Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-03
London's Holiday Increases Dizziness
in Speculative Circles.
WATCHING TIE CAMPAIGNS PROGRESS
Every Demonstration to Be UtiI-
lied as Factor.
GENERAL MARKET REPORTS
Special Dispatch 10 Tie Evening Star.


NEW YORK. August 3.-Tne natural
tendency toward dullness and incense
auential trading which has characterized
recent operations in the stock market was
emphasized still further this morning by
London's close holiday. The absence of
foreign interest confined the entire days
business to the room, and prices for the
most part we're adversely influenced in
consequence. Traders prominent In recent
declines wee credited with Offering securi-
ties down in the interest of forcing realiz-
irg and liquidation sales, but in a majority
of Instances such efforts were not success
full. The real owners of securities are less
sensitive to daily fluctuations than they
were a week ago, and routine devices for
forcing sales are no longer effective.
Alternate buying and selling by the pr
fessional element is likely to be subs:iul.
for more legitimate trading during the
ance OF the summer season, but the ban,
ing syndicate may re relied upon to pr,
vent reflections beyond the danger point.
A large volume OF business is not desirable
at this time, and the substantial interests
in the street are disposed to protect values
only.
Sentiment has improved considerably
however, and the element of fear has, In
measure, been disposed of, but notwith-
standing these changes for the better, con-
81 rvatlSm demands inactivity. The pre-
gress of the campaign will be eagerly
watched. and every demonstration will be
made to serve a speculative purpose, but
movements of this character are not to be
participated in by the inexperienced. In
vcstors will lose nothing If they insist on
decreased risks, even though they nay in
creased prices
The selli:g Of Manhattan by houses iden-
tined with recent operations in the prop
erty was a conspicuous feature of the trad
ing in railroad shares. From an opening
level which remained unchanged under a
a Z ha las
OF the room hour. the price broke sharply
TO SJz., decline of pa per cent. The cover
ing OF short sales at the decline resulted in
an equally sharp recovery to 81 during a
general rally late in the afternoon. The in
ability of this stock TO hold an advance has
been commented upon frequently OF late
and gives color to the decreased dividend
! rufnors. Every rally invites new sales and
almost Invariably by the same interests.
Sugar WAS offered down by traders and
yielded easily for a net loss Of l per cent
during the morning. An advance of l-l6
in several grades of the refined product
coupled with the fact that the large inter
eStS which were credited with extensive
purchases last week, refused TO sell forced
recovery in price later in the day. The
changes ir majority of the less active
issues were irregular and void of signifi-
cant incentive. There were no new deveI-
opments OF any moment, the market being
in a position OF expectancy simply
The foreign exchange market is reported
10 be firm under small offerings. with its
general conditions unchanged from last
week. The artificial satisfaction guaranteed
by the associated drawers of exchange
has to some extent removed exchange from
the factors of the immediate situation
Geld shipments were prevented by a similar
device at the time of the bond syndicate's
operations, with rates :. per cent higher
than those now prevailing
London's temperance tomorrow morn
ing may have some influence on prices
but present indications favor pro;racted
period of insignificant transactions The
weeks political developments are likely TO
| be as important TO the speculative COM
munity as anything of strictly routine
character.
The Cotton Market.
NEW YORK, August 3-The LIVERPOOL
cotton market is closed today and the
course of prices at New York is governed
altogether by crop accounts, which at pres
ent are bullish. Government advices this
morning failed to justify promises Of rain
indicated in Saturdays late report and the
iirst call here this morning developed a
nrm and fairly active market, with prices
oaS points higher. and December and jan
uary particularly firm and active on New
Orleans buying orders. Following the OPEN
ing call the market ceased under local
pressure. but again rallied. Liverpool sold
chiefly spring options. Outside buying
orders continue to reach the market