Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-17
Speculation Was Almost Neglected
Today.
SELLING OF AMERICAN TOBACCO
Changers All Strong on Fractional
Gains.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August 17.-Speculation was
almost neglected during today's short ses-
sion, further selling Of American Tobacco
and Manhattan being the only significant
features. The selling Of the former prop
erty clearly indicates the liquidation of
long holdings, and lower prices are ex-
pected during the coming week. The de-
cline OF per cent, which resulted this
morning, was accomplished without oppo-
sition. and any concerted attack would
probably be literally rewarded, in view Of
present threatened competition.
Manhattan yielded to selling for both ac-
counts. small volume of business being
sufficient to force a ~ per cent decline.
The granger shares were all strong at
small fractional gains, resulting from con-
tiIued assurances of a large crop. While
there is little disposition to buy any large
amounts of the favorite railroad issues,
there is almost no desire to dispose Of pres
emit holdings anywhere around prevailing
prices
The condition Of the market for foreign
exchange will continue to exercise an inn
portant influence on speculation, and will,
temporarily at least, overshadow all other
considerations. In view of this fact 1t is
fortunate that conditions at the close of
the week indicate that the outflow of gold
In large quantities has about eliminated
The covering of short contracts incident
70 this encouraging outlook was responsible
for the steady undertone Of majority of
stocks.
1t is expected that the offerings of Sc
curity bills next week will be materially
increased and that the supply will be fully
adequate to the demand from those desir-
Ing to cancel foreign Indebtedness The
syndicate's action during the week In pay
ing gold into the treasury to offset the
amount exported will probably be dupIi-
Gated should such action bee ,me neces-
sary in order that the federal gold reserve
may be maintained at its present level.
The idea that a combination of bankers
character Is repugrant in certain quar-
ters. but the importance of such services
pending some radical change in the flnan-
cial policy OF the government can hardly
II panic Is stayed in February by as
surances that assistance of this character
may be relied upon during a certain period
it Is absolutely essential to the perpetual.
ton of financial confidence that such sum-
port shall speedily materialize in a time Of
need So long as the American public re-
fuse to regard the country's gold in the
light OF commodity amenable to the laws
governing commercial transactions gold
exports will form basis for financial un-
easiness, with marked symptoms of i'm
pending panic.
The banks have gained s., 200 600 in legal
tenders during the week, and a small
amount of specie, in spite Of the outflow of
the yellow metal The legals withdrawn
from the banks to procure gold for export
have been offset by the deposits by syndi-
cate banks against gold paid into the treas
ury for which notes were given in payment
Tho small increase in loans reflects the
contracted character of the weeks stock
operations. but is an indication that some
ventures are being undertaken in spite of
the dizziness. Bankers hope to invest idle
FUNDS to better advantage during the next
II u-a h.
season in financial and commercial circles
The bank rtatement in detail follows;
Reserve. increased. s., 326. 100; loans in
creased, s299. 100; specie, increased SOS, 700;
legels, increased. S3,GO3. 900; deposits in.
creased. $3.546000. and circulation, increas-
ed, $Sl, 800.