Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-15
GENERAL MARKET REPORTS

Special Dispatch TO. The Evening Star.
NEW YORK, July 15.-Encouraged by re-
cent successes. the pessimistic element in
speculation made q determined and effect
I've attack against stock values this morn
Ing. The presence of a considerable num-
Der Of stop-loss orders facilitating the de-
clines. sharp concessions from the previo Is
sale being of frequent occurrence during
the entire morning. A ) per cent decline
In Lackawanna and a series of / per rent
declines in Jersey Central were conspic Iods
examples of these between-sales discrepan-
cies.
The illness of Mr.. Vanderbilt was util-
lied to the fullest extent by the room
element for purposes of depression. but
conservative operators were disposed 20
regard the selling for this cause as having
been overdone.
An advance in exchange rates and the
engagement Of upwards Of a million gold
for export tomorrow were more legitimate
causes for apprehension and partially JUS
tify today's stock movement OF this
shipment 100000 will be consigned to
France. the balance being distributed
among continental money centers as here
tofore.
Indications continue to favor large ship
rents by Saturdays steamers. although
no reliable estimate of the probable
amount Is obtainable. London bought
few stocks at the decline. but the buying
was irsignificant in volume ami totally
void of effect in either the security or ex-
change market. The fact that foreign sell
ing orders are not numerous is the most
encouraging feature Of The situation.
There are indications Of local nervous
ress from fears that this condition is not
permanent and general contraction of
risks IS In progress. The buying power of
the street has dwindled to minimum pre-
portions. the demand being confined almost
exclusively to the short Interest
The coal stocks were features of today's
movement the entire group yielding easily
to pressure of stock for both accounts
The Changers. Rock Island and Burlington
IN particular. were totally lacking in sup
port. the latter stock yielding consider
ably below the lowest price touc he'd in the
December panic. The international LIST was
sc ID and offered down by traders in tie be-
lief that London must sooLer or later
adopt an attitude of sympathetic appre-
hension.
Populism and free silver cannot be ex-
clusively local in their first effects. no mat
ter how much SO the ultimate result must
be. An interview with a prominent United
States Senator. widely quoted in speculative
circles this morning, aided the decline { on
siderabiy. and insured profitable returns in
the short account. in which the bulk of the
local interest is Row conferred.
Tie size Of the short interest coupled
with the fact that it has been a long time
in the process Of formation. would, under
ordinary conditions. justify a sharp rally
from Inc present level. The political stu
alton has resulted in the creating OF an
extraordinary financial condition, which
renders all reasoning by precedent either
Illogical OF defective. The campaign con-
tinu's to be very one-sided. the gold cause
being argued only through the distressing
influences of the silver doctrine
Aggressive campaigning for gold should
tend to inspire iEcre ased confidence in the
result. and cannot be undertaken too soon
II the protection Of stock values is a con-
Siderstio