Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-05-11
FINANCE AND TRADE
Highest Prices of the Recent Up
ward Movement.
THERE WAS NO PRESSURE TO SELL
London Gables Reflected a Steady
Tone.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, May 11.-Havihg been un-
successful in bringing about a reaction by
quoting history and precedent, the trading
element came into the market as buyers OF
stocks this morning and established the
highest prices recorded on the recent up
ward movement. All offerings of stocks
were quickly absorbed, and there being no
pressure to. sell the only available expedi-
ent was to bid them up and tempt realiz-
ing. The volume of business for short
session was large and few stocks failed TO
participate in the advance.
1t has beena a. noticeable feature of the
weeks trading that the individual sales of
stocks have been more than. doubled on
the ascending scale. There was a tendency
to take profits around the opeoing
this morning, and prices in consequence
were barely steady, at, last. nights closing
figures. but the supply of orders fraction
ally under the market prevented any sig
nificant concessions. .5.-
Londons early cables reflected a steady
tone in the market for international securf-
ties, but the customary advances were not
recorded, as the result of more conservative
operations. based on. the belief that local
traders would force concessions in their
desire to reduce the profits of the tape into
actual possession.
This result did not materialize, and the
week closes with optimistic forecasts pre-
dominating. and assurances that foreign
support next week will be as liberal il
has been this. Should this latter statement
prove correct, the only fear of a reaction
will be removed. The foreign exchange
market, the weaker tone Of which has given
new encouragement TO the believers in
higher prices, closed with the lowest rates
of the week prevailing. and Indications that
fl rther declines are probable.
The several pools operating in the
granger shares were instrumental in ad-
vanctng all the active members of that
group full point, and have. enlisted the
cooperation and sympathfes of some of
the shrewdest operators in the street.
n.and- and Nashville moved up to 81 On
buying. in which both accounts were said
to be represented.
Distillers was bought in round amounts
for gain of 81 per cent, as the result of
further advance in the price of spirits.
ton of buying by those originally interest
ed in the upward movement gained per
cent from first prices The profits of this
company, at the sustained advance in the
price of the refined product, are enormous,
and its friends are confident that the mar
ket value Of the stock will still further re-
feet this prosperity. The balance Of the
Industrial groups. while not especially
active were In sympathy with the prevail
ing tendencies elsewhere
The bank statement reflects a further
gAtn in the cash holdings of the banks and
a liberal increase in loans, which, with the
other items reported, about Offsets the gain
in deposits. The detailed report shows:
Reserve increased s. s38 SIS: loans Increased
"a, DIG, 100: specie decreased $2SS, 800; legals
increased Sc. S33, 400: deposits Increased So
S34. 100, and circulation Increased $40. 100