Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-09
New York Stock Market Opened
Weak and Irregular Today.
CAUSED BY FOREIGN SELLING
Later in the Day, However, Con-
siderable Strength Developed.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, July 9.-Opening prices this
morning were practically irregular. but in
the main steady around last nights clos
ing parity. London cables reflected declines
in all parts of the American department
and moderate selling for that account was
reported.
A slight falling off in the price of consols
was not regarded as being of any special
significance owing to the fact that CONT
mental securities were buoyant, notwith-
standing the disturbances in the Levant
Foreign interest in the local market will
not extend to any considerable proportions
during the dull midsummer period unless
the Initiative is taken on this side.
Some incentive to local activity may fol-
low the publication Of the government crop
report tomorrow. but the real event TO
which the entire street is looking Cor this
purpose is the adjournment OF Congress
The efforts of the reactionists during the
last few days have net been entirely sue
cessfu. even granting the fact that the
average level of the market has been
slightly lowered.
The demand for stocks in the loan crowd
last night clearly indicated that the low
level had been forced through the medium
of short sales. An effort to repurchase
these sales was followed by a sharp re-
covery in prices today.
The Granger shares which were espe-
cially heavy in yesterdays market We're
not easily bought today. A demand for
stocks OF this character almost invaria-
bly, advances the price with one-half the
effort necessary to force a proportionate
| decline. An absence of liquidation and
| a growing belief that times are improving
| notwithstanding occasional evidences to
the contrary, must in the long run justify
the predictions of the ODtimiSttc element.
Commission buying Is conducted along
| narrow and conservative lines, but the
| floating supply of stock is. being reduced by
| q good investment demand.
| An attack on Chicago Gas was one OF
| the features of today's market. There was
| absolutely no cause for the movement be-
yo nd a rumor to the effect that tie Flower
| interest had been marketing long stock.
| This report was most emphatcally denied
! later in the day, and rally Of l per cent
| followed the covering Of less than 1000
| shares of stock; another striking evidence
| of scarcity.
| Sugar was mysteriously strong in the face
| of strong Washington predictions to the
| effect that the trust could not hope to re-
| tain the Senate schedule. Adverse news has
| little effect on this property. the rec
| ords show. Its highest level has been re-
| corded during a period of assurances. al
| most official. that its interests We're being
! jeopardized at Washington. AS such re-
| suit is unknown in the history of the COM
pany, Some operators are disposed to rely
| upon precedent.
! In the regular list New York Central was
| a feature on rumors of its having secured
| control of the Lehigh Valley. These re-
/ ports were subsequently denied.
| Omaha was strong also on an unfoCnded
\ report to the effect that its bonds were in
| Guided in the Northwestern refunding plan.
| The prompt acceptance of good news and
| the disregard of unfavorable influences are
| factors worthy of consideration at this
! juncture, when the supply of the latter is
| likely TO decrease.