Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-26
FINANCE AND TRADE
Stocks Closed Quiet and r.
regular in Spots. -
POOR BANK STATEMENT
CONSERVATIVE BROKERS FEAR
SOME POOL METHODS.
Believe a Reaction Would Be Most Dis
astrous to the
Market.
POOR BANK STATEMENT

Special Disustch to The Evening Star.
NEW YORK, July 26-Today's stock
market reflected the familiar trading of the
various speculation cliques and closed ir-
regular under limited dealings Censerya-
tive commission houses are inclined to ad-
wise caution believing the advance TO have
outrun conditions and fearing overtrading
on the part of the pools.
Some increase in public interest has been
noticed during the week. but there is no
new business equal to the task OF absorb
ing pool sales, should such sales be forced
upon the market. This being so, an IN
crease OF Sa.s57.200 in this weeks loans
sounds note OF warning.
An expanded loan account with stock
prices at record limits and the growing
crops to be sent to market. should inspire
caution in all parts of the market. Gold
shipments are likely during the coming
week, and in this movement also there IS an
element adverse to higher prices.
Good crops may save the market. but TO
further advance prices on that prospect,
until the danger period is past. Is to ignore
the possibilities for accident and the hap
pening of the unexpected.
Proht-taking has been a feature on sew
eral active days, and brokers offices are
stronger to that extent. but the process did
not go far enough, as the increased loan
account too significantly indicates
Far-reaching railroad plans are limited at
on all sides. and higher prices are made for
securities on this misty outline OF increased
value. IL. many instances roads but a few
years out of receivers hands are ranking
with the older systems in the consolida ton
project and are proposing to acquire new
properties under guarantees which cause
some skepticiism on the part OF hundreds
with memories of railroad conditions five
years ago
The good stocks go up from time to time
under buying as good In character as any
that comes into the street but all of the
buying in the high-priced shares is not OF
this character. There Is scarcely a property
of any prominence but has a speculative
pool behind 1t promising things for the
future which stratle the directors when the
matter reaches them in the daily gossip.
Conditions are improving, and except for
the possibility of OVERRIDING. there are no
clouds on the financial horizon. But this
particular cloud can be seen and persists
In increasing its prominence The banks
can remedy the evil by a return TO more
rigid methods, and the sooner the remedy is
applied the less likelihood of an epidemic.
Reserves decreased Sa06,S15. and the gain
in cash was S2,644.20 Deposits increased
$11, 404. 800 and S1Ss,OO0 was added to cir
culation. The gain in cash was favorable
Item and other changes were not especially
noteworthy. Rock Island was advanced
again to the POO mark and was given fair
support. report that this road would
absorb st. Louis and San Francisco found
reflection in higher prices for the latter
shares.
ST. Paul was advanced sharply but lost
part OF its gain, and there was a good de-
mand for Illinois Central. which closed
near the best. Chicago and Eastern Illi-
nois. Kansas City. Fort Scott and Mem
phis and Louisville and Nashville reflected
a pool demand. Pennsylvania and New
York Central were irregular under mixed
dealings. Missouri Pacific was advanced
easily at one time. but reacted from the
best under liberal selling.
A determined selling of Western Union
forced a sharp reaction. only part of which
was recovered. Alton issues were heavy
under mixed selling and numerous low
priced shares reflected declines due to a de-
creased demand.