Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-08-22
Another Dull Day on New York Stock
Exchange.
some LIFE At TIE CLOSE
Peoples Gas and Western Union
Sold Downward.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. August 22.-The stock mar
ket presented no new features this MORN
ing. dullness was pronounced and neither
side seemed to gain any advantage. Lon
don prices were lower for a time but re-
covered later under reports Of rain in the
corn belt.
Local commission houses had no business
and traders were not willing to take the
initiative. The various pools in the market
were inactive and seemed to care little for
the immediate course of prices.
Here and there evidences of moderate
liquidation were to be seen. Western Union
sold off under selling of this character. the
lots being small, but the sales frequent.
Peoples Gas again showed the presence of
contending factions, several attempts being
made to force out long stock. Nothing def
mite has been given out by the officials of
the company in explanation of the recent
attacks except to attribute them to inter-
ests identified with rival property. The
support given the stock at the decline was
effective and is expected to continue.
The railroad list fluctuated within such
narrow limits as to preclude the POSSIBLE
ity OF any pronounced motive for the
changes in quoted prices. The routine -e-
velopments were mainly favorable to the
properties in this class, but the market
was Indifferent to earnings and prospects.
The steady undertone was the most favor
able development to be expected under such
conditions.
Excepting the few pools known to be
working in a small way in not more than
half dozen issues, the market has no de-
clared leadership
That there Is no organization on the part
OF believers in lower prices is the unusual
feature of the present market. Not only
there
timidity in the matter Of short selling. This
fact, taken in conjunction with the refusal
of the public to sell present holdings. leads
to species of stagnation which destroys
the significance of the daily changes In
quotations The market Is described as a
waiting market" but recent events have
demonstrated that Ii is waiting for men.
and not money or incentive.
The events of national and international
Importance which have been crowded into
the summer would have made a sufficiently
active market had leader appeared at
the opportune moment That 1t Is not
lack of money is demonstrated by the fact
that last weeks gold shipments. followed
by a considerable decrease in the bank re-
serves, have made no change In the call
money rate. The prospect of having the
major portion of the loss in cash restored
this week has made no impression. 1t is
even probable that the banks will gain cur
rency from the interior in addition to the
gold from the Pacific coast and the govern
ment disbursements
Politics are discussed every day, and the
present dizziness Is due, or is attributed, to
the uncertainties of Novembers results. In
spite of this, commission houses when
forced to express an opinion, say they be-
lieve in purchases the declines. The
scare Is being prepared for. however. and
1t must either come or perpetuate the dull
ness. Neither prospect Is encouraging to
run risks, and dullness Is perhaps the lesser
evil.
The strong box need not be depleted Of
its holdings, and additions thereto may
safely be delayed. An advance from the
present level will, If permanent. be pre-
ceded by ample warning. whereas a decline
may come unheralded.
There are many reasons for confidence In
the better class of securities, but exper-
fenced bankers are disposed to regard
values as being more certain than prices
during the next few months. rally dur
ing the final hour was due to scattered
buying of mixed character, the volume
being small and without special signfa-
canoe.