Evening star., 1896-08-05
FINANCE AND TRADE
Higher Prices in London Encourage
an Advance. at Home.
ATTENTION 10 fHE CHICAGO FAILURE
Volume Of Business Was Small and
Confined to the Room.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, August 5.-Higher prices
In London encouraged a moderate recovery
IN the local stock market this morning, but
the character of the trading was unim-
proved. The volume OF business was small
and confined principally to the room
revival of rumors relative to a consol;-
dation of the elevated and surface roads
resulted In a partial covering of the short
interest I'm Manhattan. These rumors have
been frequently resorted to in the past for
similar purposes. but the absence of a legiti-
mate basis invariably develops before any
material advance has been recorded.
An advance OF 1-S per cent in refined
sugars resulted In an advance of per cent
In the stock Of the American Refining
company. The buying Of this property OF
late has been slightly better than the sell
ing. although no unusual significance should
stock.
Genera! market conditions do not warrant
an extensive campaign at this time I'm any
OF the high-priced industrials. Further COM
plications In the political situation are al
most certain to increase the hardships OF
the borrower on collaterals Of this charac-
ter.
thousand shares of Burlington at rs OF I
per cent was announced during the morn
Ing but confidence in the payment OF the
full rate was not indicated in the action Of
the stock. The general railroad list was
steady. at fractional advances. throughout
the day, the absence Of new developments
preventing any marked activity In either
direction. Politics are being carefully
watched for significant phases, the specu-
lative community having concluded that
the presidential campaign must be included
as factor In all undertakings.
The news from Chicago relative to the
Moore failure was intended to be reassur-
| ing in Character, but cannot be said to
have been wholly successful In this partic-
that financial injury has teen done to
many institutions and individuals connect
| ed with the reckless speculation in the
| shares of the two industrial enterprises di-
| rectly concerned in this failure
| The prompt action of the business COM
! munfty In providing a means for tiding
over immediate difficulties may prevent
the present discovery OF the weak spots.
but eventually they must work toward
| the surface. Everything possible to he done
| is being done. and there is every assurance
| that the loss will be kept within the small
est possible limits.
Chicago advices will not cease to attract
attention for several days to come, how
ever, as there are undoubtedly certain par
ticulars vet to be disclosed.
reduction OF one-half per cent In the
rates Tor foreign exchange was the most
signlncant, as well as the most encourage
ing, development in that market The vol
ume OF exchange business continues to he
restricted and no urgent deman nd is report
ed. Prices rallied moderately on the an
nouncement OF the reduction in postal
rates. fractional gains being recorded in all
departments. The absence of large inter-
ests from the ranks of the active partici-
pants has materially 6etracted from the
significance Of daily fluctuations
The belief continues to prevail that a dull
and professional market will continue in
definitely.
There are few arguments favoring appre-
citation OF prices. and few opportunities for
depreciation since the organization of the
banking interests, except where decreased
earnings are a factor.