Evening star., 1895-08-20
Special Dispatch to Tie Evening Star.

Special Dispatch to Tie Evening Star.
NEW YORK, August 2O.-In sympathy
with London's attitude, our market opened
shade under closing prices, but subse-
quently became strong, under a fair vol
ume Of buying, mostly professional The
engas sements of gold thus far announced
will aggregate about $3.O0O,O ,OOO and indica-
tions point to further loss at the end of
the week. The treasury's gold reserve will
thus be brought down under the 500, O,00c.-
900 mark. but the syndicate banks are ex-
pected to deposit the amount necessary to
restore the full reserve. This action on the
part of the syndicate had good effect on
prices last week. and this consideration
slcne would n all probability result in its
duplication at this juncture. The exchange
market was slightly easier in tone, owing
to an increased supply of gold bills Bank
ers and commission houses are both offer
ing this class Of bills which is a new and
significant feature of the situation, bank
ers having taken no active part in the ex-
port movement heretofore. The volume Of
business is light, and this in some measure
explains the recession in rates.
The action Of the more active stocks
during the day indicates an increasing
confidence in the early elimination of the
movement and in the ability of the banks
to prevent any serious inroads being made
on the federal gold supply. A year ago
such shipments as were reported today
would have had decidedly adverse in
f1uence on the entire market, but the feel
ing Of apprehension then in the ascendancy
has given way to one Of strong confidence
In the ultimate solution Of the difficulties
which periodically force this unwelcome ex-
port movement.
American tobacco was again an active
feature of the days trading, the short in
terest being particularly urgent in its de-
mands for stock to make good yesterdays S
contracts. An advance of AZ per cent re-
suited from this demand.
The sentiment of the street Is unchanged
as to the general tendency of this stock
but pending some definite action on the
Iart of the Independent manufacturers at
tomorrow's meeting there is little dispcsi-
ton to increase present obligations in the
face of 20 per cent decline.
Sugar was sold and offered down to
ITO Is, but at this point supporting or
ders were plentiful and the price was soon
forced back on buying for both accounts
There were unmistakable evidences Of a
conflict for the control of the speculative
machinery in this property, in which the
hear party was temporarily worsted.
The expected demand from the trade
shows no indication of immediate ma
terfalization, and it is generally regarded as
probable that some concession in rates will
be made to attract business. There is a
strong element In the property opposed to
further Improvement in the market price of
the stock. but as yet all attempts at de-
preston have been skillfully defeated. Chi
cago Gas was sold down by traders on a
mysterious rumor of pending unfavorabIe
developments.
In the railroad list the coal stocks were
the features on reports that negotiations
looking to the settlement of existing diff
culties were to be actively resumed and with
a fair chance of reaching a satisfactory
conclusion.
Jersey Central and Reading were ad-
vanced on these reports. the former stock
being unable to retain its advance, owing
to realizing sales. The grangers were in
telligence having direct bearing on the
future prosperity of this group of securi-
ties being favorable. The trading OF the
last hour was moderately active, and in
many instances at the highest point of the
Gay, the demand from the short interest
being particularly noticeable during this
period,