Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-25
FINANCE AND TRADE
Local Stock Prices Did Not Follow
London's Lead.
ADVANCE THROUGHOUT TEE LIST
Prevailing Feeling Regarding the
Political Outlook.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. September 2s.-Fears Of
tight money. coupled with political disturb
ances the continent, resulted in "A lower
speculative leyel in all departments of the
LONDON market this morning Renewed
seiiing OF consols and moderate sales of
the American list were reported during the
early morning Opening prices IN the local
market were fractionaily irregular. but a
Traders effort to force a reaction in SYM
pathy with the tone of foreign cables fail
ed OF significant results. fair demand
from commission houses was encountered
almost Immediately after the openinr and
prices were forced above last nights final
hsures. At the close OF the noon hour sub-
s'antial advances varying from l to 2 per
cent were practically uniform throughout
the active list
A slight disarrangement OF the ocean
cables interfered noticeably with the vol
une Of arb:trage business and conseananI
iy emphasized the prevailing narrowness.
Inc snort interest was forced TO cover
a considerable volume of contracts of long
standing, the absence OF any pressure To
sell long stock prompting liquidation In
.hese uhprontabie ventures. In conserva-
1--WE circles the present market condition Is
regarded as the result of a natural reaction
in political sentiment. Overconfdence is
however, to be guarded against; extreme
o''hAiSH as InuCh disaster In dnaQ-
cial OPERATIONS as pessimism of the Augus:
variety has ever been credited with
A market in which all news is good news
ls one in which sentiment has suppIanteH
logic. Politics nave only reached the point
at which present holdings may be conf
IDENTIFY held pending routine development.
Steady accumulation of stocks on the poli--
1cai outlook may appeal to the wisdom of
ire professional speculation, hut the in
|estor, conscious that his vote is to be Off
set by his neighbours. prefers to proceed
cautiously.
The money market continues to reflect a
tendency toward lower rates as the result
Oh an Increasing supply of borrowablc
funds.
The weekly statement of averages to be
issued tomorrow, il relied upon to show a
failing off In the mo. emcnt of currency to
interior points. European gold viii be
shown to have offset this loss ami gold
now coming in will. it is thought. lee re
tanned by local institutions. Time money
yields slowly to the changed conditions
but confidence in an early Return % rates
below the legal limit is unabatei
The movement in the Granger shares was
a particularly encouraging feature of the
days trading and was abou. evenly diyid-
ed between the two accounts. The short
| interest in Burlington. coupled with Boston
purchases. attracted espe .ial attention 10
| that property. Manhattan and Sugar adj
vanoed easily under sk:llful manipulation
The usual interests being active during ths
entire day. While the stocks named Were
most conspicuous foT the volume of bust
ness credited to each. and the percentage
OF gain. many OF the low-priced shares
were ia good demand at substantial gains
] in price.
The narrowncss of the market is perhaps
the only argument favorable TO a reaction
and even should todays gains he Cancelled
10y realizing sales renewed buying is prsc-
tically assured al any decline Without a
reaction. however. absolutely new buying is
| essential to the continuation of the move
| nent during the coming month of political
doubt.