Evening star., 1896-12-29
Values Were Supported Undera Small
Volume Of Buying.
IDLE MONEY EXPECTED FROM ABRukD
Sharp Rally During the Final Hour
of Business.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. December 23-Security VAL
ues were well supported during the open
ing hour this morning Under a small vol
rme OF professional buying against yester-
days short sales. Boston bought Bur-
liEgton to replace yesterdays Sales and
bt yfng of a better character was Eoted in
st. Paul and Rock Island. ManipuIative
buying was again conspicuous In Manhat-
tan. the price being advanced l per cent on
transactions involving only a few hundred
shares of stock. At the advance sales for
both accounts were recorded, the rumored
probability of a restraining order against
the payment OF the next dividend being the
motive for the movement.
The failure to secure legal Interference
at an early hour resulted In some covering
during the afternoon, but no significant
operations were reported.
Consolidated Gas was decidedly frmer as
the result of decreased offerings OF long
stock and a fair demand from the short
interest in the property.
American sugar was well sustained dur
ing the morning. as the result of a better
understanding Of the company's position I'm
the pending trade war. Having obtained
control of the second largest coffee roast
Ing establishment I'm the country, the COM
petition of refineries not yet built can
scarcely be con sidered source of present
annoyance. Operations looking to the de-
struction of the company's sugar business
will undoubtedly be delayed by keeping It's
adversaries' attention fixed upon interests
already vested in coffee roasting plants
London cables reported a dull market for
American shares at that center during the
early part Of the session, but lower money
rates subsequently inspired substantial
fractional advances. The regular fort
nightly settlements are progressing salts
factorily. and the furry in money incident
| to the close of the year is believed to have
been passed. Consols were marked I'D
sharply by sudden investment demand
growing out of the belief that money VIII
| work back to minimum rates after the
holidays
The failure of gold to advance In view
| OF the changes in the Russian financial
policy Is q significant development of this
active season. Present monetary indica-
| tions, both In London and upon the con-
| tinent. warrant the presumption that idle
money Will come into the local market for
| Investment during the first quarter OF the
| New Year. A reduction of half per cent in
posted rates of exchange at the center and
the absence OF any special demand from
/ remitters is an encouraging factor. In view
| OF recent expectations OF moderate gold
| exports.
The continued evidences of financial
weakness IN the south and west, failures
| in both sections being reported during thu
| day. are likely to invite liquidation of 90
| curfty holdings, and cautious trading fos
the present is entirely justifable The
prompt cooperation of the solvent institu-
tions in the various unfortunate cities II
especially praiseworthy and serves to ,oA
calize the disturbances.
The market rallied sharply during the
| final hour on the prospects of new busiS
and the consequent risks in the short ao-
| count.