Evening star., 1896-07-27
FINANCE AND TRADE
Local Prices Opened Lower in Sym
pathy With London.
PROTRACYED PERIOD OF UNCERTAINTY
Influence Of the Political Campaign
Upon Stocks.
GENERAL MARKET REPORTS
Special Dispatch to Tia Evening Star.

Special Dispatch to Tia Evening Star.
NEW YORK, July 27.-Local prices open
ed off in sympathy with the declining ten
dency Of the London market and became
moderately steady under a restricted vol
ume Of business. In several instance, par
ucularly in Sugar, the initial sale was made
as low as possible in the hope Of intiuenc-
ing the general list The extensive cover
ing of short contracts at the close of the
week, coupled with the outcome OF the
populistic convention. deprived the market
OF Its greatest elements of support. There
was no evidence Of aggressiveness on the
part Of the pessimistic element, however.
dullness being substituted for active de-
preston. Contraction Is the logical out
come of protracted period Of uncertainty
and little else Is assured at this time.
The committee appointed at last week s
meeting Of International bankers to draft
a plan looking to the protection Of the gold
reserve and the prevention of specie ex-
ports for speculative purposes, submitted
its report % a full meeting OF all interested
this morning. The plan was unanimously
adopted. and will become Immediately ope-
rative. The details were withheld from
motives Of policy, but 1t is practically GER
tain that previously published accounts Of
the probable process are accurate In all
essential particulars. The artificiality of
this scheme of relief b generally conceded.
but its influence, for the present. will at
least tend to prevent Generalization such
as was threatened at the time Of its con-
ception.
It is not reasonable to expect permanent
improvement in advance Of the actual
counting of the rates at the close of the
November elections. Temporary expeds-
ents, 1t IL held. must be relied upon to sup
ply the gaps made by the retreat OF capi-
tai. and to disconcert the enemy by show
Ing determined front in every emer-
gency.
The rally in prices which followed the
announcement OF the adoption Of the ex-
change device was due largely to the COW
ering OF short contracts by prominent room
traders.
This element Of professional operators
while representing the activity OF the pres
ent market, Is conscious Of the watchful
eyes of those associated in the protective
scheme, and Is easily discouraged in con-
sequence. Small profits are accepted. and
are no longer a feature Of the daily oper-
ations.
Mr.. McKinley's letter of acceptance is
awaited with incT easing interest. owing to
the belief that an attempt will be made to
force prices up in sympathy with his dec
laration for q sound currency. No am
biguity on this point Is to be expected, the
Increased the necessity for outspoken ut
terances. This letter. 1t Is thought, should
have the effect of at least contesting the
space monopoly conceded to silver by the
press throughout the country. There Is no
significant demand for silver, the prices
for the certificates today being practically
stationary at an advance Of IA per cent
nificant fact. and one deserving Of more
than casual attention