Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-18
Uncertain and Occasionally
Reactionary Tendencies.
MATERIAL SHRINKAGE
WERE NOTABLE CHARACTERlS-
TICS OF TODAY'S MARKET.
Trend of the Dealings Was Swayed by
Reports From Portsmouth
on Peace Prospects.

NEW YORK. August ls.-The uncertain
and occasionally reactonary tendencies of
today's stock market were accompanied by
a material shrinkage in the volume of bust
ness but it was observed that whenever
the market showed a disposition to rally
there at once took place a marked increase
in activity.
These circumstances attested abundantly
to the increase III outside interest on the
speculation and to the speculative bent of
public opinion. The markets course in gen.
eral seemed TO be entirely due to this morn
ings advices from Portsmouth which took
IA turn for the worse, so far as the pros
poets for peace Were concerned.
At all events, the diplomatic situation at
that point, set forth in this mornings
newspapers was the cause commonly
signed for the reversal i'll the markets
form.
AS matter of fact, toward the close of
week OF rising prices such as has been
witnessed, it would not have been remark
able If reaction had occurred wit hout any
particularly melting cause.
The London Market.
The London stock market was generally
heavy for the same stated reason that
accounted for the tone of the local deal
ings. but 1t observed that both Rus
sian and japanese bonds We're exceptionally
firm.
Furthermore, according to cable advices
from London. the markets tone at that
point was attributed Ia Their to the suspen-
sion of business in the stock exchange there
tomorrow than to any uneasiness to the
outcome OF the Russian-J Japanese negotia-
tons
Operations here for foreign account had
on balance very small net results.
The money market continued ra Their firm
and active with an increased inquiry by
stock commission houses for loans carry
Ing over into the new year. For such forms
Of accommodation lenders could readily OBJ
tain ! per cent.
Currency Movements.
The preliminary estimates of the prin-
cipal movements in currency during the
week indicated net loss in cash by the
banks variously estimated between $1,000
900 and $500. 900
OF this large sum only about 81 600 OOO
was due to the transactions with the sub
treasury, and it seems hardly possible that
currency shipments to the interior could
alone account for the balance. No special
explanation of the apparent discrepancy
was, however. advanced.
The prospects for a heavy reduction in
surplus reserves in tomOrrows bank state
ment seemed however. along with other
aspects of the situation, to be quite over
Swallowed by the progress of events at
Portsmouth. There was little else, indeed.
either i'll the mornings news in the days
developments to detract from interest in
the peace negotiations.
Earnings Statements.
Earnings statements supplied the only
facts there were relating to special securi-
ties. Perhaps it was because of the quiet
ing down of the speculative waters that
there was less than the usual amount of
gossip and discussion relating to particular
movements.
The market opened irregular. after which
a hrmer tone developed, which was in turn
succeeded by u general decline, in which
losses OF from one to Two points were
quickly scored from the early high figures
Broadly speaking, transactions during the
afternoon reflected some diminution IN
pressure compared with those OF the
morning, but even then the trading was
characterized by d highly uncertain tone