Evening star., 1896-08-07
FINANCE AND TRADE
Stocks Decline and Everybody Wants
to Sell.
POSSIBLE ISSUE OF CERTIFICATES
Support is Forthcoming From
No Quarter.
q EN- ERAL DEP ESSION
Special Dispatch to The Evening Star.

ss'criai Dispatch to The Evening Star
NEW YORK. August IA new low level
was established this morning for all active
speculative issues. From a comparatively
steady opening. prices yielded easily under
a continuous pressure OF stock for both ac-
counts. The decline at midday extended
from l to 4 per cent. Rumors relative 10 a
probable issue of clearing house certificates
were utilized to good purpose by the pro-
fessionai room element. Bankers previous
ly Identified with relief measures OF this
character denied the necessity for an i'm
mediate issue of these certificates. The
authority granted the clearing house COM
mittee during the December crisis has not
been revoked and new issue of certifi-
Gates can be made at a moments notice
should the occasion for prompt action arise
With the exception Of these rumors there
were no new developments to which the
decline could be attributed. Brokers cred
tied with the bulk of yesterdays sales were
again noted among the largest SELLERS. at
all points of activity. Manhattan was Sc
lected as the center Of the attack and WAS
forced down rapidly, until per cent had
been detracted from the initial sale. Bur
lington was easily influenced also. and sus-
tained substantial loss liquidation al
times being conspicuous. while tine short
tended. Sugar attracted a liberal volume
of the days total business, and after the
first detection below par received only tn
different support Every rally subsequent
ly recorded attracted new sales. and were
only temporary in consequence
There is almost demand for stocks
except such as il directly traceable to the
covering OF short sales. The pessimistic
element Is In absolute control Of the situ-
aticn. and at The moment there are few
Indications of support from those interests
heretofore relied upon 10 appear at every
radical de cline. The fury at such a move
ment that Of today may accomplish its
own abandonment. Injury may be done
meanwhile, however. and Indifference at
this juncture may mean disaster to the
more venturesome
The do-nothing policy. previously noted
as prevailing among conservative comms-
sion houses. will materially reduce the pros
poets of financial embarrassment The
policy OF the active element is apparently to
continue the depression until substantial
support is detected. Considering the period
OF uncertainty ahead. support OF this char
acter is likely to be a long while I'm develop
ing. Today's decline reflects large profits
to those responsible for II, and this fact IL
relied upon to force a rally i'm the very near
future The customary delivery hour rally
was recorded today. but new sales were at
tracted by the added fraction.
The eastward movement of the silver
speech to be launched in Chicago tomorrow
night may afford some incentive to specuia-
ton. III eastern hopes and predictions are
fealzed such incentive should rot be op
posed to Improvement. The market for
fcfesn exchange Is reported to be dull.
with conditions unchanged from those pre-
viously quoted The money market was
erratic throughout the day. rates fiuctua;-
iEg between and per cent. The advanc-
Ing tendency OF this market viii materially
ssist the banking syndicate ia keeping
exchai ge .'ates below the specie point The
trading during the final hour was unchans-
ed IN character and Irregular In results
Confide nee in a traders rally was general
put there was no disposition to favor tn.
lorG side OF the market except for Quick
turns. Mr. Whitney's dental of a state
ment credited to Him as to McKInley's
afIifty to carry th's state was mainly re.
skonsible for the fir al rally