Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-05-15
FINANCE AND TRADE
Selling Orders Game From London
--s Today.
CAUSES FHAq LED TO 4 DECLINE
Disappointing Statement of Man.
haitian Earnings.
GENERAL MARKET REPORTg

Special Dispatch to The Evening Star
NEW YORK, May 15.-London cables re-
Elected a slightly lower level for interna-
tional shares this morning and were &C
companied by selling orders for execution
In the local market. This reversal of senti-
ment in the foreign market directly upon
the completion of the regular fortnightly
settlements lends color to the belief that
recsnt purchases were made against short
tales.
As Londons buying has been the chief
element Of stability in the local market
the sudden cessation in the demand from
that center resulted in concessions varying
from u to II per cent in opening prices
subsequent trading resulted in more SUBJ
stantial declines. the political situation
working In opposition to improved values
Inc publication of a tabulated list OF
delegates showing 2 majority for the lead
ing candidate in the st. Louis convention.
was directly responsible for the reaction i'm
speculative sentiment. The refusal to an
Eounce definite money policy prior to
the nominating convention is construed AS
Indicating willingness to make conces-
sions TO the silver element in the conyen-
ton In order to insure the nomination
Wblie this attitude is credited to good
pohTlcS. It's effect On values can AT no
stage or the campaign, be beneficial
Foreign discussion OF this subject is to he
expected and 1t would not he reasonable 10
suppose that more desirable conclusion
than that prevailing locally will be reached
The publication Of Manhattan's statement
for the quarter ending March 81 shows
SbS4,76i earned on the company's stock as
against $44i,5Jo earned during the same
period one year ago. AS $4,000 is neces-
sary to make the regular quarterly dis
Dursemcnts on the present basis of q per
cent per annum. some selling OF the stock
IN anticipation OF a reduced dividend re-
suited In a 2 per cent decline from initial
figures.
Surface competition is credited with tbs
responsibility for this falling off in earn
lngs. and 1t is rot improbable that some
cohsondi uon OF interests may be effected
Rumors have frequently been circulated to
this effect. and the wisdom of such n
course Is now vindica ted by the figures of
the last report
Some activity IN Consolide ted and Raw
state Gas resulted In IL per cent de-
ciines in each, the sales being credited TO
interests recently identified with the up-
ward movement. Tennessee Coal and Iron
was weak under realizing sales and moi
withstandirS rumors Of the existence Of q
Dull pool the stock is only in6!ferentIy
supported.
In the regular list the Changers were
again the features at fractional declines
varying from II to y per cent
The disappointing grain movement en-
phasized the influences applicable TO the
main situation.
The engagement of one million gold for
export tomorrow was announced during the
day, but the amount being considerably
less than was expected earlier in the week
was not seriously considered IL is hoped
that the Massachusetts state loan and the
loan of the Pennsylvania railroad. foated
In London. will soon bring into the local
exchange market a liberal supply of Sc
curity drawings.