Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-07
FINANCE AND TRADE
Prospect Of Increase Of Foreign In
terest in American Stocks.
TEE POLITICAL SITUATION MUST CLEAR
Result Of the Chicago Convention
Discounted.
w II A T W A S D o n f


Special Dispatch to The Evening Star.
NEW YORK, July IA decreased VOL
ume of business and a moderately steady
undertone were the chief characteristics
of todey's stock market. London was dis
posed TO sell during the first hour, but sub
sequently resumed the purchasing of st.
Paul and Nashville. The influential inter-
ests identified with TIE recent profitable
speculation in South African mining enter
prises are credited with inspiring the bulk
of the foreign demand for our securities.
If local support is not lacking after politl-
cal issues are clearly drawn. the foreign
interest in market should increase
rather than diminish. 1t is only necessary
to estimate the profits derived from the
kafiir operations, and to consider the pro-
hibitive prices for desirable securities in
London to determine the possibilities pre-
scented by an employment of idle funds
In this market. The absence of LOCAL sup
port since the adjournment of the st. Louis
convention may be wholly attributed TO
fears Of radical silver action at Chicago.
1t is reasonably probable that this weeks
convention reports will contain no new
features. recent discoulting having been
sufficiently thorough to cover the worst
that may happen. Having adopted such
extreme views in advance, the happening
Of the universally expected should cause no
alarm. market movement for political
effect is not improbable. but the rally
should be prompt, in view of the present
proportions of the short interest. 1t as es-
tmated that short interest exceeding
fifty thousand shares exists in ST. Paul
alone, notwithstani ding Londons persistent
buying at every concession. The free COIN
age idea has been advertised almost to the
exclusion of the claims of the other side.
but this condition is temporary only, and
will shortly divide attention with gold. The
revival of active campaigning for gold is
relied upon to inspire increasing confidence
in the final result.
Conditions in the foreign exchange mar
ket are unchanged from yesterday, rates
continuing well under the specie point 1t
Is not considered probable that foreign
houses will pay the increased commission
necessary to attract gold exports under ex-
listing circumstances.
A good volume of business in American
sugar resulted in an advance of per cent
in the price of that stock, but the charac-
ter Of the buying was not such usually
indicates significant movements. The mar
ket for foreign raw sugars was reported TO
be weak, but no change in refined rates
was reported.
In the railroad list Improvement was con-
flied to few small fractions, and SO far
as local purchases are concerned, was
mainly professional Manhattan was duh,
but was conspicuous for its failure to par
ticipate in the improvement of its neigh
bors. Careful estimates of earnings and
the failure of the several relief schemes to
materialize were credited with inspiring the
Eesitancy noted. Late advices from Chica-
go contributed nothing to the meager sup
ply of speculative material.
The trading OF the last hour was decided
ly listless and void of character. Prices
ruled steady within a fractional radius OF
the best level OF the morning. Routine In
telligence was in the main favorable but
the unusual forces have not yet been dis
posed Of and until they are nothing of a
permanent nature is likely to be recorded
in the tendency Of values