Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-09-09
FINANCE AND TRADE
Beneficial Result Of London Pur-
chases.
EFFECT OF COMING GOLD SHIPMENTS
Mixed Feeling Regarding tho Fu.
ture Of Sugar
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 9.-London buy
ing to cover short contracts in anticipa-
ton Of this weeks settlement had bene-
fetal effect on initial prices in the local
stock market this morning. The engage
ment Of considerably over million gold
for export by tomorrow's steamers and the
unpleasant prospect of duplicating last
weeks record in this particular resulted In
realizing sales OF sufficient volume 10 SUBJ
staDtially curtail values as the day pro-
crossed
The market for foreign exchange pre-
scented no new features. the supply Of bills
being extremely limited. cable transfers
against gold shipments comprising the bulk
of the offerings. The bond syndicate was
relied upon to make good the loss sustained
by the treasury. but recent events have
inspired some skepticism as to the per-
manency Of this artificial assistance. Hold
ers OF stocks showing profits at the present
level were disposed to decrease their la
iilities and accept the rewards attendant
more ago.
The Granger shares reflected this condi-
Ton TO the greatest extent. owing to q pre-
penderence Of interest in this group of Sc.
curities and the liberal proportions Of the
recent advance.
The specialties, Tennessee Coal and Iron
and General Electric. attracted a good vol
ume of business. although the motive ap-
plicable to the latter was clothed in mys-
terry. A probable advance In iron during
the week and reported increases in earn
ii'gs are sufficient reasons for the action of
the former. The receipts are just beginning
to come in from the advanced prices Of the
early summer contracts. and the strong in
terests behind the property are endeavor-
Ing to force reflection Of the changed con-
ditions in the market price of the stock.
These movements have always been sue
cessful of late. but 1t Is we'll to remember
that their frequent repetition reduces the
distance on this side OF the eliminating
point.
Sugar was active under sales for both
accounts. which resulted in ~ per cent
reduction from first prices. The feeling In
the street relative to the immediate future
of the property Is decidedly mixed, the be-
lief in a reaction after the dividend Is as
sured to present holders being particularly
pronounced IN certain quarters. Chicago
Gas yielded easily to a selling movement.
behind which were no new developments.
The gold movement during the week will
heretofore. and the syndicate's deposits
may not be so reassuring in a market in
which realizing sales are superior to all
other trading. Bankers have been In error
In estimating the extent OF the efflux up to
this date. but continue to express conf
dence in an early return to normal condi-
lions.
The character of the market during the
final hour was unchanged, realizing sales
being the feature Of this period, with prices
around the lowest level of the day The
later business was largely professional and
consequently of little Significance except
SO far as it reflected the growing belief In
a reaction of natural proportions. = r
The timidity inspired by the gold outflow
Is now being felt in financial circles, and
public interest in speculation can scarcely
be revived until assurances Of its early dis
continuance become more general In view
of this fact the market during the coming
ten deys is likely to be irregular and ex-
tremeIy sensitive to rumor.
Business prosperity continues 10 afford a
safe basis for estimating ultimate results
however, and no material setback is JUS
titled,