Evening star., 1896-11-13
Spanish War Rumors Continue to Be
Circulated.
NOT CREDITED BY THE WELL INFORMED
American Sugar Particularly Inf1u-
enced by the Statements.
GENERAL MARKET REPORTS
Special Dispatch 10 The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, November 13.-A slightly
higher level in the London riariSet was re-
fected in fractional additions to local prices
during tie opening hour this morning The
advancing tendency was limited to the first
lew minutes of trading. however, Spanish
war rumors being circulated too extep-
sively throughout the morning TO admi.
of confident buying. In welI-informed
circles the policy of the administration is
too we'll known to warrant the acceptance
or such absurd stories as have lately ap-
pealed to the well-known credulity of
traders.
Routine business Of the Navy Depart
'hehl mas been 81 scientifically enlarged
Upon from day tc day SO as to create the
hnpi =ssion that preparations for actual hos
tilues are IN progress at Washington. Ii
is iotfceabie fact. and one not wholly
lacking IN significance, that recent rumors
or the character are given special atten-
uon In quarters which have not fully re-
covered from election disappontments.
manipulation is apparent in several spe-
clal instances. and in order to supply the
lack OF sensational developments applica-
lie to the entire market, Cuban affairs are
maliciously misconstrued. A reaction in
the market, due from other causes per-
haps but sales based on irresponsible Wash
irgton advices, are sooner or later sure to
prove disc strous
American Sugar is the particular security
Influenced by war rumorS growing out of
Spains disco.rteous treatment of Ameri-
can vessels i'm Cuban waters, and is I'M
Usually vulnerable at the present high
level Today's attack centered around this
stock and was followed by decline of 3
per cent from the opening level.
The reassem bling of Congress would have
been used against the stock had not the
Cuban affair appeared in time to be offered
as an excuse for the customary reaction
prior to the dividend period. Above 12I
Sugar has heretofore but poorly rewarded
the confidence of speculative buyers and
traders having put out a considerable line
OF short stock on the prospect of the usual
decline incident to this season.
The general list Is forced to yield sympa-
thetically as heretofore, but the war ru-
mors are circulated to aid the prices and
to insure quick turns. Traders who are
noted as sellers in the morning in
variably among the more liberal buyers of
the afternoon. a circumstance fully attest
ing a want of confidence in their own de-
vices.
The prospects Of favorable bank state
ment tomorrow was a factor prompting
today's attack on prices. the ability TO
cover at a profit after the establishment
of normal banking conditions being re-
garded as extremely doubtful.
Bankers generally are confident that the
weekly report of averages will reflect the
changes incident to a return of confidence
now that the elections are safely passed
Local depositors have returned money
boarded over election day, and of-tt.wr
banks have been shipping currency to re.
serve agents.
Tne cash received during the week from
interior points is estimated to he about
*2.UW.Hs, and at least 81 00O,N0 new gold
should be added to last weeks specie hold
irgs. the demand for money at interior
points may be said 10 have ceased, and the
local banks are expected to show steady
increases in cash holdings.
The net result of the days trading was
| to establish e slightly lower range Of
prices.