Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-14
Prices Advance on Encouraging
Gable Advices.
EXCHANGE said TO Be EASIER
No New Features Added to Spec
ulation.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK, January i4.-Opening prices
this morning reflected advances varying
from IA to 3-4 per cent, and were well
supported throughout the day on a small
volume of business. London cables were
uriforI1ly encouraging, the financial appre-
hension incident to recent diplomatic COM
plications having dwindled into insignifi-
canoe Foreign houses were again con-
spicuous among The early buyers of the
more active international issues
Locally conditions have not changed ma
terialiy from yesterday, trading being of
the same general character, and the result
of no new motives. The belief in dull
and narrow market with a marked ten
dency towards a higher level prevails in all
well-informed circles. Having decided that
no important movement would be practical
during the three weeks which must elapse
before the bond issue is announced as
success, the street is disposed to operate
Tor quick profits only.
Traders sold some stocks during the
early advance, and fractional concessions
were established in various parts Of the
list in consequence. Stocks are easier sold
than bought, however, and no attention Is
paid to fluctuations resulting from the un-
important transactions of the dominant
speculative interest.
The engagement of million and one-haIf
dollars in gold coin, and rumors of SUBJ
stantial additions to this sum before sail
ing hour, caused some selling of the entire
active group, but as in previous instances
only fractional declines were recorded. The
market for foreign exchange was extreme
ly dull throughout the day and void of
feature.
Rates were said to be tri1e easier, but in
the absence of any business this point could
not be established Concessions in actual
rates are more likely to result from a fall
ing off in the demand than from any SUBJ
stantial alteration in the main situation.
The gold premium is estimated to be
about seven-eighthS of one per cent, appli-
cable alike to gold coin and greenbacks.
The demand occasioned by the bond circu-
lar Is large, and shows no signs of fmme-
date contraction.
The willingness on the part of the syndl-
cate to take all or any part of the new
loan Is additional evidence of its assured
success. 1t would seem that recent utter
ances attributed to the syndicate have
doubled the attractiveness Of the loan to
individuals, and that subscription for
twice the amount is probable.
While questions of this character absorb
attention the considerations which usually
govern speculation are disregarded. Earn
ings. for example, have not been impaired
by the discussion of war probabilities. and
presuming that values prior to the South
American and South African difficulties
were based on profit-making ability, there
is no reason why anti-panic prices should
not be re-established.
Rumors of currency contraction. as the
Jesuit of the bond issue are not seriously
considered, and such u condition Is not in
Dictated by time money rates. Call money
leaned at IL per cent during the day and
borrowers are generally satisfied with the
prospect The settlement of the bond trans
action would demonstrate the lack Of ac-
tual basis for apprehension of this sort
Until such settlement is made bankers will
of course be cautious with their funds, but
there will be enough to invest in govern
ment bonds and enough left at easy rates
to assist both business and speculative en-
terDriSeS.