Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-23
Foreign Buying Orders Cause Prices
to Recover.
GOOD EFFECT OF TIE GOLD DEPOSITS
Wall Street Watching the Situation
at St. Louis.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, July 23.-Opening prices
this morning were fractionally lower than
those recorded at the close of yesterdays
business. as the result of London's failure
to respond to the full measure of the local
Improvement Foreign buying orders came
in during the first hour, however and a
sharp recovery at once ensued Brokers
acting for tie most extensive operator on
the short side of the market were credited
with purchases aggregating more than ten
thousand shares Of the recently active is
sues, particularly ST. Paul.
The Grarger roads reflected a general
liquidation Of the short interest through
out the morning. This group of stocks has
been conspicuously vulnerable of late, and
has consequently attracted the largest
short interest. The Improvement in other
instances. notably Jersey Central and GER
tain Of the speciaities. reflects at least q
temporary change for the better In specu-
lative sentiment
The depositfng OF more than twelve mill
ions gold at the subtreasury by the sew
eral local banks was an encouraging infu-
ence. and had marked effect on the char
acter OF the days trading The details OF
the foreign exchange conference while still
the subject of con lecture merely are gem
orally relied upon to stay the drain on the
ed In the new agreement were decidedly
more hopeful in their forecasting Of the
markets probable course. an attitude to-
taily repugnant to a want of confidence In
the proposed plan.
1t has been demonstrated during the past
Iorty-eight hours that traders are 10 be
ousted from the control OF specuia ton and
that the real owners OF securities are to
become active In liking value on the
same.
This change I'm conditions is the most i'm.
portant development of the week and 10
OF more than temporary Significance The
various met hods Of relief NAV he. and
probably are, bat temporary expedients
forced out In an extremity but the GER
tainty OF supervision by powerful interests
should discourage q further outbreak of
speculative lawlessness.
The complicated situation at ST. Louis
ana rumors OF possible failure to indorse
Bryan We're factors OF material benefit to
stock values during the afternoon
The reasoning on this point however
varied Ia character. terminates la the con-
cluson that the democratic nominee In
not likely to be benefited by either his
Endorsement or Reputation by the con-
vention now in session. Votes are al
most certain TO be diverted, owing TO the
assured disappointment of one of the two
factions.
The outstanding short interest at the
close of today's business. while considera-
Oily curtailed, ts considered by certain
shrewd Observers to be of sufficient pro-
portions TO duplicate the Improvement of
the last two days. Attention will shortly
be turned to the developments of the cam
paign and prices should fuctuate i'm SYM
pathy with the increasing strength OF
either of the two leading parties.
The silver scare shows some indications
OF exhaustion for want of new material
and the foHe prevails that IL is on the
verge of being talked to death by its an
archistic agitators. Contrac ton will he the
Watchworc for the present in financial and
commercial circles. and normal market
sf,RlA In, all l,ls
and tendency toward increasing stability
In prices.