Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-01-02
FINANCE AND TRADE
Professional Covering Movement il
All Active Securities
SMALL VOLUME OF BUSINESS
Cuban Situation Likely to Be Re-
garded Less Seriously.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January The scarcity of
stocks around present prices and the con-
stantly multiplying Indications of a threat
ened revolution in speculative sentiment re
suited In professional covering movement
III all active securities this morning. The
total transactions for the day aggregated
Only aS,"V shares, but this fact increase
tne significance of the upward tendency
IL Is quite probable that selling stocks from
now on will be considered in a more serious
light and not as a mere matter of course
as here.oiore. The market has repeatedly
demonstrated Its superior rallying power
ana IL is not unnatural that a movement
alohg the line OF least resistance should he
favored once outstanding contracts are
provided for.
Inc return of Congress next week ia NOT
encouraging to immediate results. perhaps
out recent developments In the Cuban sit
uauoh should divest the controversy of
seriousness. demonstration against val
ues is quite probable the moment the da
pate Is reopened. but confidence in the de-
rear OF radicalism should insure brevity
Inc recent sessions of the ways ard
means committee have demonstrated a de-
sire on the part of all manufacturing inter
estS Tor increased tariff protection
Inis TACT. coupled with the fundamental
uoctrine OF the incoming administration,
should cause little uneasiness In business
circles during the period of active discus
sion ON the new revenue bill Additional
revenue In the present condition OF the
Iederai treasury should inspire trade from
the moment active measures looking to the
necessary Increase. are inaugurated An
upward movement in revenue rates should
cause sympathetic movement in general
values. Just as an opposite movement pro-
duced an opposite effect the moment the
present law became a possibility
The bank statement for five DAYS of the
present week reflects a gain of only s2I4 900
h.A Sht
reEcy to the troubled financial districts i'm
the west and south are largely responsible
Tor the small proportions of this increase
An increase of Ss.11.OUD In loans is also
partly due TO the disturbances in the Sec
tons named. An increase of S4941 S0 IN
deposits is due to the transfer OF cash
from trust companies to banks TO meet the
Semi-annual interest disbursement now i'm
progress. This liberal increase i'm deposits
necessltates contraction in the reserve
amounting to 81 o22.95o. The failure of the
Omaha Savings Bank, a CORES pond,nt of
the Atlas Bank of Chicago. reported
during the day.
The average total of individual deposits
II this institution is reported to be 81 800
Wo. In the opinion of the best informed
bankers, the western situation has passed
its critical stage, and should improve from
now on. 1t is comforting to note that only
badly managed Institutions in districts
given over to real estate Initiation sun cred
from the recent monetary tension.
The condition of the foreign exchange
market inspires confidence in a minimum
loss of gold during the winter and in some
quarters exports are considered improbable
The local money market gives every indica-
ton of continuing to rule at rates wholly
satisfactory to the borrower. All things
considered. surface indications are least ia
yorable to depression.