Evening star., 1898-08-29
Recently Active Stocks Opened at q
Sharp Decline.
PERIOD OF GENERAL LIQUIDATION
Granger Issues and Pacific Shares
Effectively Attacked.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 29.-The hyster-
ical analysis of Saturdays bank state
nlent in certain quarters and the ur-
gent warnings that a dissolution of part
nership between the banks and the mar
ginal stock operators was at hand had
their effect on prices this morning The
recently active stocks were opened at sharp
declines from the closing level and a
period of general liquidation followed.
The Granger issues We're sold IN round
amounts AID significant lots of the Pacific
shares came out during the opening hour.
The weakness in these securities very
naturally gave direction to the whole mar
ket- Conservative houses advised a with
holding of buying orders. but few consid-
cred the movement serious. The taking of
profits on weakly margined shares. il was
argued. would help the main situation in
asmuch as new and safer basis for ac-
tlNlty would be established. However logf-
caI such an argument may be, set-backs
are more easily accomplished chan RENE
oieu- Ihe slow recovery IS the more nat
uraI and consequently the less dangerous
but the public Will need to be convinced
Tor a time that they are not buying the
stocks of the professional clioues
The reduction of the surplus reserve hold
lnSs or the associated banks brings that item
oo"h 10 me low level which preceded the
-'S az dAiNe III lHe STOCK market. This
iact need not be alarming however So
ioh6 as the assurance of enormous foreign
credits remains to Offset its ordinary in.
t ;iuei,cg. ihere can be no material advance
lll money rates without bringing in a lIb-
eral supply of gold from Europe. These
oieuits ts nave accumulated from trade bal
rI,,5 all1eS aho, latterly, by an increasing de-
H1hu Ior American investments
10 pr1hg money to this sid. il is but nec
eiSdty 10 snow the owners Of il a profitable
- VI employment One and two per
t, 80 hloIeE was not an incentive to a
WHolesale calling in of funds but 2 and 4
Fer cent would undoubtedly start gold tb,s
way in volume. '-'S
another feature Of the situation no. fully
appreciated although fairly well recoe-
nized Is that the New York banks are no
tChscr saddled with the responsibility Of
LuthishlhS the money needed by the south
ana west for moving the crons
prosperity in the agricultural sartIors
mas given rise to a degree of finapciaI ir
dependence which viii materially cIIrtai1
TIE burdens of the crop movement The
prosperity OF the individual farmer will
allow him to hold his product until a nroft.
able market presents itself This fo,tr,
VIII prevent the rush 10 sell around a given
date. and will go a long way toward reIiav-
ing the banks of concentrated pressure as
ply to the demand.
The railroads are almost certain 70 pet
a large tonnage. but there need be no car
iamlnes IL the movement is extended over
a considerable period. "a pressure on the
up grade OF the stock market has been re-
duced and recessions prevail in conse-
quence. This is Wall street condition ana
the prosperity of the country is not in ques-
non There are no arguments, except tech
meal ores, favoring lower prices and Their.
would seem to be no selling except of mar
smed holdings. If margins have been dis
turbed by temporary hardening in money
rates 1t is quite within reason to see them
reversed on the changed money basis and
the advance continued until the fan cleo
tons become disquieting factor The ces
satlon OF all business for twenty minutes
during the last hour, to allow members 10
review the returning list Regiment had
ing.