Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-26
IN WALL STREET.
Tendency Toward Lower Prices on
Account of Gold Shipments.
Special Dispatch to The Evening Star

Tendency Toward Lower Prices ON
Account of Gold Shipments.
Special Dispatch to The Evening Star.
NEW YORK. Sept ga decided ten
dency toward lower prices was manifested
at the opening OF today's stock market, by
reason of yesterdays DEVELOPMENTS con-
corning gold shipments.
London was below our closing and was a
moderate seller of our securities The sttu-
alton becomes more critical. both at home
ana abroad with each additional postpone
ment OF the day when the country is to be
enlightened on the subject OF our money
policy.
The market has held well on the sYenxth
or what has already been done, and 70 some
extent discounted possibilities Mat NOW
seem no longer probable. More thafs~se<1er
cent OF the gold imported from Europe
within the last three months is said to have
been borrowed on short-time loans now
rapidly nearing maturity, and which will
not be renewed unless senatorial legisla alton
intervenes to convince foreign money lend
ers that we mean to have sound money
poIlcy tnat will insure them against loss.
Sterling rates continue firm in the neigh
Dorhood of the exporting point. and al
though no gold has actually been with
baa~n nor Shipment, a prominent bank
purpose Money is in good supply, but
banks are unwilling to lend for any con-
siderable time while conditions remain in
1853 % cSSht uHSttlleu state ana DOrrOWlng
from day to day is assuming a greater
amount Of risk than the average individual
cares to saddle himself with Money, there
1ore, that would gladly be turned into
more clearly defined Is now lying in idleness
and threatens to become drug on the mar
ket.
Reading receivers meet tomorrow, to take
actlon on the amount of funds needed for
settlements due October l. On that day
default on the general mortgage bonds OF
that company becomes a recognized fact
unless some provision is made for the pay
ment OF July interest. II such provision is
not made any bondholder may institute
proceedings to foreclose. The stock sold
down to 10 during the day, a loss of 7-S per
cent from the opening.
The clearing house loan committee re-
tired $780, 900 certificates called YESTERDAY
and 100000 additional have been called FOR
tomorrow. The transactions in the clearing
house today were exchanges. 81, y07, S02; bal
ances, Aa.S,5ls and the subtreasury's debit
Brown Brothers reduced rates for sterl-
ing during the afternoon 1-2 per cent to
4S3 l-2a4SS A sharp rally followed this an
nouneement due to covering prompted by
the fear that no gold would be exported IL
the decline in sterling continued.
Ihe easier rates are but natural conse-
quence OF yesterdays sharp advance and
VIII probably tighten up later in the week,
when gold will be in demand for shipment
by Saturdays steamers.
Among the more conspicuous stocks NAV
be mentioned Manhattan, which declined
IL per cent from the opening and recover
ed most Of the loss later In the day. West
ern Union sold down / IA per cent to 7S
and Rock Island was weak on large selling
orders and lost 1-2 per cent to 81 3-4
The industrials were all under the ham,
mer, General Electric suffering most with
a loss of "a per cent to 80 SIS
Inc rally occasiOned by the easier rates
for sterling extended through the closing
hour and many Of the early losses were
entirely recovered.