Evening star., 1896-02-13
London Sentiment Helps Prices in
New York.
VOLUME OF BUSINESS WAS SMALL
Confidence in an Advance is
Marked.
GENERAL MARKET REPORTS


Specisl Dispatch to The Evening Star.
NEW YORK, February 13.-A stronI
London market, attributed to the probable
amicable settlement of the Venezuela con-
troversy. had beneficial influence on local
values this morning. The volume OF busi-
ness was small and trading in the main pro-
fessionaL The street has apparently d.
gested the securities marketed earlier in the
week, and confidence in higher prices Is
again clearly marked. Tne absence of any
significant outside demand is the one con-
spicuous reactionary element in the present
situation, the public being unwilling to as
sumo speculative risks at this level.
The market for sterling exchange was re-
ported to be firm at u per cent advance
from the recent low level There being no
outgoing steamer until Saturday. transac-
tions in foreign financial accommodation
were naturally limited. The absence of any
large amounts of bankers drawings would
indicate that no unlooked-for shipments are
probable. Money rates are practically upon
satisfactory basis. and show no DISPOSE
ton to become embarrassing to borrowers.
The recent selling movement in Missouri
Pacific was resumed by the interests iden-
tined with the original decline.
st. Paul and Burlington were In good de-
mand throughout the day, the advance in
the former being practically without oppo-
sition, while the latter moved up only after
the absorption of short sales. The pess-
mistic element in Burlington has as vet
been unsuccessful In Influencing a general
selling movement and higher prices as a
penalty for such failure seem to be among
| the reasonable probabilities. American To-
bacco and Sugar were the active features
or the industrial group, and while. reflect
ing some difference of opinion among trad
ers as to their probable course were well
supported above the opening level. The
statement OF earnings made by the former
| is relied upon to improve it's price
The trading during the late afternoon
was moderately active though unchanged
| in character The dullness of the morning
| having failed to force out any considerable
| amount of long stock traders bought back
| the securities sold earlier in the day. The
| more prominent features of this later move
| ment were identical with those previously
| noted.
| Washington advices relative to the reve-
rue bill were almost unanimous in the opin-
| ion that the bill will pass the Senate in its
| original f3lm. The length of time required
| for this purpose is involved in considerable
| doubt, however, and both sides of the mar
| ket are liable to be Influenced by the vary
| ing fortunes of the measure prior TO the
| final vote. All things considered, the ac-
| ton of the general market is decidedly en-
| couraging, and. barring some undesirable
| development in the arrangement OF the
| final details of the governments bond
| transaction. should continue TO improve.
| The success OF the bond sale cannot be of
more than temporary benefit, unaided by
| increased revenues however and the de-
| feat of the pending revenue measure would
| be a most undesirable speculative argu-
mcnt. Congress and the condition of the
| federal treasury will, therefore, furnish the
| bulk of all incentives Immediately applica-
bic to stock and bond transactions