Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-15
FINANCE AND TRADE
Outcome of the Maine Election Had
Been Discounted.
INITIAL PRICES SHOWED AN ADVANCE
But They Yielded Immediately to
Selling Movement.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. September I5.-Today's de-
Velopments in the stock market demon
strated the correctness of the presumption
that the outcome OF the Maine election had
already been discounted. Confidence in a
substantial victory for sound money in that
state has for several days postponed a
reaction in values. The average room
trader had resolved to take profits on a
rise resulting from an enthusiastic outburst
of political sentiment. Opening prices
were marked up from " to 1 per cent, hut
yielded Immediately to a general selling
movement, which at midday resulted in
declines varying from i to per cent.
As on previous days the room was in
full possession of the value-making ma
chiHery. A market less professional in
character would not have declined so far
without attracting new buying. The street
Is likely to settle down to the conviction
that there is no longer any necessity for
haste in assuming the responsibilities OF
commitments in either account.
The rext important event of significance,
the November elections, is a long way off.
and while the dread of the result has pass
ed out Of the situation, the dissemination u
pay interest for protracted period will
delay large purchases.
The natural result OF such condition.
should be reflected in duh and narrow
market. The activity Incident to such az
important political event WILL in all prob
ability, be re corded at least a fortnight il
advance of the actual casting of the bal
lots. In one or two Instances an effort Il
cree lower Level of prices in the interes,
of purchases was noticeable in today'i
transactions. Tn" manipulation of Western
fierce lower level of prices in the interest
respect.
saIa
fenced operator on that side of the market
attracted some attention throughout the
cay a revival of aggressive trading on
the part of the pessimistic element would
IL Is thought fer the time being, meet with
only Indifferent protests from the opposits
faction. Rallies are likely to occur at fire.
quent intervals. but at the advance the sell.
ing Is likely to prove surprise to the buy
ing. ~
The character of the manipul alton In
Arre rican Sugar after the closing Of the
Docks Tor the regular dividend tomorrow
VIII give direction 10 the general market In
It's present cordition OF narrowness.
The market for foreign exchange was
reported TO be Steady under a limited vol
ume OF business. The import gold move
ment has for the time being been checked
by the uncertainty surrounding foreign
monetary conditions.
Contracts are likely to he Announced at
any time, however as it is generally con-
coded that the full amount has NOT vet hoe,
shipped. Local moEey rates GuctuateG bo-
tween . and per cent for the greater part
OF the day. No new change ia general
conditions was reported I'm the loan mar
ket Moderate sales of silver bars around
80 were again recorded. but 10 significant
3ly'ng was attracted by the decline In
price.
Cotton AdSanceA-
NEW YORK, September l5.-Thc cotton
market opened steady at a decline Of IA.
points, bat soon more than rcgained the
loss on favorable Liverpool news Local
firms with New Orleans connections sold
freely at the start. but the firmness was
due more TO scarcity Of sellers than fc
buying orders. Trading has been lighter
man Tor some time past, sales up to Ii
O'Clock amounting to but Go.oeo bales with
the trading level al that hour and showing
net advance of 3ai points.