Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-25
FINANCE AND TRADE
A Much Better Feeling Prevailing
in Wall Street,
SHOWN BY TEE BANK STATEMENT
Large Local Subscriptions to the
New Bonds Indicated.
GENERAL MARKET REPORTS
special Dispatch TO The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, January 25.-Notwithstand-
ing the extreme narrowness of the past
week. stock values at the close of business
today reflect gains varying from i to per
cent by comparison with Mondays prices.
A fa!r-sized short interest has been elm
mated during the week, and the improve
ment is largely attributable to a general
abandonment Of pessimistic theories. The
causes for the sudden revolution in senti-
ment emanate from q variety of sources
and are based upon a more accurate esti-
mate of the real Significance of existing
conditions. Advances in iron, wheat and
other commodities have served to check
declines in securities which must eventually
attract their share of profits from CONNER
cial activity.
The complete absence Of any disposition
to sell long stock, even when held in spec
ulative accounts, a decreased supply Of
floating stock and the low level Of values
have forced room traders to abandon war
scares and substitute merit as a specula-
tive incentive.
The weekly bank statement reflects q
further contraction of more than six mil
lions in loans, a large proportion of which
is offset by liberal gains in lawful money
from interior points An increase OF more
than five millions in reserve Increases the
surplus by more than the total gain in cash
holdings.
The banks are now fully equipped for any
emergency which may arise in connection
gith the approaching subscriptions to the
new government loan. Present Indications
point to large local subscriptions on an m
dividual basis, but at uniform and prede-
termined prices.
1t S safe to assume from the character
of recent preparations, that the houses
intending to bid for large amounts Of the
new bonds have already arranged for more
than one-half of the total gold necessary
to make payments. The original intention
of disposing of round amount OF the
ried out unless radical change in con-
ditions is recorded at an early date. There
is every indication that a general releasing
of borrowable funds Will follow the an
councement Of the treasury's acceptance
Of the more desirable bids.
This latter fact, coupled with the prospect
of some of the bonds going abroad, has al
ready relieved the recent tension in the
money market. Time loans are more freely
offered, and call accommodations are fully
equal TO the demand. The attitude of Con-
eress is perhaps the least desirable feature
of the present situation, but when meas
ures now pending are dignifed by time
remedial legislation may reluctantly be
granted.
In the opinion of many shrewd operators
the advance in prices which followed last
Februarys bond sale is likely to be dupli-
Gated during the coming spring and sum-
mer. If no ill-advised legislation inter-
venes there is no good reason for doubt
ing the probability of such movement.
Next weeks market will assist in deter
mining this question, any advance from
the present level must be credited to iegiti-
mate buying and not TO the covering of
short contracts.