Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-13
Opening Prices Higher on London
.Advi6es.
MORE CONFIDENCE IN TIE new LOAN
Precautions for the Gold Re
serve.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, January 13.-A more liberal
construction of the recent South African
episode and the consequent revival Of conf
dence in Germany's friendship found refiec-
ton in a higher London market this MORN
Ing. The short interest at that center was
credited with the bulk of the buying, but
some extension of the long account was un-
questionably in process during the day.
Opening prices on this side were advanced
from IA to "a per cent in sympathy with
the changed conditions abroad. The char
scter Of the local trading was not such as to
force a continuation of the upward move
ment, the market being singularly bare of
orders outside of the room.
Profit taking by traders helped to retard
the advance, but did not destroy the steady
undertone
The assurance that the treasury will be
guarded against any heavy Withdrawals
OF gold pending the disposal of its bonds has
destroyed confidence in the wisdom of short
sales.
The willingness on the part of the indi-
v,duals anG institutions which control the
available gold supply to counteract the
| evils Of the popular loan idea by making
good any losses sustained by the CONVEX
sion of legal tenders into coin lis known in
o1nclal circles as well as in the street.
Confidence I'm the success Of the new loan
is therefore not lacking among The parties
in interest.
The narrowness of the market makes a
sustained movement impossible at this
time, but no material decline seems prob
able, except in instances where special
forces are at work. The foreign exchange
market rules firm under an improved de-
mand- Remittanoes against recent impor-
tations are being arranged for by foreign
houses.
The engagement of a half million coin for
export was announced during the day, but
no significant outward movement is COLI
| templated.
The selling of Manhattan, which has
| been a feature of the market for several
| days past, was resumed this morning, a de-
cline of per cent from a strong opening
| being recorded during the carly trading.
| The sales have been credited to a single
| source. but no motive beyond the Gus
tomary reference to the success of surface
| lines has been disclosed
St Paul and the entire granger group
| throughout the day, prices advancing
easily on moderate purchases. The re-
| moval Of the doubtful legislative features
| of the situation. coupled with the prospects
for peaceful settlement of European diff
culties. would force the latter class of Sc
| curities well to the front as speculative
| leaders.
In the Industrial department sugar vas
again the feature at the best prices re-
4 corded since the resumption of conservative
| buying decline in certain grades Of the
| refined product was announced during the
| morning, but was not regarded as a factor
| in determining the value of the stock
| Chicago Gas was held in check pending
some expression of opinion by the attorney
| general Of Illinois as to the validity of
| the new organization scheme Friends of
| the scheme are confident of it's ultimate
| success.
The trading of the last hour was mod
eratively active, and in many instances at
| the best prices of the day.