Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-14
FINANCE AND TRADE
Selling to Realize Profits Caused a
Fall in Prices.
LONDON HARDLY 4 FACTOR TODAY
An Advance Noted in Rates of
Exchange.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, July 14.-Free offerings by
traders and a general disposition to realize
on last weeks purchases resulted I'm a
further decline in stock values this morn
ing. LONDON WAS scarcely factor, owing
TO the Insignificant volume of foreign BUSH
hess, but the speculative tone at that CEN
ter is not satisfactory. Prominent bear
traders were active in todays market al
most to the exclusion OF legitimate trading
The confidence of the short interest is
demonstrated by the absence of a demand
even for covering purposes
I The loan market indicates the presence
OF a very considerable short interest in the
market but conditions, at the moment are
not suHciently encouraging to force i'm
mediate covering.
An advance Of Ia per cent in exchange
rates. decreased supply of bills and an
increasing demand gave rise to rumors of
large gold shipments AT the close Of the
week.
No amounts were stated, but a material
concession in rates and an increased sup
ply OF drawings will be necessary TO pre-
Vent a considerable outflow. Canadian
DdlkS are SAID ID be in the market for gold
and cautious local boarding continues
with the gold reserve slowly gravitating
toward the point at which bond issue ru-
mors must be seriously considered, this re-
VlVal OF the demand for specie must, II con-
tlnued, prove injurious to values
The declines in Northwestern, Jersey
Central and the international list were par
ticularly marked during the day. No new
incentive was offered in explanation of the
declines, political apprehensions alone serv-
ing to Increase the skepticism as TO the
permanency of the present level of values.
A . per cent decline in leather preferred,
coupled with the weakness in Sugar. had
an adverse influence on all active issues
IN both departments
Some short selling of the international is
h.rfl L. &.
vas credited to fears of liquidat ton by
foreign holders as the result of the promi-
hence of silver. The probable Endorsement
OF the silver platform and candidate by
That branch Of the populistic party which
has not yet annexed the title of democracy
is Ielied upon 10 discourage London holders
mere are no large interests In the mar
ket except such as are engaged in reducing
outstanding liabilities. Traders have the
market practically TO themselves. and IA
Nor the short account until politics are d.
vested of present uncertainties
There is no change la the character of
routine intelligence the major portion of
hlch continues to be fayora BILE, but more
impressive forces are monopolizing atten-
ten The present market movement is
Undoubtedly the usual professional dis
counting OF the worst phases OF the politl-
cal situation
In broader market little or no impress
sion would have been made by the mod
crate volume of business SO effectively en-
pioyed in the present narrow one. Nothing
definite can be predicted as to the extent
of the reactionary movement, but the dis
counting is almost certain TO be overdone,
and viii Consequently react sharply against
the orginators of the movement
The market will shortly begin to reflect
the actual progress of the presidential
campaign, and while the strength of the
silver cause Is admitted to the fullest eN-
tent, there should be no occasion for Doubt
ing that such returns will be faVura ble to
the opposition. For this reason a marshal
ing OF funds is already in progress and
viii he employed at the extreme low level
row in the process of establishment