Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-08-24
FINANCE AND TRADE
Tendency Of Stocks Was Toward a
Lower Level.
NO new BUSINESS IN SIGHT
Something Needed to Attract the
Public to the Street.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 24.-The tendency
of prices this morning was toward a lower
level as the result of professional selling
and the repeated failure to attract new
business. London prices were lower. and
there was no business from that center
The Chinese situation and extra session
talk had an influence on sentiment and
led to some selling. There is more inter-
est being taken in the grave questions of
the day than heretofore and new business
Is not inspired by the deliberatlon
Politics Is far from being a certain
quantity. and the prospects for an active
market based on the outcome of the No
vember elections are increasing rather than
decreasing. In few quarters the belief Is
oppressed that the prevailing dullness will
give way to higher prices, but this view is
not general Something is needed to attract
new business and the prospects now favor
bargain prices as the medium for the oc-
casion.
There Is willingness to buy on a scale
down and there is plenty of speculative
stock for sale on scale up. The buying
would In all probability be better than the
selling.
There are no influences of direct concern
to the older railroads which threaten prices.
out politics and international complications
will cause timidity. Timidity at the banks
means higher money and the natural evo-
luton of higher money is liquidation of
loans. Earnings would be passed over tenn
porarily in such an event and the discrep-
ancy between worth and market value
would increase.
The market would gain In breadth as
prices receded, and the removal Of the
doubtful factors which had occasioned the
decline would establish more effective
level for higher market later on.
The loss tn cash last week failed to make
much of an impression on money rates. a
slight hardening being noticed during the
last few days and a more careful scr,i-
tiny of collaterals A small fraction has
been added to the call rate, but that Is all
The market has failed to record any sig
nihcant movement the result Of this ten
dency. In the same way today's assurances
that relatively good statement might be
expected tomorrow made no impression
The protracted dizziness must end shortly
but 1t would seem to require a weighty
factor to prove equal to the overcoming of
the present inertia.
The Vermont and Maine elections are re-
lied upon In some offices TO revive activity.
Trading based on such events will be linn
ited to the Increases or decreases in ma
jorities.
Should the changes be sufficient to give
the market a pronounced tendency up or
down politics would probably remain as
the sole factor until after the presidential
elections
The guarded deniaIs of the coal consolida-
ton mad some influence on the prices of the
stocks In the anthracite group. Inoppor-
tune as the times are. 1t Is not surprising
should the special movements subside the
market would come to a standstiil
American sugar was weak under profess
sional selling, due to unfavorable trade con-
ditions and Indifferent support.
The known movement Of money indicates
the Interior and s5,o30,ooO from the SUBJ
treasury.