Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-08-13
FINANCE. AND TRADE
Short Session Ourtailed Volume Of
Commission Business.
CLOSING PRICES BELOW OPENING
Manhattan Furnishes an Outlet for
impatient Traders.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Star
NEW YORK, August I3-Londou prices
for Americans were fractionally higher this
morning, but the enthusiasm which would
have ordinarily followed the signing OF the
spanish-American protocol was dampened
by England's political defeat IN China.
Locally. prices opened fracttonally above
the closing parity. but the short session had
tendency to curtail the value OF commits
Sion business. There was no pressure OF
long stock at any point. and liquidation, for
the time being. seems to have declined to
small proportions. Interests which had
been large buyers of the market on pre-
vicus days seemed disposed to sustain,
rather than to advance prices.
There IS no uneasiness 10 the outlook
rcr security values, and every concession
meets with demand from some source.
The temporary advance in money rates
seemed to be q possible obstacle to the con-
templated movement In the low-priced nom
olVide nd-paylag issues, but the week closes
with this drawback practically removed
Inc advance was partly due TO the new
gf vernment bond transaction and partly 10
delay IN making provision for funds incl
gent to the increased volume Of commission
mouse and speculative activity. Having
grown accustomed to an abundance of cali
money at minimum rates, brokers devoted
attention to securing new business and
Ieit the mo hey accommodations to take
care or themselves. Time loans will be
more sought after now that the money
lenders have given q practical illustration
OF the nenalty SO easily collected from
short-sigb ted borrow ers.
The weekly bank statement reflects a de-
crease of $3.50. 400 in lawful money. almost
evenly divided between specie and legal ten
GERS. The bulk of this money has gone into
the ,he suD-treasury on account Of the war
lean. The interior currency movement fails
10 snow IN the statement, and the Inference
follows that these receipts also went into
the sub-treasury on bond account. An in
crease OF Sl9l14oo in loans is largely due
10 Bono transactions and partly 10 new
speculative ventures. The net result of all
changes Is a deere of So. Isl. $50 in the re-
serve bringing the percentage above the L.
ga requirement down to SX3 IlIs $50
The local financial community had been
pretty wen advised of the net results of
the weeks transactions, and treated the
ofncfal publication of the figures with con-
Sloerable indifference. The certainty OF
large foreign credits and the importation
OF gold, should an increase volume Of cur
rency be needed to relieve the money
market of an influence which in view of
probable greater activity might be adverse
TO prices, were reassuring Conserve tive
judges of the market lean to the opinion
that speculative selling on the theory that
peace had been discounted has about run
It's course. A revival Of activity in the
low-priced shares, particularly Northern
Pacific. Union Pacific and reorganizee
properties generally, is predicted in quar-
tiers satisfied with the market outlook.
Manhattan. by reason OF poor earnings and
strong competition, is heavy and furnishes
an outlet for the Impotence of those who
consider prices too high
Rock Island and all the grangers are
likely to make good showings of earnings
and should continue to attract good buy
ing. American Tobacco moves easily, and
is relied upon to make a sensational ad-
vance in the very near future as the re-
suit of a profitable private transaction The
Rubber issues move up with every new in
dication of strength in the general mar
ket, while Sugar is at a turning point and
seems involved in doubt as to its logical.
course.