Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-07-17
Moderate Improvement in Prices OF
Stocks.
DEMAND FROM TEE SHORT INTEREST
Engagement of Gold for Export
Tomorrow.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, July 1.-THE demand from
the short interest and an absence OF liqui-
dation resulted in moderate Improvement
| in stock values this morning. The occa-
sionai buying of odd amounts, indicating
a revival of investment buying had ten
dency to restrict indiscrimnate selling by
professional traders. Reported improve
ment in Mr.. Vanderbilt's condition deferred
sales, but inspired few purchases.
The enga cement of s2,000,00o gold for ex-
port tomorrow the most disturbing
factor in the days business, notwithstand-
| ing the fact that larger outflow had gem
orally been considered probable. The dispo-
sition to hoard coin, while not marked, is
still apparent, the efforts of bankers to
| oppose the process alone preventing an ex-
| tension of the movement.
The federal gold supply is subject to de-
| pletion for political purposes we'll fol-
| the ordinary dems nds of foreign trade, ane
the increased apprehension from this caIss
| is already evident. Capital continues &c
stand aloof, and contracts for new enter
prises are strictly avoided. Securitie:
which are intrinsically cheap at present
| prices find but an Indifferent market wher
| offered for sale, the possibility of further
reductions having come to be generally rec.
ogniZed.
4
prices in the event of any pronounced de-
mand from the short interest was mani
tested early in the day. At the advance,
new selling was inspired and the bidding-ul
| process was Immediately abandoned. This
willingness to retreat in the face of oppo-
| sition is "A discouraging feature OF the cam
paign for higher prices.
| The rally in prices today did not extend
| to the proportions necessary 10 indicate
| airy radical change in speculative senti-
| ment Unless the pessimistic element ear
| be forced into a covering movement con-
| sfstent with the present size of the short
Interest, temporary rallies VIII attract new
s2IeS without materially increasing thC
| probabilities Of immediate Improvement.
There are fewer Indications of SpeCula-
| tive panic than have marked the trans
actions of the last two days, and a period
| of more conservative trading should ensuc.
1t is conceded that the decline has al
ready discounted many of the extreme pos
SiEilities now being considered, but such
concessions are not supported by the de-
termination necessary TO overcome existing
| OTIS tacles.
| Until the personnel of the present mar
| ket is changed, nothing altogether deslr-
| able seems probable The rally in prices
| which preceded the final hour yielded 10
renewal of professional selling, toward the
close of usness. There were no new de-
yelopments during this period. decreased
demand inviting activity on the part Of the
room element.
| Conservative operators are disposed to
| regard the present low level as guarantee,
| against loss TO purchasers with availabl.
and unemployed funds. Margin accounts
have no such guarantee and should bt
profitable oniy in proportion to the discrim
| ination used in connection with the same.