Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-05-12
Moderate Buying by London I'm
proves Values.
BUT THE MOVEMENT WAS SHORHLIVEP
Anxiety Over the Competitor In.
cident Has Conc.
GENERAL MARKET REPORTS
Special Dispatch to The Eve,liDg Star.

Special Dispatch to The EyeaDg Star.
NEW YORK. May I2.-Values were frac-
t:onally improved during the early trading
this morning as the result Of moderate buy
ing by London and the covering OF room
contracts. The movement was extremely
shortlived, however. prices receding later
in the day under the cover of pronounced
dullness. The dominant speculative condi-
lions are not such to make immediate
activity reasonably probable.
The gold outflow by today's steamers is
reported to have been the result of special
order fro m Russia, and is not likely to be
Immediately duplicated. 1t will be remem-
bered that the original shipments to Ger
many were made under special contracts
at time when exchange rates did not reflect
any profit to the exporter.
1t is hoped that The effects of these de-
mands will be fully counteracted ia the
near future by the floating of the new
Pennsylvania railroad loan in London.
The supply of security drawings should he
materially increased in this account, and
should prove fully equal to the demands
from remitters. Todays demand for for
elgn accommodations and the supply OF all
classes OF bills were reported as being eX-
tremely light
The Competitor incident is not likely to
become a subject for further concern in
speculative circles, for the present at least,
and sentiment has perceptibly improved in
consequence. The Cuban situation has not
been Invested of Its alarming features how
ever, and one subject for concern usually
gives way to another.
In a broader market II is doubtful IL
Cuban troubles would attract more than
passing notice. The narrowness now so
conspicuous and the lingering nervous
ness, due to memories of the December
panic, make II possible to influence the
professional element beyond what is act
ually justified by facts. There is no pub
lie demand for stocks and for this reason
the market hesitates. The remedying of
one defect will not suffice to inspire such
demard. slow growth is as necessary as
II IS desirable. There are reasons for be-
lievinG that conditions tend toward pros
perity, and this is the most that conserva-
tive operators have to go on.
decline Of IA per cent in Manhattan
was a conspicuous incident of the days
trading in railway shares. Rumors of a
further reflection OF the results Of active
surface competition in the forthcoming
statement of earnings, accompanied by
sales Of long stock, were responsible for
the decline. Brokers recently active in ad-
vancing the stock were today credited wit
| the bulk OF the selling. Notwithstanding
the showing made in the latest crop report
the granger shares We're but indifferently
supported ruling slightly under the open
Ing level during the greater part of the
day.
The industrial group reflected the apathy
noted elsewhere to an equal extent, and
was irregular under a volume of business
Principally professional.
The various reports of earnings submit
ted were favorable, but passed l.nnOtised
as an incentive to speculation. Washing
| ton advices were Disappointing inasmuch
as they contained nothing definite relative
to the date of the adjournment OF Con-
greSs. The prospects for a Socnd moIey
platform were reported to lie more enc5ur-
aging than at any time since this question
began TO attract the attention of traders