Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-21
FINANCE AND TRADE
Bears Make a Concerted Plan to Raid
the Stock Market.
FRACTIONAL DECLINES EFFECTED
Short Interest of Considerable Pro-
portions Was Established.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK. August 2l.-Eforts TO de-
press prices and force liquidation were
| conspicuous features of the opening hour
| this morning. Violent fluctuations in the
wheat market supplied the incentive to
| further manipulations in the interest of
| lower prices. Fractional declines from a
steady opening level were all that these
efforts accomplished. however. and CLOSING
prices Were strong al substantial gains
from the final transactions of yesterday.
The vague but intensely popular idea
| that a reaction was due has been paraded
| during the entire week I'm tho face of most
gratifying returns from all commercial and
| business centefs. The reaction from the
weeks high level may be largely attrib-
| uted to the withholding of support by In
fluential interests In order tina; the pro-
| fessional element might be free to yield TO
| the popular prejudice against early week
prices.
Weekly margined holdings have been
forced out and a short interest of con-
siderable proportions established. The
buying on a scale down has been excep-
uonally good, and this fact coupled with
probable Increases in earnings should
prompt a movement against the short in
terest during the coming week, which
should restore record prices.
OF ONeruOlHk were expressed IN
some circles and realizing was encouraged
to the extent of insisting on the Tightening
of overstocked speculative accounts. These
fears having been overcome. facts can once
more take the place of sentiment and spec
u,ative forebodings.
The quotations for spot wheat End par
ticularly those recorded for the September
option, have reached an objective poinf
and normal conditions should prevail in
the wheat market toward the middle Of
the coming week. This return to reason
would be beneficial to the security mar
kets.
The weekly trades REPORTS are all on
couraging. Railroads report uniform in
creeses In traffic. the cereal export move
nent exceeding in volume the best record
Tor the same period in several years. and
back clearings have been liberal in volume
Manufacturing is awakening to the de-
hands incident TO the growing prosperity
of the farmer. No one seriously doubts
the existence of a wheat crop sufficient -
add at least 1 per cent to the divide:..!
board.
That the wheat will be shipped is evil
denced by a glance at the returns from the
farming centers OF Europe
Inc coal properties relied upon 10
reflect increasing prosperity from now on.
ana VIII rival the grangers In popularity
Reading Issues closed particularly strong
and are believed to he in position to profit bv
the settlement Of the soft coal strike The
leading financial interest is openly working
to control the field for coal of both ella sses
The bank statement is generally encour-
aging, a gain of s2,222.o0, I'm lawful money
and an increase of nearly 25a.oo0 I'm
loans being its special features. The net
result o; all changes. including an increase
of s.. 40I,5D in deposits. is an Increase Of
SSio,i23 in the reserve. bringing that item
up to S89. 153. 40.
The Increase in loans Is believed 20 repre-
sent the arrargem ents. previously men,
toned for time accommodations to he used
in stock market operations.
All things considered. the course of prices
during the week must he regarded a en-
couragtng. Concerted action in the dirrc-
ton of Improvement has never failed of
substantial results whereas professional at
tacks have been attended with only irreyu-
lar and temporary depression.