Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-02-05
FINANCE AND TRADE
Wall Street Awaiting Advices from
Washington.
COMMENT ON TIE SYNDICATES BID
Prices Of Stocks Irregular and
Barely Steady.
GENERAL MARKET REPORTS
pecial Dispatch to The Ev ,nlng Star.

Special Dispatch to The Ev ,ning Star.
NEW YORK, February 5.-Traders were
disposed to take profit during the early
dealings this morning. and prices in con-
sequence were Irregular and barely steady.
London cables reflected no important bus
mess at that center. and prices in the main
were slightly under our closing level.
Washington advices relative to the sue
cess of the new government loan were
awaited with unusual interest, but failed
to inspire the upward movement predicted
to follow an over-subscription. Fears Of
tight money for any considerable period
have subsidized somewhat, but the public is
not prepared to purchase stocks at the
present level. The narrowness and Iurely
professional character of the market has
at no time Of late been more clearly re-
Elected than during the period following
the publication of the bond subscriptions.
The bid submitted by Mr.. Morgan and his
associates for the entire issue was not sur
prisirg to the best-informed interests in the
street. That some knowledge Of this in
tention has been current for the last few
days is demonstrated by the recent action
of the market in advancing almost exclu-
sively on purchases of q manipulative char
acter.
Prices may be advanced still further I'M
der the influence of sentiment, but the real
evidence of stability public demands
lacking. Purchasers would undoubtedly be
abundant at any material reduction from
the present level, but indications are ad-
verse to any immediate assistance of a
legitimate nature.
The attitude of the Senate toward the
revenue bill seems destined to defeat the
one form of really desirable relief attempt
ed by the present Congress. Had the
treasury been given a source of income
sufficient to insure it against the imme-
date depletion of the funds derived from
today's bond transaction values would
have been advanced beyond fractional linn
its and for more than temporary period.
The room bot ght stocks freely during the
final trading, on the theory that the dis
appointed government bond subscribers
would invest their idle FUNDS in the better
class of railway securities. The market
was active at the advance, but without
radical change in it's dominant features.
The shares with an international market
were preferred, in anticipation of higher
London market tomorrow.
There is undoubtedly strong incina-
ton to purchase stocks among the profess
sional element, but it must be remem bered
that a one-sided market when under the
control of the room element, is particularly
hazardous. The developments of the next
few days will demonstrate to what extent
the room is able to perpetuate the present
movement. If outside assistance can be
obtained the recent advance will be dupli-
Gated in proportions without reaction.
If a reaction should cnsue the demand
will be doubled and the advance must be
renewed. At the moment however the
street is divided on the immediate pros
pect The market closed strong at the best
prices Of the day.