Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-10
American Securities Neglected by
London.
CONTINUED STRENGTH. OF CHANGERS
Increase in Loans Shown by the
Bank Statement.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 1O.-The London
market was again a disappointment this
morning. The gigantic speculation In the
mines of British South Africa on the Lon
don exchaL ge overshadows all other mar
kets, and American shares were particu-
larly neglected owing to the pessimistio
dispatches sent from this side on the sub
ject of the condition of the treasury and
probable large gold exports, which appear
ed in the leading weekly financial papers
yesterday. The only orders received from
London were to sell a few small lots Of
Louisville ind Atchison.
As predicted by the strong closing of yes
terdey the local market opened fractionally
higher this morning. and the sentiment in
the room was in favor of further rally,
and as a little fresh buying appeared the
street is in the main bullish, and opinions
are general that higher prices will prevail
at the start next week. After that the
course of the market will depend largely
upon the attitude of the larger interests,
which have not as yet shown any signs OF
renewed activity; still the chances OF re-
action are not as good as they were
week ago. owing to the apparent dwindnng
of the gold export movement, and also be-
cause the corn crop Is one week nearer
maturity without damage
There was no feature to the trading to-
day beyond the combined strength In the
Changers; a slight setback in Manhattan.
and the conspicuous buying of Missouri
Pacific and Western Union by brokers who
were supposed to be acting for Wash"
Connor. The total sales of all stocks
amounted to only 5000 shares.
The market for sterling and continental
bills ruled strong all the week and rates
for actual business are fully up to the
figures Of year ago, except for the French
francs. These show fractional decline.
owing to the advance of sterling in Paris
| from 25.25 to 25.26h
| but the bills drawn against the weeks gold
| exports tended to keep sterling rates from
| going higher.
A few grain futures appeared at times,
| but the amount was too trifling tc make
| any impression on the market The sale OF
Jersey Central fives abroad and the prac.
| teal completion OF several other bond
| transactions of some Importance are ex-
pected to furnish temporary relief to The
| foreign exchanges next week, while the
| near approach of the season Of merchan-
| disc exports encourages the conservative
banking interests to hope that the outflow
| of gold in the next few weeks will be
| small.
| Another increase in the loans is the
| most important change In the bank state
| n:ent. The amount is not large G1, ,O0O).
| but it is of interest in connection with Q
| larger increase last week as indicating q
| tendency to q better demand for money.
| The less OF $Z,OOU.OUO IN lawful money. al!
| of it in legal tender. is due to the exports
of spice. legal tenders having been turned
| into the treasury to secure gold for ship
| ment Though the foreign exchange mar
| ket closes very strong, not much appre-
| hension Of future gold shipments is felt by
best informed brokers. One of the chic,
| syndicate houses expects to send a good
| many bonds abroad during the next few
| weeks, beginning with the 81 000.Ooo New
| Jersey Central IS announced this morn
ing.
The statement in detail is as follows
Reserve. decrease. Sl,9'6 4"o; loans IN
crease, 81 ,694. 100: specie. increase, 5000
legals, decrease, S. lSS,900: deposits. de
crease, S627. 200; circulation, increase. 81. $50