Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-31
Operations of Various Bull Cliques
and Pools.
INDICATIONS OF A GOOD FALL SEASON
Loss of Gold Treated as of Little
Significance.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 31.-Notwithstand-
ing the continued indifference Of London
the local market opened Up strong this
morning under the influence of a legitimate
demand from the speculative public. The
general advance in prices which has char
acterized the weeks stock operations may,
as is generally claimed. have originated in
the various pools and cliques which have
of late controlled speculation. but the we'll
distributed volume Of business and the
substantial net gains recorded are the re-
suit of something more than absolute
manipulation.
The trades reports are in the main en-
couraging. in that the market for nearly
all classe of commodities has broadened
considerably toward the close of the month
and gives every indication of an active fall
end winter season.
Exports Of cereals do not compare favor
ably with recent years. and do not fulfill
expectations, but the later movement is re-
lied upon to bring the average up to the
proper standard. The loss Of three and
ore-quarter millions of gold during the
| week has been treated as a matter of little
speculative significance by stock operators,
as comparison of prices with those pre-
vailing at the close of last week amply at
tests. Had the artificial support from the
bond syndicate been withheld the federal
gold reserve would now be considerably
| under the s100, 900, 600 mark, and apprehen-
| sion would have prevailed in all quarters.
The total loss Of gold to the country
since the movement first attracted 'atten-
| ton during the month of July is estimated
| at $1I,0o0,OO0. The effect of this has been
| to inspire an extremely bearish feeling in
| the foreign market and has resulted in
| the formation OF a large-szed short in
| terest in nearly all of the more active
| International issues. The urgent borrow.
| ing demand on the part of local represen-
| tatives of foreign houses noticed during
| the last few days clearly indicates that
| the stocks covered about the middle of
the week have been again put out on the
| advance.
If local confidence can be maintained by
| the assurance that the syndicate will keep
| the gold reserve intact, this foreign short
| interest may be a valuable factor in the
promotion of higher values throughout the
| list.
| A general covering movement by London
| at this juncture would be worth from to
| 3 per cent to the long holders of the more
| favorite stocks. The pessimism noticed to-
| ward the stocks which are daily submitted
to the London trading public for its esti-
| mate of value does not extend to the better
| class of bonds, as there has been a constant
inquiry from that center for good reliable
| investments.
| The weekly statement of the banking
| operations at the subtreasury indicates
| that the banks have lost about 81 ,oo0 900.
| not including money paid out on account OF
| the gold movement. The demand for funds
| from the interior shows signs of improving
| and bankers anticipate a steadily increas-
| ing demand for surplus cash holdings. This
| condition is one of the many encouraging
| features of the trade situation, indicating
| growing need for money in commercial
| enterprises.
There is no influence of sufficient import
| ance to adversely effect the present ten
dency of prices An advancing market
| is always more attractive to the specula-
| tive element outside CT Wall street, and
| with indications of an early solution of
| chronic annoyances which overshadow
! speculation from time to time there is
| little reason to fear sudden change in
| sentiment ON the part Of this desirable ele-
| ment The market Is well supplied with
orders fractionally under the present level,
| and the coming week should witness a
| repetition of this weeks results.