Evening star., 1896-07-18
Concessions Prevailing in ALI De-
partments of Stocks.
LONDON'S ATTITUDE ENCOURAGING
Small Purchases for Foreign Ac-
count Continue.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK. July 1S.-The speculative
week closes with substantial concessions
prevailing in all departments and values
wholly In the control Of the pessimistic ele-
ment. Aggressiveness, in the interest OF
improvement, is not Immediately probable,
owing to the widespread apprehension CO.
casioned by the prominence OF popIlism
and silver.
A large short interest undoubtedly exists.
but confidence Is strong in the correctness
of that position. Occasional covering dur
ing periods Of extreme weakness has been
evident during the week. but an advance
has Invariably attracted new selling. rather
than purchases against sales already made.
The investment demand is disappointing.
and offers little encouragement to those
favoring appreciation rather than deprecia-
ton.
The decline has been protracted beyond
original expectation. and opposition to II
is no longer factor. The very fact that
the ACTIVITY is all in one direction should
suggest caution. rally is not possible
without voluntary reduction OF the short
interest, however, or an involuntary re-
duction forced by outside buying.
This latter contingency is apparently too
remote to give concern to the dominant ele-
ment Producers would suggest extreme
ly conservative dealings for the present,
derance of doubt
London's attitude has been decidedly en-
couraging, in view of the discouragement
SO marked al home.
Small purchases for foreign account con-
tinue and no significant liquidation has
been reported by European holders. 1t is
quite passiole that local contracts would be
covered with the securities returned from
abroad. should foreign sentiment yield TO
the infection of pessimsm prevailing on
this side. In such an event prices would be
fairly well supported after the first effects
of the movement had been discounted.
The gold movement will influence prices
to very considerable extent during the
coming week. 1t is almost certain that
further shipments will be made. and that
Withdrawals for boarding purposes will
continue.
1t is impossible 70 accurately estimate
the probable outflow, but the action OF the
market indi i.,ates that liberal losses are
contemplated at least. BOND issue rumors
VIII be put In circulation upon the an
nouncement Of every new engagement, and
the cainI aiSr against values VIII progress
a step furthcr
Many of the fears now prevailing to ;he
great injury of vested interests are ,.N-
tleme and for the most part less probable
than possible. In time period OF greater
deiiberatlon should ensue and values should
respond TO more reasonable trading. 80
revolution in existing conditions is possible
silpposing the worst to be in store. for al
|. ast many months.
The campaign is not actively opened and
when il is, silver will be crowded into
closer quarters and its demerits disclosed.
lie gold standard is not to be uprooted
without an effort and victory for the op-
pc Csiticn must wait until the votes are ac-
tGally counted.
The proto ction of what is may be assured
prior TO this time Of determining the fate
OF that which hopes TO be. The present
should be devoted to reason and not to
panic. The only important change in the
bank statement is an increase of 81 .ssS o,n
| in loans, the gain in lawfoul money being
only sl6l 900.