Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-19
London Unloads American Securities
to Buy Wheat
PROCESS MAKES PRICES DECLINE
American Sugar, However, Re-
corded a New High Level.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch to The Evening star
NEW YORK. August 19.-London prices
again reflected concessions varying from
u to y per cent. and some selling for for
e'gn account was Eoted among the feat
ures OF the first hour. Foreign houses con-
finue to send back securities in exchange
Tor wheat and breadstuffs but this
Is only temporary expedient for prevent
ing depletion OF the gold supply. Ulti-
mately Europe. England and France. an
particular. must submit to the natural
laws of commerce and return us gold In
liberal volume
Foreign newspapers and bankers have
practically exhausted all arguments look
ing to an artificial prevention OF such a
movement. The public interest in Ameri-
can securities is said to have increased
noticeabiy OF late, the delay in participa-
tion being wholly due to the advice Of
influential banking interests on that side.
The advance in posted rates OF exchange
In this market undoubtedly prevented an
increase In the Bank OF England's mini
mum rate of discount. This advance will
follow speedily upon the prospect of an
actual engagement of coin.
IN sympathy with the lower foreign mar
ket, op ening prices on this side We're irreg-
ular and frequently lower. Reports of un-
favorable crop conditions i'm the northwest
encouraged some realizing and a revival of
efforts TO depress prices in the interest OF
the short account.
The granger shares were sold of SUBJ
staniially on these reports. but the buying
al the decline was superior to the selling
From nearly all lines in that territory
large Increases i'm earnings are expected,
ana good authorities consider the reports
of damage as being overestimated. The
crops are large enough to insure a good
seaboard traffic and the foreign demand is
almost certain to make the prices suffi-
GENTLY attractive to the farmer to insure
literal shipments.
The southern and southwestern roads re-
ported material gains in earnings and are
expected to continue along similar lines
This latter group is given excellent sum-
port during periods of depression else
where. the lower prices making the shares
particularly attractive. The coal shares
We're the features Of the days trading. the
demand in this group springing into es-
pecial prominence during the late az
ternoon. Reading is estimated to have
added largely to Its earnings for this
period one year ago. and is therefore
relied upon to lead the advancing move
ment in the anthracite group
The buying OF the several issues of the
company named was more than usually
confident
The Gould shares were well sustained
Missouri Pacific continuing in favor as the
result of yesterdays reported increase in
earnings.
ieah sugar was aclffe and sue
ceeded in reaching $50. the price predicted
for II during the conference debate on the
tariff bill.
AT the price quoted the stock was for
sale In considerable quantity, and, upon
the discovery of the fact traders forced a
sharp recession of IL per cent. New buy
ing was encountered at the decline how
ever, and, notwithstanding that the prices
recorded today excel any in the history Of
the company, there is no indication that
the climax has been reached.
An ideal tariff schedule. an unbroken roc
ord for II per cent divide nds and the pros
pect of an increased rate continue TO
hwart Sll efforts at significant depression.
Final prices were irregular. but the I'M
oertone of the market 6iscloses no indica-
tons of actual weakness