Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-09-14
FINANCE AND TRADE
Declines in All Of the More Active
Stocks.
FURTHER TALK OF 4 new BOND issue
When Gold Exports Are Likely
to Cease.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 1.-THE large
gold deposit by syndicate banks. promised
at the close of yesterdays business hay
ing no foundation in fact resulted in lib
eral sales of long stock this morning by
disappointed purchasers for turn. De-
clines varying from 1 to per cent were
recorded in all of the more active issues
The coal shares We're an exception, a small
volume of business resulting in moderate
gains In the higher-priced members of that
! group The sales of St. Paul were attrib-
| uted to the monetary trust and the usual
following of room traders. and were largely
responsible for the violent fluctuations
elsewhere in the granger shares.
Tennessee Coal and Iron declined under
| a general tightening of the long account
pending the removal of the present dis
| quieting speculative conditions. The show
ing made by the iron industry throughout
the country must sooner or later attract
new buying TO this property. it's earn
| ings indicate that a large and profitable
business is being conducted along con-
sentative lines. The continuation of such
an advance as was N progress at the be-
ginning of the present week would have
| been siugularly inharmonious, and the
| friendly interests behind the movement
are no longer anxious to force higher
prices
There can be no doubt that the forces
at present operative in speculation are
| far from satisfactory. The governments
contract to give the bond syndicate an
| option on all bond issues prior to the first
of October. the near approach of that
| date and the tension resulting from the
syndlcate's efforts to keep the gold re-
| serve intact combine to encourage be-
lief IL new government loan. The pres
| ent course of prices is the result of tho
disCounting process a higher level being
| sure to result from the actual announce
| ment that this action has been agreed
upon.
| 1t is altogether likely that commercial
bills will begin to come into the exchange
| market in sufficient volume to dispense with
| the necessity of large gold exports during
| the coming month, but in the meantime
| there is period of uncertainty to contend
against which Is not entirely reaSsuring.
There is a large short interest in the mar
ket, one of sufficient proportions to force
| sharp recovery of this weeks per cent de-
| cline, but radical changes must ensue -
| make a covering movement extend beyond
| the limits of traders rally. The local
| banks will help to make up the loss in gold
| at the subtreasury, but the artificialty OF
| this course is its weak feature. and neces-
| sarily curtails the epoch of its success.
| More revenue and more bonds are both
| needed, but the former is practically de-
| pendent upon the latter for naturalization.
The coal situation. beyond the advance in
rates previously reported, is unchanged
| from last week. 1t is believed that bus
| mess attempt will be made to adjust pres
ent differences as soon as the exchange
| market relapses into a normal condition.
| The trades reports for the week continue to
| reflect many encouraging features which
| may be relied upon to find their way into
| the speculative incentives of the near fu-
ture.
| The bank statement reflects a loss of
! nearly nine and one-half millions in lawful
| money during the week, the major portion
| of which is in legal tenders paid into the
] subtreasury for gold withdrawn. The loss
| of two millions in specie represents the
| amounts paid out by the banks to strength
| en- the treasury's reserve. The increase in
leans is again large, and indicates a grow
| ing demand for money, presumably for
business purposes, as the course of specu-
iation would scarcely warrant its appiica-
| ton to stock exchange ventures.
! A gradual hardening in interest rates
may be relied upon in the near future az
the result of this demand. Bankers have
been confident that money would go into
business enterprises during this season and
report increasing signs of the fulfillmenr
of their prediction.
The statement in detail follows: Reserve.
decreased, sS16l,5 25; loans increased. s4.-
3d.: 100; specie. decreased, 81 81, 600; legals,
| decreased, T,524,10o: deposits. decreased.
sadl9.100 and circulation, increased,
Sl5I, COO.