Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-09-10
FINANCE AND TRADE
Moderate Amount of Buying and
Fair Volume of Covering.
NO BAD FEATURES ARE IN PROSPECT
Discrimination in Future Deals
Should Bring Good Profits.
GENERAL MARKET REPORT

Special Dispatch TO The Evening star.
NEW YORK. September lO-Today's
stock market reflected much OF the
conflict of opinion which invariably fol-
lows a period OF extensive liquidation.
London bought few stocks during the
morning, but the foreign markets FOR
American issues closed somewhat de-
pressed. Locally there was a moderate
amount of good buying and a fair volume
of covering. Further selling was in prog
ress during the morning on the theory that
the figures of the bank statement would be
discouraging to borrowers of money. The
engagement of S3.OOoOO0 gold In London
for consignment to America helped to reas-
sure the easily frightened element, and
gave rise to rumors Of an increased inward
movement equal to the task of preventing
a further advance in interest rates.
The bank statement itself. however was
quite up to its predicted character. The re-
serve above legal requirements has peen re-
dUced S.9l4215 during the week. thereby
curtailing the total surplus reserve hold.
irgs to 100000. The decrease in lawful
money is reported to have been over Sl2.-
100000, mostly in specie. The loans have
decreased s6.T1S. 700. and the deposits are
less by $50 4s7.7 The decrease in loans Is
due largely TO the weeks liquidation in the
stock market. and the loss in cash is still
in part due to the government bond trans
actions. From the action of the market
after the publication of this statement It
was evident that the adverse features Of
the weeks financial operations had been
discounted. There are almost no distinctly
bad features in the present market pros
pect
Liquidation has been confined to quar-
n hiph laa1f +.1x E,.Iy,
would have come in due time without the
disappointment in St Pauls dividend 4
market which will decline on such an eN-
cuse Is healthier for declining. Profession
alism would have advanced as prices did
had the shaking out process been delayed.
Prices ard values are more in harmony as
the result of the weeks business and there
is little substance in the much -discussed
fears relative to the money market There
are two factors not entirely routine which
must shortly become consideration 10
market interests.
The first is the congressional elections
now but few weeks of. and the second is
the recovering of the Supreme Court At
least one important railroad case will prob
ably come down Gur.ng the forthcoming
session. The electors. as usual, will be
made an excuse for transactions in both
long AMI short account according to the
nature of the many political forecasts now
in process of development For the imme-
date future the importations of gold in
lalelr relation 10 the call money rate VIII
exert wide influence, and railroad earn
ings should also be revived as a factor.
The condition OF the country is strongly
in accord with Improvement, and whatever
want OF sympathy there may be in Wall
streets condition there are no evidences
of its possessing a permanent quality. Dis
elimination in buying from now on should
be attended with profitable results.
The one development today worthy Of no.
tice was an advance of per cent in Amer
lean Tobacco, due to an enforced covering
of short contracts under rumors OF a set
tlement of the plug tobacco difficulty. THIS
complication is settled and unsettled at
stated intervals i'm Wall street and each
announcement is repaid 10y advances or ue-
clines varying from , to 10 per cent. The
fact is that there have been no material
open questions between the American COM
pany and the plug manufacturers for some
time. and a permanent settlement can be
announced whenever the stock market is In
condition to hear the last of the monotuU-
Gus strife. This condition will follow the
ending of the manipulatiVe advance, in all
probability.