
delayed consolidation enterprises must wait
until midsummer.
In commission house and banking circles
there Is little belief in materially lower
prices. The tendency is rather favorable
to buying on declines. but there is no un-
qualified confidence in the immediate mar
ket. 1t is pointed out that prices are again
back to the anti-panic level and are con-
sequently high. If they are to continue
the advance new cause must be shown.
Routine developments fail to rise to the
emergency, and an irregular and hesitating
market is the most likely product of such
conditions.
The new bonds of the Tobacco company
sold at 13 during the day, thereby giving
an accurate estimate of the value OF the
stocks for which they are to be exchanged
The Steel stocks sold off easily from lack
of support, Mr.. Morgan's delayed turn
DtlNS uSeu dS an argument against an I'M
mediate advance. Atchison reacted easily
the result of further disclaimers on the
part of Pennsylvania officials, of buying for
control Car and Foundry held as we'll
anything under the influence Of rumors
of an alliance. with prominent car build
ing concern.
The large interests may be depended upon
to sustain prices in time of need, but they
are not likely to do much voluntary buy
ing until the situation Resolves itself into
more definite form than at present