Evening star., 1898-08-30
Prices offered Down During the Ini-
tial Trading.
BURLINGTON Was ATTACKED AGAIN
Present Tendency Not Downward
Despite Daily Fluctuations.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. August 30.-The magnified
evils OF the monetary condition, as reflected
in Saturdays bank statement lost their in
fiuence toward the close of the first hour
this morning
During the initial trading the profession
al element offered prices down and sue
ceeded in establishing the lowest level of
the day
Burlington. which closed higher yester-
day in spite of attacks. was sold of today
urder pressure. and forced a sympathetic
weakness in the neighbering granger
shares. The Pacific issues were neglected
for time also, and lost a few fractions
under persistent selling for both accounts.
The theory of the street is that a broker
recently active in the buying had been
locking for a market on which to realize.
and the room took the initiative. The char
acter of the selling was not so good as the
buying at the decline, and the market gave
further evidences of broadening at the re-
duced quotations.
London and the continent continue 10 in
quire for American issues. and confidence
In them has reached the point where the
burden of inviting buying rests entirely
Upon New York. Should the local market
continue TO advance the foreign demand
may be relied ul-on TO assist.
The banks advanced the rates for call
money about y Of ] per cent and 3la 10 4
per cent was offered for time accommoda-
uons. and these advances are considered
10 be about equal to the changed condi-
lions.
When it is remembered that an advance
OF or per cent in interest ra.es is a dis
advantage to the broker rather than to his
client. the matter could be easily adjusted
by increasing the percentage OF margins.
Brokers carrying stocks close to the mar
ket are naturally fearful Of tIle effects o.
advances in interest rates
Ten and twenty point discrepancies be-
tween the lower value and the market value
insure sufficient composure TO view condi-
tions without forcing a speculative papic
There is an abundance Of money at 4 per
cent In quarters not represented in the bank
statement, and should money be considered
sufficiently dear TO force a decline in the
stock market it will he because the leaders
OF the movement have sold out and are
anxious to buy back at a lower level
Inc conditions on which the market ad-
Nance1 nave not changed, but il is lust as
wen that period of conservatism should
prevail Tor a time. Profit-taking i'm one
part OF the list is frequently but a condition
precedent to new activity at another point
The present tendency is not downward. no
matter what the daily fluctuations may he
Ihere is gold to be had for the asking and
sides. '
Real prosperity does rot cuIminate in N
sinSle season, and to iraugurate depression
row would mean that the ablest fina nciers
IN the country have made a mistake in
anaIyzinS conditions. No one seriously he
ueFes thlS and consequently the selling is
limited to holders who have the Smallest
resources. Covering was in progress in
Mammalian during the day. but this de-
mand is not TO be mistaken for Increasing
merit.