Evening star., 1896-08-04
Depressing Effect of the Fall in
Diamond Match Stock.
CONFIDENCE WAS INSPIRED LATER
The Alabama Election an Unimpor-
tant Factor in Speculation.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. August 4.-The collapse of
the Diamond Match imitation in Chicago
and the enormous liabilities incident there
to. resulted in nervous and decidedly
lower opening in the local stock market
this morning. The Granger shares Bur-
lington In particular. and securities favor
ed by western capitalists were offered
down in anticipation of general financial
disturbance at that center which would
force these securities upon the market
Locally, the room operators alone were
active in the early depression. no signifi-
cant liquidation being reported from any
source.
A lamentable lack of support served tenn
porariiy as a subs titute for LIQUIDATION de-
clines varying from 1-2 to 3 1-2 per cent
being well distributed throughout the ac-
tive list.
The meeting of Chicago bankers. later
In the dey, at which provision was made
Tor taking up or protecting the securities
involved in the Moore failure, and now
held as collateral in loans, had beneficial
influence on the general speculative situa-
ton.
The character and ability of the men
interested in averting widespread financial
disaster are such to inspire confidence
in ultimate results. 1t is not reasonable to
suppose, however, that this sudden termina-
ton of a speculative enterprise, which at
its height rivaled London's Kaffir manipu-
! lation will pass over without injuring
many small operators. II the evil can be
confined to one particular locality it will
| he fattesing testimonial to the ability of
| the powerful financial interests which have
| come to the rescue of Chicago's business
interests.
The intrinsic value and merit of the prop
critics concerned are conceded, and an ac-
\ cumulation of demands from money lend
4 ers. financial institutions and individuals is
| ale ne responsible for the firms inability to
1 1ant . oh ,lipa- Ac he
| hanks seem willing 10 be most liberal in
| their treatment of these accommodations it
vas thought that the joint committee OF
| the bank ard stock exchange officials might
! provide plan whereby no actual assign
| n.ent would be necessary.
| The closing of the exchange and The
absence of curb prices for the stocks con-
| cerred indicate how thoroughly successful
| all precautionary measures have been thus
| far.
The Alabama election was used during
the early trading to force concessions, but
was a feature Of small Importance owing
| to the complete absence of unexpected re-
| suits.
The weakness in the Industrial shares
! was due largely to fears that the banks
viii shortly begin to discriminate against
collaterals of this character. The increas-
| ing conservatism Of the banks has been
previously commented upon aid may ex-
| tend to the point suggested. but yet II
! has only reached as far expressed
| preference for first-class securities.
The market for foreign exchange oontin-
ues dull and firm, demand rates being
quoted at 49, IA. the syndicate operations
preventing the customary specie outflow at
this level. London's early cables were frac-
tionally lower for the active international
issues. but no significant sales were re-
corded for foreign account.
st. Paufs statement for the month of
July showing an increase of sa56 1888 and
| Rock Islands increase of S1D3 GIL for the
same period. We're passed over without
| Speculative action. The Offering of Bur-
l!ngton's next dividend at "a of per cent
was not altogether surprising. in view OF
recent rumors relative to an enforced re-
duction.
The trading of the final hour was duh and
irregular, with prices generally materially
lower than yesterday at the same period
The covering of short contracts in several
instances resulted in fractional gains from
the extreme low level of the morning