Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-05
FINANCE AND TRADE
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Political Inauilt les Felt on the Stock
CHINA AM | THE CONVENTION
Effects of litter Seem to Offset
Thae ef Former.
GENERAL MARKET REPORTS


Special dispatch to The Evening Star.
NEW YORK, July D.-On account of the
latest appalling news regarding the situa-
ton in China, cables reported security mar
kets generally weak In London. Americans
were sympatheticauy affected and showed
declines in prices as compared with our
closing figures on Tuesday of v to ~ per
cent In active Issues. There appeared to
be some liquidation, too, in that market
for Berlin account.
In the local stock market-in sympathy
with lower London quotatiors-opening
prices, with one or two exceptions, showed
declines ranging from "a to 1 per cent. The
market however. quickly developed unex-
pected firmness, in view of the very I'M
favorable news from China and the unset
tied state of affairs abroad.
Before the opening London was ex-
pected to be comparatively heavy
seller here today but 1t soon de-
veloped that the arbitrage brokers were
trading both ways in this market, while
their transactions were not considered
much of factor either way
Jersey Central was again today ex-
ceptlonal feature of strength at the start.
Opening up one-half point, at 12S12, 1t soon
gained Two and one-half points more, on
very persistent rumors of accumulation of
the stock by strong banking interests, and
talk OF conference of capitalists control
ing the anthracite railways, to be held
WITHIN the next few days, to act upon pans
expected to be Of far-reaching conse-
quences to the 'coalers"
sugar stock opened one-half point below
tuesdays closing figures, at 1141a, but the
price was soon afterward advanced to III
on rev buying orders, induced possibly
by the bullsh talk on the stock In lower
Wall street circles to the effect that the
sugar company is making more money at
present prices hnf0r In, IL bic,
tory Inc rise, however, at this time is
said to have no particular significance, ex-
cept. perhaps. to show what small buying
orders Will do in this narrow market where
| few stocks are pressing for sale
The real factor of strength, however, in
the market today, and to which all indica-
| tons pointed In the early trading. was the
| action taken by the democratic platform
| committee at Kansas City today In adopt
| Ing an outright free silver plank
1t was stated In this column, some days
| convention of the "16 to T. theory would
| give US a good rally, and, considering
| the strong ADVERSE news from abroad,
the market has about followed that pre-
| diction, and the action alluded to above
has had very good effect upon Wall. street
sentiment generally, the argument of
| course. being that the effect of trying to
| bring life to the free silver corpse will only
| tend to weaken the democratic candidate,
| whoever he may be. By noon Jersey Cen
| trail had scored further advance of two
points, making the: total gain 51a points
| over Tuesdays closing figures, and most of
| the active stocks had regained the losses
sustained by the lower opening
| closing prices for American securities in
| the London market were above the worst
| OF the day, but with very little business
| doing in them. Other departments in that
| market showed acute depression, but deal
lnss were without pancky feeling. The
| continental bourses We're weak
| The trading in the afternoon here was
| marked by further Improvement In prices
| Reading first preferred being one of the
| strongest features, the stock showing an
| advance of 2Ie points over opening figures
| baltimore and Ohio was another feature OF
| strength, the stock gaining nearly three
| points on covering demands from shorts
| While the market is expected to work
| higher, 1t Is always a good safe plan not
| to climb for stocks. but to buy on the re-
actions that are bound to occur, even in a
| bull market.