Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-09-24
Speculation of a Narrow and Pro-
fessional Character.
REACTION IN PRICES MAY COME
What Seems Likely From Prevail
ing Conditions.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 24.-The course
of prices in today's market again demon
strated the extremely narrow and profess
SIGNAL character of speculation. Opening
quotations were fractionally higher than
these recorded at the close of yesterdays
business, and Immediately invited realizing
sales in all parts of the room.
London sold stocks rather freely during
the hrst hour. which added to the local re-
actlonary sentiment and made concessions
general. TIE market for foreign exchange
steady at yesterdays rates. The offering
OF liberal amount Of gold bills occasioned
some surprise, and gave color to rumor
that gold shipments were again in contem-
platlon by prominent exporting house.
The shipment. IL decided upon, will aggre-
gate at least a million, and will be con-
sigred to Germany. instead of England, as
heretofore. At the prevailing rates for ex-
change there is practically no profit in such
transaction which should, in consequence,
be regarded as a mere transfer Of hherchan-
disc.
The latter view will rot prevail in specu-
lative circles. especially during the su-
premacy OF the room element. which makes
as valuable capital out of sentimental in
nueuces as out of the more meritorious ma
terial relied upon by conservative operators.
The buying power of the street has
dwindled to such small proportions that a
reaction would follow any concentration OF
effort in that direction The local short in
terest has evened up the bulk of its con-
tracts, and borrowable stocks are again in
abundant supply. Unless the outside de-
mand for stocks is materially increased
within the next day or two a moderate re-
action Is probable. The extent of the de-
cine Is not, however. likely to exceed the
limits OF a thoroughly beneficial influence.
If the banks are prompt in supplying the
gold which the treasury is likely to lose on
account Of the export movement, the arti-
hc1al character of the assistance may be
nv fro limo afa hn
general market will not broaden to any APP
preeiable extent, however, until actual
trade conditions force a return Of part Of
the heaVy balance already against us. The
most that seems reasonably likely for the
immediate future is waiting market with
an upward tendency, despite occasional re-
actions.
Attention is likely to be too far directed
TO the exchange market under conditions
such as now exist, and the weight of all
other arguments temporarily disregarded.
In situation dependent upon a multitude
OF special and general influences one dis
cordant element should not be permitted
TO dominate the course of prices, nor is IL
likely to be in the present instance
railroad earnings are good, the markets
for commodities. in many instances. were
never never better. and the demand for money is
daily increasing. These in themselves are
remedial influences. and even the ex-
change market must eventually be subor-
dinated to them.
buying of the kind most likely to increase
the stability of speculation by being based
on sound judgment and with a proper re-
gard for merit
The bulk of the DAYS trading was in tbs
industrial issues, in which substantial de-
clines We're recorded. The railroad list
was in the main adversely affected by the
days transactions, but changes were less
radical than in the industrials. The low
est prices for the day were those recorded
during the last hour.