Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-02-01
Speculation in Sympathy With
Dealing in London.
SELLING MOVEMENT WARDED OFF
Looking for a Moderate Reaction
in Stocks.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.


Special Dispatch TO The Evening Star.
NEW YORK, February Initial trading
this morning was fractionally irregular. in
sympathy with the tone of the London
market The mastery manipulation which
has characterized the weeks stock opera
lions was Immediately employed to ward off
an undesirable selling movement. A good
demand despite Its artifciality, was soon
apparent, and prices in many instances
were advanced for substantial net gains.
The low-priced stocks were bought in
round amounts in the belief that the per-
centage Of profit in this class of securities
will exceed that of the more expensive
shares. which are quoted much nearer their
intrinsic value.
The various small pools which have been
created to take advantage of the result of
the treasury's bond transaction were again
active, but only moderately successful.
The proportions of the recent advance in
prices throughout the entire speculative
list Is the strongest argument favorable to
sudden reversal of the present upward
tendency. The buying power of the street
has not been significantly increased, the
short interest has been destroyed, the room
is long of stocks to the full extent of its
capacity, and the burden of sustaining
prices devolves upon the banking interests,
which are seeking to create a sentiment ia
vorable to the success of the new loan.
Actual conditions are not opposed to high
justify such a one-sded movement as has
been in progress for several days past A
moderate reaction is clearly due, and IL is
doubtful If large enterprises will be inspired
prior to the reduction of apparent profits
into actual possession.
The passage Of the free coinage bill by
the Senate has been pretty generally dis
counted in local banking circles, and would
pass unIoticed were it not for the fact
that its Significance is liable to be over
estimated in foreign centers- An effort will
be made to prevent any demonstration Of
disapproval, but fractional concessions
may result despite precautionary efforts
The action of the anthracite coal presi-
dents looking to a revival of harmony and
a restoration Of rates has done much to-
Nard Improving the entire speculative situ-
alton. The comparative ease of the money
market and the decreasing period of sus-
perse have inspired confidence in ultimate
Improvement of more than temporary dura-
ticn.
Advices. of gold coming from Europe, and
the almost complete discontinuance of the
effiux have added to the many encouraging
features of the outlook, but in a narrow
market factors OF this character are more
reliable, when immediate results are con-
sidered, If applied TO purchases made on
concessions
The bank statement shows no important
changes from last week, except a further
reduction in loans. The decrease in this
Item is smaller than at any time for weeks
and would indicate that LIQUIDATION has
about run its course
An increase of over two millions in law
fll money indicates a continuation of the
shipments from interior points, although to
smaller extent than formerly.
Inc increase of over 100000 in deposits is
rot proportonate to the changes elsewhere
noted, and shows that large Withdrawals
nave been In progress. The Increase I'm re-
serve brings that item up to something more
than thirty-nine millions. The banks are
strong and well equipped for next weeks
demands. The best opinion on the situation
favors cautious operations until after the
frst three days of the coming week, at least