Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-22
LOOKING ron pETyER TIMES.
The Prospects of Legislation Favor
ably Affects the stock Market.

ably Affects the stock Market.
Special Dispatch to The Evening Star.
NEW YORK, Aug. 22.-The change for
the better that was noted in yesterday
market was continued today and the feel
ing that the country will soon emerge
from the present crippled condition of bust
ness is daily gaining strength. AS the his
tory of Wall street proves. il will not be
necessary for actual legislation on the part
of Congress before a movement to advance
prices is inaugurated, provided that there
is sufficient evidence of an intention to do
what will eventually give the desired re-
lief and make such an attempt successful.
future prospects and discount probabilities,
so that an attempt to do a thing is used to
affect prices as much as IL 1t was already
an accomplished fact Congress in the la
few days has given every indication of will
lingnesS to repeal the measure that has
been held responsible for the existing de-
preston in business, and the effect was i'm
mediately manifested in course of prices.
With an increased bank circulation. which
will add from 20 to 80 millions to the avail
able currency of the country and no disap-
pontments from Cor gress. the movement
should be continued and the waste of the
past months gradually repaired.
London was dull at about the closing,
and had some buying orders on this side.
noticeably in St Paul. of which nearly TO- =
600 shares were taken during the morning.
Prices this side opened up IA to "a per
cent, and continued strong throughout the
day, with the exception of short reactions
engineered by room traders. Advantage
was taken Of every decline to cover short
sales. indicating a desire to reduce the
large short interest still in the market, and
take small profits on stocks put out at the
high figures of yesterday. There was less
activity than yesterday, and fuctua tons
were within narrower limits but there is n
healthy tone to the character of the trading
that seems at the moment to promise bet
ter things
The financial condition of Canada at
tracted attention this morning by the fall
in London, which Is believed to be a fore
runner of monetary trouble.
At l:30' the room had purchased all the
stocks 1t wanted and reaction set in
during which all the early gains were lost
and the following active stocks We're SELL
ing below the opening: Western Union
dropped to rs rs loss of 3-S per cent;
ST. Paul to 30 from SO Is; Northwest de-
clined point TO SO 3-4. and Manhattan, 1-2
to Ill; Lake Shore opened at ia Ia and sold
down to lib is, and Burlington lost IA per
cent to % 81; Chicago gas declined a
point to 81; sugar dropped to "a, a loss of
points to 80 IA
The clearing house statement today shows
exchanges &93S, 636, balances 4W7,036 and
the subtreasury's debit balance S97. 46S.
These debit balances have Of late been paid
almost entirely in gold. Brown Bros re-
port sterling strong at iSili4s9 AT 2:30 the
market was dull. with prices all fra ctionally
lower than at yesterdays close. There was
no adverse news. and the decline was due
merely to lack of buying orders and to
rally.
The closing was dull and the losses made
after the noon hour were not recovered.
making prices somewhat below yesterday 8
highest figures.
Atchison earnings for the second week
in August decreased St76Sf2