Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-02-17
FINANCE AND TRADE
Sharp Advance in Sugar Followed
an Early Decline.
IN The Face OF GERMAN CABLES
Substantial Concessions Shown in
London Prices.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, February 11.-London prices
this morning reflected substantial conces-
sic ms from last weeks final figures, and en-
&C uraged further profit-taking by profess
sional operators. The narrowness of th.
market continues to be urged in OPP osition
to higher prices, but the plentiful supply Of
stocks in the loan crowd indicate an al
NEST total absence of trading for the short
account.
In some instances. however. long stock
has been freely marketed in anticipation
of the complete exhaustion of the profess
SIGNAL buying power to which much of the
recent strength has been attributed. Dull
Less Invariably follows any concession in
values. and the extent of the reaction is
consequently of insignificant proportions.
The Granger shares. for example hare
on several occasions been sold in lars.
amounts to take profits and have been
apsefbed without the loss of IL per cent
IN value. While this action does nni
necessarily disprove the theory OF profess
SOCIALISM ii indicates the presence of a
st1org belief in ultimately higher pris-s
on the part OF a certain class of oonserva-
tive traders.
Manhattan was again a promincn, fas-
ture of the railway list. selling down
sharply to LOB during the first hour and
subsequently rallying TO io6iz mol
crate volume of business. There
evidences of supporting orders around The
low level. but sentiment among the we'll
informed has not changed in the slightest
oegree.
Earnings alone responsible for the
skeptlcism as to the cnmpany's ability TO
MAINTAIN its customary standards as to
service, equipment and dividends. The re-
cent advance but poorly concealed the
artiiiciahty OF its basis and can only he
duplicated at the risk OF attracting a deter
mined attack from certain interests here
tcfore active on the decline.
Sugar sold down during the early trading
but was literally bought by brokers usual
ment in this property. The advanc almost
10 the highest point recorded this season
was accomplished in the face OF German
cables predicting AL increased export
bounty.
An import bounty. instead of an export
bounty. waS announc ed later in the day as
more likely TO receive the sanction of the
German Legislators. The manipulation i'm
inns stock, which is. after all the most
important Of all factors, is strongly in favor
OF higher prices. and evidences Of a new
high Level are daily accumulate ting
The entire industrial list was favorahIy
Influenced by the action OF sugar although
fluctuations elsewhere were more narrow
the market for foreign exchange was dull
al the rates established toward the c,ose
Of last week. Money call was reported
30 be working somewhat tighter. bat this
tendency was not SO pronounced as 10 cause
apprehen sion.
The tracing during the last hour was dull,
but in most Instances at the highest point
OF the day. Sentiment continues to doni-
nate prices. and is stin decidedly hulish.
but the reported postponement of rne ,a-
action now long overdue oniy adds weight
10 the rrev:ousl. advanced arguments as
to its desirability.