Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-29
FINANCE AND TRADE
Good Effect Of the Importation of
Gold.
LIKELY TO DISCOURAGE BOARDING
Increase of St. PauIs Net Earn
ings.
GENERAL MARKET REPORTS
'ciai Dispatch 10 The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK. August .9.-Stock quota
tions at the close of the week reflect an
unmistakable change for the better in the
financial situation. both present and pro-
sIective. More than S12sUVDo of Euro
pean geld is certain of being added to the
local supply and more than double this
amount Is likely to be contracted Cor I'm
the near future. The return OF gold in
stead of securities Is a reelection OF some
thing more nearly approaching normal con-
ditions than local financiers have witnessed
for a long time. That STOCK prices should
respond to this desirable change is rot
surprising.
The continued absence OF the necessity
for the issuing of clearing house certih-
Gates had an important influence on senii-
ment. and resulted IN a moderate relana-
ton in the monetary tension so conspicu-
Gus at the beginning OF the week. The
almost continuous demand for currency
from interior points was making serious
inro ads On the cash holdings CT the local
banks. A loss Of s2.516.'sp ia the legal
tender holdings of the associated bhhss
is mainly attributed to demands CT this
character.
The importations of gold, part of whic,.
have already been turned in 10 the SUBJ
treasury for legal tenders, will repair tina
less sustained since the money scare reach
ed the smaller banking communities. The
daily acknowledgment of future receipts OF
coin will have a tendency 10 discourage
the demand for boarding purposes. EvI-
dence of supply is alone necessary 10
check such q demand has daring The
past ten days been the subject of frequent
alarm.
The reported gain of s5491N I'm specie
during the week is sure TO he materially
increased by the arrival OF coin now afoat.
A decrease of $.:bS.SA In deposits 10y
decreasing la
| the decrease In the last item down to SI36,
400 leaving the surplus reserve practically
| at the nine million mark a decrease OF
S,Tp,p1 in loans is smaller than the
course of call money rates during the week
| seemed to forcShadow.
The announcement of the weekly state
n'ent of averages had no significant infiu-
ences on the course OF prices. The undo
| srabe features had bsen expected, ard
| the Favorable ones exceeded expectation.
traders movement in Reading. based
| on rumorS of the purchase of a large hold
| ing b. Mr.. Morgan. one OF the con-
spicuols features OF today's trading \
return to normal business and Industrial
conditions would in all likelihood he fol-
lowed by important developm, hts in this
property.
The general knowledge of this probability
served TO give today's rumois the color
niece ssary to promote action.
The short interest in Manhattan AMI
| moderate speculative buying forced th..
| price of that stock above "a Tn. pre-
sumption that the management will adopt
BuriinStons program and pay the usual
dividend Is the operative factor behind
| the present movement
This diScounting the future for present
needs is negatively encouraging during
| periods OF apprehension from political
causes. St Paul's report of earnings for
| the month of july. announced after the
close of business. reflects net increase Of
| sSf.>6t. London's Interpretation of these
| figures will furnish an INDEX to the dir-c-
| ton of next weeks foreign trading.