Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-13
FINANCE AND TRADE
Prices Opened Higher in Sympathy
With London.
THE PUBLIC NOT SPECULATING MUCH
Banks Ready to Take the New
Bond Issue.
GENERAL MARKET REPORTS
'ecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, November I3.-In sympathy
with higher London prices, todsy's mar
ket opened at advances varying from Ii
to ID per cent. The higher level was but
temporary however, traders putting out a
liberal amount OF short stock in anticipa-
ton of a reaction later in the day. In tho
general list this action was substantially
rewarded before the noon hour. The short
interest is again sufficiently large to war;
rant a rally Oh the shorts at the first sign
of any important improvement i'm business
conditions. The amount of assistance from
the non-professional element has not equal
ed expectations, and a sustained advance
therefore is not Immediately probable.
The sentiment of the street is inclined to
favor purchases on all CONCESSIONS, rather
than e advise selling On rallies.
The new bond issue is believed to be as
sured, and bank officials have been con-
sidering the ACCESSIBILITY of making bid
for the bulk of the issue in advance of the
general subscription.
The refusal of the banks to make time
loans, even at substantial advances over
quoted interest rates. indicates that officials
intend to secure a liberal amount OF the
new bonds when issued. Probably S4O.-
OOO,OOu Will be taken by the banks in cx-
will restore confidence both at home and
abroad, and is expected to make money
lending a more profitable business than 1t
has been during the past year.
The Changers sold off from l-2 to / per
cent on room operations. Northwest lead
ing the decline on sales for both accounts.
Manhattan sold down, on bad earnings, for
a loss of 81 per cent from opening tigures.
The belief in lower prices for this stock
has become pretty general among traders
and any liquidation of long holdings would
lead to a general attack by the profess
sional element. New England was strong
at l per cent advance on a somewhat
better volume of business .han Is usually
accorded this speciality. Rumors of a fur
Their advance are circulated by interests
closely identified with the management.
Sugar resumed its old position as leader
this morning, opening at fractional ad-
vance, but yielding easily under the pressure
of selling orders fer q decline Of per
cent. Buying at the decline soon restored
the bulk of the loss and gave rise to the
belief that inside interests were taking the
stock preparatory to another upward move
ment before Congress resumes Its aessions.
The trading was for large amounts and OF
a very confident nature. The balance OF
the industrial group was steady around
opening figures and without significant
feature.
The market for sterling and continental
bills opened steady on a small volume Of
business Bankers were not willing to pay
full rates for commercial bills, but on small
offerings bills of this class were quickly
taken. The demand is still sufficiently brisk
to keep rates steady near prevailing quo
tations.
The last hours trading was dull and I'M
changed in character. Final figures in
most instances reflected fractional conces-
sions for the day.