Evening star., 1896-07-30
Advances in Prices of Stocks at
the Opening.
SUBSEQUENT DECLINE IN MANHATTAN
Sympathetic Influence on the Rail-
way List.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July 3O-The more en-
couraging political outlook and the I'M
proved tone Of the London market resulted
IN advances varying from to 1A per cent
at the opening Of today's stock market.
subsequent trading was Irregular. as the
result OF professional operations, but was
quite as satisfactory as could have been
expected. In view Of the sharp opening ad-
Vances. Manhattan sold down nearly 3
per cent from strong opening. on a re-
Vival OF rumors relative to a decreased d.
vldend, and had an adverse sympathetic
influence on the entire railroad list.
The selling OF this stock was largely for
the short account. the poor showing soon to
be submitted for the June quarter uniting
transactions Of this character. A very con-
siderable proportion Of the short interest
established after the first detection below
par Is believed to be stifl outstanding. and
has been extended materially since the
facts have become more generally known
The transactions in American Sugar were
liberal In volume and indicated activity of
different character from that which has
heretofore marked the daily operations in
this property. The early level was not
maintained. but a good demand was report
ed at fractional advances from last nights
closing level
The market generally reflected a change
for the better. not in prices so much as in
the underlying sentiment. Dullness was at
times pronounced and the tendency toward
retrenchment showed no signs of abate-
ment. but the confidence of the pessimistfc
element was noticeably weakened.
Conservatism among sellers Is an en-
couraging feature of the present very
doubtful situation. Cautious trading in
both accounts would inquire as much sat
isfaction as anything within the range of
reasonable expectation would do
An advance of " per cent in posted rates
for demand accommodations was an un le-
srable development In the market for for
etgn exchange. The demand from remit
ters is reported to be light. and no urgent
business is anticipated. The syndicate con-
tinues to operate mysteriously, but conf
dence is strong in the success of the I'M
dertaking determined effort will be
made by the International bankers to pro-
tect the gold reserve as re-established by
the national banks.
The opening Of the sound money cam
paign is looked forward to in financial cir
cles as an event Of unusual significance.
The merits of this cause have been forced
into obscurity Of late as the result of the
prominence given to the sensational feat
ures Of the opposite financial theory In
communities strongly committed to the
gold standard capital has become appre-
hensive because of the onesidedness OF the
political controversy.
This condition must change now that the
issues are to be debated in the presence of
the general voting public, and the monopoly
OIL the center of the stage Is no longer
sured to the champions of the reputation
movement.
The temporary triumphs of either side
will be reflected in the daily fluctuations Of
the stock market. but the hope now pre-
walls that the sound money cause will
attract the greater percentage Of victories,
including the final decisive one
The stability Of prices today may be
largely credited to a more general ac-
ceptance Of these optimistic political fore
casts.
The trading OF the final hour was moder-
ately active under the leadership Of Sugar
the highest price Of the day being recorded
for this property on large sales toward the
close of business.