Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-25
Buying Orders Cause a Sharp Ad-
vance in Prices.
WATCHING THE ST. LOUIS CONVENTION
Checking the Shipments of Gold
to Europe.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, July 25.-The failure to in
dorse the Chicago ticket at St Louis yes
terday had a decided influence on both val
ues and continent this morning. The prob
abilities Of a divided vote revived conf
dence in the defeat of silver at the polls
next fell and increased the risks in the
short account. fair supply OF buying
orders around the opening and an almost
complete absence OF selling pressure
suited in sharp ad ances from last nights
closing level Initial prices reflected gains
ranging from is TO 2 per cent, and subse
quent trading was equally beneficial. al
though final figures were fractionally re-
| moved fron. the highest point of the day.
The feeling at the close OF the weeks
business is a trife more optimistic, and the
belief is expressed that crisis in both
finance and politics has been passed during
the Last six days.
The silver movement is expected 10 be
divested OF its monopoly public atten-
ton. the progress of the campaign thus
far having steadily detracted from the
STANDARD OF ability established during the
session of the nominating convention. Mr.
Mckinley's letter OF acceptance is expected
10 appear in the very near future and a
vigorous Endorsement of the gold standard
is looked for. Should this document treat
the financial question as the feature and
the tariff as an incident of the campaign
II would. II is believed have a marked in
nGence Tor good on values. as well as votes
The checking of the drain on the gold re-
serve has had good effect on the general
SITUATION and has, for the time being at
, , discouraged sentimental panic.
whlIe destroying the probabilities of a
further substantial decline by Increasing
the risks involved, the developments of the
week have not been of a character to war
rant extensive Buying except perhaps for
investment account
The discontinuance OF the gold outflow
mas beer accomplished by an artificial de-
vice having no permanent value. Ii has
served as a warning to reckless traders
that the depreciation OF other peoples Sc
curitles Will not be tolerated beyond a given
point and to that extent il is a factor OF
unusual significance. If the program of the
foreign bankers is successfully executed IL
is probable that the low level has been re-
corded for the present but IL il should
prove defective in any of its details the
professional element will become doubly
aggressive.
At the moment the prospect is encourage
Ing. and forms liquidation OF short con-
tracts rather than of long stock. Pruience
and caution cannot be too strongly urged
Notwithstanding the somewhat clearer out
look.
The bank statement is surprising in its
results and Inconsistent in it's details SO
much SO, In fact, that bankers themselves
are not entirely clear as to its Significance
decrease CT 81. lo2. 100 In specie was TO be
expected In consequence OF the deposit at
the sub-treasury, but the legal tender hold
ings would notably have been Increased
owing to the exchanging of one for the
other. A decrease OF S3a9 Gp is reported in
legals. however. and would seemingly indi-
cate a withdrawal Of this form of currency
by Individual depositors in large amounts
for boarding purposes.
The decrease I'm specie does not nearly
represent the total deposits of gold. hut
next weeks statement may more clearly
reflect actual condition. A decrease OF
$o.30l.6O in loans is attributed TO the liolI.-
dation incident to the first half of the week
and this decrease and the decrease in cash
detracts S12.fi2W0 from the deposits. and
this in turn reduces the reserve 81 213 Az
In the final dealings the market reacted
on realizing sales and substantial fractional
declines from the best figures occurred in
| most shares, imparting a heavy tone to the
closing. The aggregate sales were luI 90
shares.
feature Of today's market was the ac-
tivity In silver certificates, $gnopb being
dealt in. the market closing at % IS.