Evening star., 1896-07-28
Substantial Declines Throughout the
Active List.
SHIPMENT OF SPECIE 10 RUSSIA
Agreement Reached in Regard to
Its Cessation.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, July 2S.-Concessions in the
London market and moderate realizing for
foreign account resulted I'm substantial de-
clines In all parts of the active list this
morning. Commission houses. in many in
stances advised clients against commit
| ments In either account until the situation
becomes less problematical. The failure Of
the city to sell its bonds is direct evidence OF
the want OF confidence on the part Of in
vestors. and emphasizes the probabilities of
a lower speculative level. Local liquidation
was noticeable at times throughout the day.
but no violent concessions resulted from the
process.
Dullness has come to be regarded alto
gether desirable in view of the fact that
values almost Invariably decline in proper
ton to the increase I'm the volume of the
days business Prudence suggests q re-
duction OF outstanding contracts pending
the outcome Of the political campaign.
Rallies are consequently likely to attract
| sales for both accounts during this period,
but there would seem to be little occasion
for wholesale reductions from the present
low level. A crumbling process would rot
emtarrass the nnancisl community. because
provision has been made for such a contin-
gency. 1t is also encouraging to note that
the long account is not likely to be increas-
ed TO such an extent as to become disas-
trous in the event OF unexpected raids.
prove under the management of the recent
ly associated bankers. 1t is understood
that an agreement has been entered into
with Russia looking to a cessation of
specie purchases in our market As con-
siderable volume of the specie sent to Eu-
rope has ultimately gone to Russia, this
rangement is considered Of great signifi-
canoe at this time.
The exchange syndicate is actively at
work and no opportunity to perfect the
plan Of protecting the gold reserve is over
looked.
Burlington's statement OF June earnings.
submitted today. reflects an increase of
s227. 1876 in gross and an increase I'm sur
plus after charges of $2i.915. The show
tngs made by this property from now
should continue to reflect moderate i'm
provement. The stock is extremely sensi-
tive to the well-distributed rumors of an
enforced reduction in dividends, and yield
ed 1 per cent from the opening level on a
moderate volume of business.
One per cent reductions prevailed almost
uniformly at the close of the noon hour as
the result of continued selling around the
room. London's selling was looked upon
with more or less concern. owing to the fact
that foreign purchases have been the one
source of stability for some time past. The
transfer books Of the more active interna-
tional issues Indicate that the foreign in
vestment interest has been considerably ex-
tended of late.
1t is this ve-y fact tina: caused uneasi-
ness, however, the argument being that
London must eventually become apprchen-
sive. 1t sees the incl easing skepticism
of local operators. The selling thus far
for foreign account has not been OF suff-
cient volume to Indicate that anything
more than a reduction Of speculative hold
ings has been in progress. This may
not be desirable. but it is scarcely alarm
ing.