Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-11-21
FINANCE AND TRADE
Volume of Business on the Stock Elk.
change Small.
WEAKNESS IN PRICE OF WHEAi
Reflected in Sympathetic DECLINE
in the Grangers.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. November 2l.-Contin,,ea
disinterestedness on the part of Influential
interests resulted i'm a weak and prof..s.
sional stock market this morning Thu
volume of business was small! and. i'm ihn
main. reflected transactions for the short
account. Prominent operators for The de-.
cline continued to sell as opportunity of.
fered, Notwithstanding the absence OF tan.
gible incentive TO such action. The pessI.
mfm of the room has made no impression
on the attitude of commission houses and
recovery in values is relied upon the
moment the volume of business increases
Weakness i'm the wheat market was re-
hected by sympathetic decline in the
Granger shares, none of which We're az
corded significant support The meeting a
the various corporations represented in
the new American Spirits Company 10 10
held during the coming week is expected 10
furnish an incentive to renewed activity in
that property. Present indications are said
10 favor the making Of an agreement which
VIII give the new company the exclusive
use of a large and profitable field. Amerf.
can sugar was again active, under a pre-
ponderance of adverse argument. but re-
sisted the selling movement very credit.
ably, all things considered.
The entire speculative list, with the ex.
ceptloE OF the INDUSTRIAL Issues mentioned.
reflected net declines at the close of the
days business. Conditions which were of.
fered in justification of lower prices during
the demoralized Period which preceded the
electors have either been wholly over.
Come or partially improved.
The recognized precedents of an advano
ing stock market have come into the situas
ton. hut the Willingness to apply them a
lacking. Among the professional traders
those who survived the panics of the year
are familiar with the short account only.
The Venezuela panic and the silver scare
developed an experienced clique. which saw
profit in the wholesale slaughter of credit
and confidence.
1t is not surprising that the handling %
the new material now offered is lett TO tht
intelligence of that almost extinct class %
operators which sees beyond the narrow
confir es of the board room This new lead
ership ray come from the public or il may
come from a conversion of the pessimists.
but, barring surprises, IL must come.
Bank statements, such the one sub
mitted today, do not foster declining mar.
kets, neither do they foreshadcw business
depression.
The weeks gain in lawful money holdings
has been s11,2S5,SD about two-thirds of
which punt is in legal tenders An in
crease Of 1858. 4D in loans indicates de-
mand for woney outside Of speculative cir.
cles, the decrease volume of stock op-
erations clearly attest. The increase IN de.
posts is shown to have been 81. 331. S,n 9
large proportion of which is due TO the
turning of funds forced out of crcula ton
by the recent attack on the standard OF
value.
AS only one-half of the increase i'm cash ia
required against this increase i'm deposits,
SSl $50 is added to the reserve bringing
that fund up to So, 3o0o 900 in excess of legal
requirements.
The statement is unusually gratifying
and indicates an abundance of money and
extreme liberality to borrowers. Two pei
cent money is considered probable durins
the coming week. 1t will be difficult &c
convince shrewd observers that POO pei
cent money and per cent money require
identical reflection in the course of prices
Great changes i'm conditions could only ex.
plain extremes of this character during the
brief period of twenty days.