Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-20
The Yachts Drew the Bulls and
Bears Away.
TRADING Was uGHf ALL DAY
The Exchange Rate Not Creating
Much Concern.
GEN ERAL MARKET NEWS

Special Dispatch to The Evening Star.
NEW YORK, July 2b-The superior at
fractions Of todays yacht race resulted in
an vi usually small attendance of brokers
at the board and emphasized the narrow
ness Of professional stock operations. Lon
don contributed nothing to the volume of
local trading. the dullness incident to the
recent political contest still prevailing. Tho
total gold exports for the week amount to
S1.537 $50, the greater part of which goes
out by today's steamers. Bankers are con-
fident that nothing serious will develop
from these shipments. as exchange rates
will shortly be depressed by natural causes
and the necessity for using the coin obvi-
ated. The fact that the bear element in
speculation has profited nothing by the re-
in the early discont,nuance of the process.
Business prospects have either been i'm
proved during the week or have maintained
the promising level previously reported. In
some instances a slight falling of in tie
demand for commodities has been notice
able. but the dullness incident to the sea-
son fully explains the condition. The iron
trade continues to lead In point of activity,
many of the larger plants being taxed to
their full capacity, and additional facili-
ties are being contemplated in some In
stances. The demand for all kinds Of
structural material is especially pronounc-
ed. and all orders are taken subject to de-
lay in consequence.
Railroad earnings have been encourag-
ance OF the year seems probable in most
sections. The southwestern roads are max
ing rapid strides in this particular. and
are attracting considerable attention by
| reason of the comparatively low prices at
which they are selling. Crop statistics In
dictate the probabilities Of an enormous
corn yield. and are. therefore. satisfactory
from a speculative standpoint. as upon this
product much Of the anticipated railroad
prosperity depends. The Industrial depart
ment has been the principal feature of the
usurp the leadership during the remainder
Of the dull season. Manipulation con-
tinues to supply the place of legitimate in
centive, and the course Of prices defies all
the week is a trifie more consistent with
the reported prosperity of the company,
and some buying for long account has
temporarily. at least, relieved the one
sided speculation in this property. The
short interest Is still large, and a strong
effort will be made to cover under tho pres
emit level, but the success Of the effort is in
doubt Lower prices for the stock are pre-
on such suggestions Is regarded by con-
sentative operators as doubtful prospect
for large profits
Chicago Gas was steady at the end of the
week, but there were no reported develop
ments looking to the relief Of existing DIM
culties. The effort now being made to de-
termine the legality Of the trust under
which the present certificates were issued
will have tendency to promote cautious
operations pending some definite announce
ment of the result. The persistency with
which all legal and legislative efforts have
gone against the company Is naturally
produc tive of much analogous reasoning
during the period of doubt preceding .
decision. = -.
Tennessee Coal and Iron Is not looked
upon with the confidence which has hereto
fore characterized its movements, and evil
donces of proposed opposition to the manip-
ulating interest are daily multiplying. The
recovery from the sharp decline early in
the week was easily accomplished but IL
Is doubtful II the same support would be
found in the event of another premedita-
ted attack.
The showing made by the associated
banks Is scarcely consistent IN detail, but
reflects liberal gain In lawful money and
a corresponding increase In reserve. The
falling on in loans Is again an undesirable
feature Of the weeks money operations
The statement in detail follows: Reserve
increased. sos. sos: loans decreased. 81
165.500: specie increased. $1O4. 400; legals
increased. $5.O6S 500; deposits increased,
$34S.30 and circulation increased. $4,000.