Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-09-12
FINANCE AND TRADE
Prices Yielded Easily to a Bear
Attack.
GOLD CONTINUES A LEADING TOPIC
The Attitude Of the Syndicate
SpecuIated Upon.
GENERAL MARKET REPORTS

| Special Dispatch to The Evening Star.
NEW YORK, September 12.-The sentI-
mental effect of the syndicate's gold de-
| post at the close of yesterdays business
was not carried over into today's market,
prices yielding easily to a professional at
TACK In the interest of the short account.
considerable long stock was marketed dur
! ing the morning. and a series of stop orders
uncovered, which substantially aided the
process of curtailment The rallies which
occurred from time to time as the day
| progressed were the result of purchases by
| traders. and in the main were merely an
| offset to previous sales.
The market for foreign exchange de-
| veloped no encouraging features and was
| bare of all classes of bills except such as
| were drawn against proposed gold Ship
| ments by Saturdays steamers. The out
| flow at the close of the week will probably
| be large, as both importing houses and the
| local representatives of foreign bankers,
for whom recent sales of government bonds
were made are likely to ship coin in salts
| faction of their obligations abroad.
| The syndicates attitude on the subject Of
gold exports, while of immediate value as
a speculative factor, is absolutely void Of
! the remedial features which a defective
| financial policy demands and which are es-
sential to a permanent respite from the
| financial uneasiness which the loss Of gold
periodically inspires.
| There can be no doubt that the banks
| will pay into the treasury every dollar that
| is paid out on account of the export move
| ment in the near future, but the drain on
| the banks will not be allowed to proceed
| Indefinitely, and natural processes must
| eventually triumph over the artificial de-
vices of a financial community. The date
on which the outflow of gold has been con-
vanced SO often on the calendar that
| would-be buyers of stocks are inclined to
| walt until such an event can be looked
| back upon rather than forward to.
The market will not be allowed to become
| one of steadily decreasing values. general
| conditions being opposed to such course,
| but there is no doubt that confidence would
| be increased by the knowledge that the
| weakly held securities had been forced out
| and new and more rational speculative
basis established.
The advance in the Changers has fully
| justified the decline during the past week.
| but it is not likely that any material con-
| cessions from present prices will fail Of
| ready market.
| Tennessee Coal and Iron sold down "a
| per cent on realizing sales during the early
| trading. but rallied later in the day on a
| fair volume of buying. The buying of this
| stock on all concessions is for the accounts
| of those in position to best judge of its
future, but the street is inclined 20 believe
! that further decline should precede sus-
| tanned advance. The strong tone Of the iron
| market may result in a disappointment on
| this last point.
Sugar sold down per cent in the first
| hour, but recovered all of its loss on a
| moderate demand during the afternoon.
| Distillers was sold by traders for decline
| of IA per cent. but there was no special
| news to warrant the attack.
The trading of the last hour was favor
| ably Influenced by a reported advance in
| the price of coal This announcement was
| taken as foreshadewing some active meas
| ures looking to the settlement of the coal
| troubles, and the entire speculative list
| was bid up. s,ss
The trading continued to be confined to
| the professional element, however and is
| subject to sudden change in direction.