Evening star., 1896-07-29
Further Concessions Cause Renewed
Selling.
COVERING PURCHASES CAUSE A RALLY
Why Bids Were Not More Numer-
Gus for the Bonds.
GENERAL MARKET REPORTS
Special Dispatch 20 The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, July 29-Further conces-
sions In the London market encouraged a
renewal of professional selling this MORN
ing, prices yielding easily during the initial
trading. There was no pressure of long
stock. however and a substantial frac-
tional rally followed as the result of cover
ing purchases. The omission of the clause
exempting the new city bonds from taxa
tion was accepted as a partial explanation
OF the failure to negotiate the full loan.
This explanation had good effect on local
sentiment, the failure to sell having caused
considerable uneasiness. owing to the pre-
vious presumption that investors were un-
willing to put idle funds into securities of
this character for political reasons
Mooerate purchasers Of st. Paul for Lon
oon account, coupled with clearer under
standing OF the facts in connection with
the settlements At that center had n ten
dency to relieve the situation somewhat.
There are no indications OF embarrassment
or any sort In connection with the cash
settlements incident to recent international
stock operations. Rumors of q directly op-
posite character were circulated yesterday,
70 the great prejudice OF securities I'm this
department
The activity incident to the opening Of
the sound money campaign had a marked
influence fer good on values. several con-
versations with the chairman OF the ma
enCOur.
aged local financiers. Rumors that a care
fui canvass OF several western states had
resulted In q declaration for sound money
20 per cent OF the agricultural classes in
terviewed having expressed a preference
Tor the gold standard, were utilized to
force sharp recovery from the low level
OF the morning.
The market acted WELL all things consid-
cred. both under the pressure OF short
stock and under the increased purchasing
demand from the same interests later In
the day.
The panic symptoms are no longer visible.
and rallies. even though temporary, are as
easily forced as declines have been hereto
fore: The extreme low level established
as the result OF protracted period of un-
obstructed depression, is an argument
against a material extension of the short
interest.
Rallies will be utilized for this purpose.
but traders are no longer disposed to walt
for large profits in this account A series
oil rallies and reactions is consequently eY-
tremely probable. the same interests being
Identified with both movements There is
nothlng suf'iciently reassuring in the situa-
tioh 10 warrant extensive buying neither IN
there any reason for material depression.
The market for foreign exchange con-
tnues duh under a very light Offering OF
l,ins; ne demand is not urgent, and the
syndlcate's scheme for protecting the re-
serve VIII undoubtedly cover any ordinary
increase in the inquiry from remitters
A sharp decline In American Sugar, to
pal anu a subsequent rally or more than
per cent was one OF the days most sig
nificant developments
The Chicago platform is a special menace
TO properties OF this character, exclusive
or the free silver clause. and the willing
ness to support the active representative
or industrial enterprises. around par, ex-
pressed confidence not thought TO exist
| during the opening hour.
The general list reelected more hopeful
tone during the final hour. a large per-
centage OF which may be attributed to
the favorable impression made by MIR. Nc
krley's personal representative, now in
this city.