Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-18
FINANCE AND TRADE
Buying of Changers Again a fea-
ture of Wall Street.
GOULD ISSUES DECLINED HEAVILY
Realizing Sales Were Also a Fea-
ture of the Market.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening star
NEW YORK. September ls.-Realizirg
sales, the natural incidents of an advanc-
ing market. were conspicuous features OF
today's stock operations
London bought some stocks and under
cover of the strength thus created sold
others In which profits had previously ac-
cumulated. The process was entirely IA
D,iltar and made impression on the
strong speculative undertone.
Locally the volume of commission buying
was good and the most influential interes:s
IN the street were identified with the ony.
ing OF the grangers-Chesapcske and Ohio
and Reading-the leaders OF the day.,
movement.
The Gould issues were Disappointing, a
decline in Manhattan of nearly , per cent
unsettling the entire group.
The earnings of Missouri Pacific ana
Western Union prevented significant sell
ing. and once the advance becomes tuorc
uniform these properties are likely TO an
pear to greater advantage.
Inc coal roads have improved their mar
ket concition during the week, and will at
tract special attention from now on.
Inc strike situation is "A deterrent in
huence in this particular instance. but con
bdence in a satisfactory adjustment of ex-
listing difficulties is almost general.
ment ir Consolidated Gas was the one fea-
ture OF the day. In a period covering per
haps one-half hour the shares of this cor
poration declined 10 IL per cent and re
covered per cent.
The decline was unjustified, hasty selling.
probably to take profits, being responsible
for the movement. The exact position OF
the shares i'm the reorganization. while rot
officially stated, Is certain TO warrant the
prevailing normal level In view of the
series of adverse influences which have
been made to serve stock market purposes,
the net results of the week must be CON
strued most favorably to the main situa
ton.
The yellow fever scare. the mining Diff
culties and delayed legal announcements al
Washington have all served to embarrass
the market for temporary periods. In no
instance. however. has a single significant
decline been accomplished. The markets
ability TO resist bad news must be admit
ted in consequence of the showing. During
the coming week there will be new diNi-
derd record made for Rock Island.
at least 4 per cent being relied up
on as certain. With 4 per cent stocks
selling at premiums in many instan-
ces, IL is but natural to assume that
the predictions of par for the one i'm ques-
ton will be realized. Exchange rates AMI
the enormous export movement of bread
stuffs make gold imports probability dur
ing the coming week. France especially
may announce consignment OF gold at
any time.
These latter events are decidedly favo"-
able and the resistance TO bad news will,
IN all likelihood. be eclipsed by the yielding
to good In view of these prospects the
closing today was attended by a feeling OF
confidence not fully reflected i'm prices.
The banks have lost SGD 500 in lawful
money during the week, mostly in legal
tenders. The deposits have decreased
81, l91 400, and the loans have increased
$2G69..sD. The change in the two latter
items is not wholly consistent, the decrease
in deposits being larger than the loss in
cash and the increase in loans would war
rant.
The net result, however IS decrease CT
S6113,6JO in the reserve. bringing that item
down to Sl9,Sy5. las. This reserve is fully
equal to the demands Of a situation in
which gold imports are likely. An Increase
of S62l.o00 in circulation is an Interesting
feature of the statement indicating that
money is in demand for The movement OF
the crops.