Evening star., 1896-08-01
FINANCE AND TRADE
Opening Prices Higher, but a Decline
Soon Followed.
AWAITING THE BANK STATEMENT
More Than Usual Interest in 1t Dis.
played.
GENERAL MARKET REPORTS
Special Dispatch 10 The Evening Star.

Special Dispatch 10 Tie Evening Star.
NEW YORK, August 1.-Opening prices
this morning were fractionally higher ,han
those recorded at the close of yesterdays
business, but the improvement almost i'm
mediately yielded to professional selli lg
FOR both accounts. The Endorsement of the
Chicago platform and nominees by the
city's leading democratic organization had
q depressing influence on values, aotwith-
standing the fact that such action had been
generally conceded for several days past
Two per cent declines in Sugar and Chi
cago Gas encouraged moderate selling in
the railroad list. but, with one or two .x-
ceptions. the declines were only fractional.
Manhattan and Burlington were no:abls
exceptions, each declining more than / per
cent on moderate volume of business.
The dividend question is entirely response
bic for the weakness in these properties,
now that exciting political developments
have decreased in frequency. 1t Is difficult
to determine what the management of the
respective roads may do from motives OF
policy, but judged by earnings alone re-
adjustment of dividends would seem inevi-
table.
The bank statement was awaited with
more than usual interest, and early rumors
o. probable indica ton of boarding helDed
tne decline In values consderab bly,.
A loss of two millions in lawful money
all IN specie, Is attributed to local boarding
and shipments of coin TO Canada. dis
crepancy OF nearly s20o0,0Oo between the
loss in specie and the increase I'm legal tom
der holdings would indicate that depositors
nave withdrawn this amount from the sum
paid to the banks by the subtreasury in
exchange Tor gold. A decrease of five mill
mons In loans. being a practical duplication
OF last weeks loss is one of the most sig
mncant features of the statement and in
dlcates a general contraction in business
The market has clearly reflected this
CONDITION during the week. and its cor
,oporation through the medium of the
bank statement had only sentimental
lnnuence on values. A decrease of more
than S1U,V0 in deposits was the natural
result OF the changes elsewhere recorded
Indications at the close of the week favor
a continuation of the present narrow and
sensitive market, with a probable tendency
toward moderately lower level
The political developments of the coming
week are likely to be more significant than
those recorded during the last ten days.
and should. consequently, have a greater
influence on values. Arguments will be
made in defense of both positions instead
OF one, as heretofore. and this fact alone
precludes the probability Of a permanently
one-sided market
London will continue to be a factor. and
will be carefully watched for several days
as fears OF a renewal of liquidation at that
center We're received in some quarters this
morning. These fears usually originate
among the pess!mistic room element and
are not to be taken seriously as they
might otherwise be. The rally Of the last
few days has served to reduce the short in
terest materially, and traders will naturally
turn toward the short account for Quick
profits during the local discussion of the sill
Yer cause. Increased efforts Of the organ
lied banking elements may he relied upon
to present anything approaching serious
disturbances. f' D.