Evening star., 1896-08-06
Substantial Decline in All Speculative
Lines.
LONDON ADVlCE WERE FORBIDDEN
Upward Attempts Had No Back
ing.
W II A T w A S d o N f
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. August 6-Opening prices
this morning were fractionally lower. as
the result of the declining tendency Of the
London market. as indicated by early
cables from that center. Foreign sales of
st. Paul and Nashville were conspicuous
during the morning and encouraged a sharp
attack on prices by the professional room
element. The absence OF support was sue
cessfully taken advantage of by the larger
traders to force substantial declines in all
departments.
The depression at the close Of the noon
hour varied from 2 to 2ik per cent Bur-
| liz gton Mas the focus Of the attack, skep-
ticism as to its ability IT, maintain its pres
cnt dividend rate making it particularly
vulnerable at this time. Further weakness
in the Industrial department, under the
leadership of Sugar, was disturbing fac
tor, but the fluctuations were less violent
than those recorded in the investment Sc
curities. Western Union Northwestern and
New York Central responded almost will
irgly to the prevailing sentiment
Inc bulk OF the days transactions may
De credited to an extension of the short
account. The recognized leader of the
pessimiStic Following was personally a lib-
eral seller of all active issues The motive
Tor this action was ascribed entirely TO
"
port, and not to any new adverse devel-
opments The political situation has i'm
proved within the last few days. IL IL has
changed at all. but the fear of what may
be can ways be revived TO the great
prejudice o. stock prices.
The owners of money are disposed to
consider ii more desirable than either the
securities or commodities now offered for
SALE and are unwilling to exchange IL for
Investments the value of which may be-
come subject of future legislation. If
sound money victory Is recorded al the
polls next November funds now lying idle
may be employed to such decided advan-
tage as to fully recover the losses incident
to such present ideness.
This is tie conservative view. and the
only Cne worthy of consideration by the
average operator. Meanwhile. however.
the professional trader will make his own
market. profits and losses being confined to
the room, and alternating in a way which
may bring temporary profit to all interest
ed in such manipulative enterprise.
The market for foreign exchange Is re-
Ported TO be unchanged to the volumes
Of actual business, but rates are inclined to
recede from the recent high level. more
active demand for Honey was report I'll
during the day, loans being made up to -.
per cent. Rates do not advance signii-
cantly, however. owing to the restricted
character of the demand, even though an
active tendency is reported.
Some liquidation in Burlington was no.
tioed during the afternoon i'm anticipation
of the actual abandonment of the present
dividend rate. The discovery had an ad-
verse influence on the entire list and re-
suited in the extreme low level which pre-
ceded delivery hour The rally subsequent
to this period was due entirely to a COW
ering of short contracts, and extended to
= of per cent in some instances.
The market price of silver bullion contin-
ues almost stationary. a decline of Is per
cent being recorded from last nights clos
ing level. Confidence in a triumph for the
white metal has not yet taken the form of
buying the commodity for guaranteed
advance or more than 30 per cent in the
event of silver legislation establishing the
populistic ratio.
Trading at the close of business was un-
changed in character, prices rallying slight
ly on insignificant purchases to cover early
sales.