Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-05-20
FINANCE AND TRADE
Covering of Shorts Causes a Slight
Improvement in Prices.
SITUATION NOT MATERIALLY CHANGED
Sugar Attracts Considerable
Amount of Speculation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, May 20.-Prices were i'm
proved fractionally this morning under a
small volume of professional buying, the
covering of short sales being responsible
for the bulk of the business. London's
prices reflected some irregularty in the
market for American securities, but no
significant selling for foreign account was
reported. The main situation is not ma
terially changed and neither activity nor
permanent improvement is considered like
ly for the present. No indications OF active
participation outside of the room are ap-
parent and protracted narrowness is rare
ly beneficial to values.
The market for foreign exchange con-
tinues firm under good demand and mod
crate offerings of bills drawn against gold
shipments. The actual engaS cement Of
100000 gold for export by tomorrow's
steamers was announced during the morn
ing, and several foreign houses were re-
ported probable shippers the amount &c
be determined later in the day Satur-
days steamers will probably take out
moderate amounts, but the aggregate for
the week should not lie large by COMPARE
son with recent shipments for similar
periods.
Sugar again attracted a good volume OF
121. AS was the case yesterday, the low
level above quoted invariably attracted sup
porting orders. the price rallying sharply
from every decline. A further reduction
of Is per cent in the price of the refined
product and the sudden reversal of opinion
as TO the real effect Of the new German
sugar bounty are believed in some quarters
TO reflect manipulatiye movement against
weak holders.
While the general market continues in
| its present state of lethargy 1T is scarcely
probable that anything mere than pre-
| liminary process is TOW in contemplation.
| 1t is, however, reasonably safe to assume
| that this property will bee me conspicuous
| Immediately upon the resumption of active
| trading in the general list
Manhattan was steady throughout the
| morning around l02, the covering of pro-
| fessional contracts serving TO hold the
| price firm within A fractional radius of the
| opening level. The arguments originally
| advanced in favor of a lower level are stu
operative, and are relied upon to attract
| a further selling of investment holdings.
| The slow movement Of corn continues to
operate against improvement in the
granger shares, prices being only indiffer-
| emily supported around the present level
Sentiment has not changed materially,
however, confidence in the ultimate move
| ment CT grain to market acting a deter
| rent to extensive short sales.
The trading of the last hour was I'M
| changed in its general characteristics from
| that of the morning. Sugar advanced
| sharply during this period on more liberal
purchases, attributed to favorable Wash
ington advices.
The postpoHement Of the Cuban resolu-
ton was faVorably construed, but in the
present situation no movement in either
direction can be long-lived. The net
| instances confined within fractional
| limits