Evening star., 1896-07-31
FINANCE AND TRADE
Fractional Concessions Abroad En-
courage a Decline at Home.
SUBSEQUENTLY, An ADVANCE CAME
Effect of Statements as to Railway
Earnings.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, July 31.-Fractional conces-
sions in the London market encouraged
similar reductions on this side during the
Initial trading this morning, but subsequent
operations were generally beneficial TO
values. There were new developments
of Importance, prices being moved about
wholly at the will Of the professional ele-
nIent. Politics are the dominant factor,
but it is encouraging to note that the silTer
scare has at least not increased during the
week. The prospects for a normal market
are more encouraging than al any time
since the Chicago convention.
Dullness usually characterizes the daily
transactions at this season OF the year and
a decreased volume of business is especially
probable in view of the added uncertainties
OF political campaign. Deliberation is be-
coming daily more apparent and movements
| in either direction are likely to cuiminate at
the first opportunity for profit taking.
A 2 per cent advance In American Sugar
was the most conspicuous feature Of the
days business. An advance Of u per cent
in all grades Of refined sugars and the en-
couraging outlook for an active preser wing
season were largely responsible .or the
movement Brokers heretofore used in
connection with important transactions in
chases being made Up to the highest point,
presumably for inside account.
The covering of a fair-sized short interest
contributed to the advance, but was purely
a secondary factor. The support developed
around par has increased rather than Ill
minished, as the success Of the manipula-
ton has become more assured.
The ready response of this property to ar
increased demand had beneficial influence
on the general list. Prices were well sus-
tained, but owing to Sugars monopoly OF
the trading no significant movements were
recorded elsewhere.
Manhattan sold down during the early
weakness. but advanced under a moderate
demand from the short interest later in the
day. Owing to the unanimity of the belief
in A reduction of the present dividend rate,
future rallies in this stock are likely to be
dwarfed by a liberal supply of selling
orders. particularly for the short account.
St. Paufs report of earnings for the
month of June reflects an Increase of S}I1,
O13 in gross, and a decrease of slu5,1,1 in
net. Notwithstanding the disappointment
occasioned by the last item the price OF
the stock advanced substantially from
the opening level.
The strength Of the international issues
was an encouraging feature of afternoons
trading. Speculative sentiment is no Longer
wholly opposed to operating in the long ac-
count for quick turns. This fact alone
denotes moderate progress compared
with conditions scarcely one week old.
The trading of the last hour was dull and
ClcnaHpeu IN character. fTlctS Tultu "lln-
IN fractional radius of the best level OF
the day, but the Improvement had appar-
entity exhausted the demand. Sugar con-
tinued to lead in point of activity. but ths
profit taking of small traders hindered the
advance somewhat.
The decreased buying power of the street
is especially pronounced during such
market as that OF today. Less timidity
would have resulted in at least double the
improy yement, the markets willingness 10
advance being at times decidedly conspic-
uous. Capital however, is not disposed to
seek even temporary employment during
such a period of doubt.