Evening star., 1896-07-09
The Market Still Remains Very
Quiet
WANT OF CONFIDENCE Is TEE RULE
The Brokers Watching Things at
Chicago.
DISCOURAGED SPECTATORS


Special Dispatch to The Evening Star.
NEW YORK. July 9.-Ffnancial opera
tions this morning presented few new fea.
trres. the small volume Of business being
entirely professional and void of character.
London's transactions were purely specu.
lative. fractional advances Invariably in
spring profit taking. The net changes for
the day were. for the most part. confined
within narrow limits, but served to indicate
a want Of confidence In immediate improve
ment. The Indifferent support accorded
the more active issues encouraged a series
OF traders attacks. which were prevented
from establishing material concessions by
the occasional covering OF short contracts.
As 1t was. a slight increase in the aggres-
siveness Of the attack would have resulted
in more substantial concessions.
The days developments at Chicago were
not Of a character to inspire either conti-
dencs or admiration, and consequently con-
trlbuted little to the speculative situation.
The. merits of the silver cause seem des-
tined to be overshadowed by the dement's
OF Its advocates. A prolonged discussion
Of the subject by the anarchistic and revo-
lutionary element 10 altogether desirable.
because Of Its certainty to react against the
cause itself
Degeneracy In politics cannot be expected
to be indorsed by the voting majority next
fall While confidence in the triumph Of
sound money prevails throughout conserya-
tive speculative circles. there Is no serious
belief In permanent improvement until af-
tof inc 0teCtlOnb fTiceS rthou upon W
work toward a somewhat higher level In
the meantime. but undertakings OF sum.
cient volume to dominate an active market
are not likely to be inaugurated until po-
litical doubts are entirely dispelled.
An attack on American Sugar at the
close OF the noon hour. Sresulting in a de-
cline OF IN per cent had a sympath .tic in
huence on the general list. Manhattan and
the Changers were especially conspicuous
during this period. concessions being easily
established under moderate transactions
The international list was sold by traders
In anticipation of sales by London tomor-
row, the prominence given the proceedings
at Chicago not being calculated TO inspire
confidence abroad. There was almost no
legitimate outside business recorded during
this late period of depression. and a sharp
recovery In prices would follow should the
foreign demand continue. In the event Of
Londons realiEing on recent purchaser
many Of which reflect only smah fractional
profits. the outstanding local short inter.
est might be covered without materially
improving values.
The covering 81 the short interest undss
such circumstances would destroy the onk
strong argument for q rally in prices, and
establish the present low level as basi6'
for continued pessimistic operations. Lons
nate the immediate course OF prices and
will be carefully studied by the farsighte1
element The present satisfactory condtss
ton OF the foreign exchange market cam,
not be maintained should foreign selling y
resumed. AS the volume Of euch sales M
creases SO will the anxiety incident to thu
depletion of the gold reserve ,ncreaaSs
Neither OF these events are desirable q
this JuncturA