Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-01-29
losing Week Has Shown Satisfac-
tory Conditions in Stocks.
SUBSTANTIAL GAINS IN ONE GROUP
This, Too, in Spite of Rather Un-
settling News.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. January 29.-Whfle the net
results of the weeks operations at the
stock exchange are somewhat irregular.
the most substantial changes are all on IN.
side OF Improvement
The stocks which have been recognized
as the leaders in the movement, namely.
Rock Island, Northern Pacific. New York
Central and Lake Shore. show gains vary
ing from to 10 per cent, by comparison
with prices prevailing one week ago.
The volume OF business has exceeded half
million shares a day for two days OF the
week, and almost every day has seen some
demand for every stock on the active list.
The market is broader than II was 4 week
ago, but the larger operations are confined
to such specialties as those named above.
Refunding operations KIondike prospects
and important consultations have been
more attractive to traders than the con-
unued increases In earnings IN certain sec
tons. The latter factor is one that does
not demand immediate consideration. but Is
certain to make itself felt after the sub
stance of the other arguments has been
exhausted.
The sending of the Maine to Cuba has
failed TO arouse alarm in financial circles.
and the passage of the Teller resolution
is taken d relief rather than as dis
appointment.
Prices today were we'll sustained. Lake
Shore gaining over per cent and New
York Central more than per cent, I'm spite
of silver ajority of fifteen in the high
est making body OF the land.
The market has but recently arrived al
a stage of such nationality as IL now tx
hibited. and Washington statesmanship AZ
now regarded as menace to small hold
ers only.
Events similar TO those of the .ast few
ia US have, in previous years, caused whole
sale liquidation and depreciation, but to-
day inaction is substituted for panic.
Whatever the evils of the present situa-
ton may be 1t is gratifying to note that
the street is disposed TO look more yhan
one day ahead and to see at least one
layer beneath the surface.
The Cuban situation is likely to come into
prominence again shortly, but the mar
ket is lot likely to jump at conclusions
in this matter. Purchases may be delayed
on this account. but selling on large
scale is not considered probable. The dis
cussion of the Hawaiian treaty will be
followed with much interest sugars for
tunes being especially concerned with this
action.
The action of the stock already indicates
a lack of confidence In the defeat OF the
treaty.
Manipulation is still conspicuous in GER
tain sections of the market, but this evil
dence Of a determination to make higher
prices attracts little effort in rebuttal, be-
cause, it is admitted, that the direction Is
legitimate, even though the effort is aru-
fetal.
Underlying conditions are satisfactory 10
the ma jority of those in interest, and the
timidity of commission houses Is not
permanent quality.
The bank statement for the week re-
fleets a gain of So 331 600 in lawful money
and an increase of S2.395oo i'm loans.
These changes are not fully reflected IN
the deposits although that item Is over
s. O0o.OOO larger than last week. The re-
serve is increased 81 3d., 30, making the
total reserve holdings So. 609. 40.
This showing insures continuation OF
cheap money and this of itself is an item
of great assistance to the present upward
movement.
The usual end of the week profit taking
which accounts for the discrepancy between
the highest and the closing levels today
will probably be obliterated early Monday
morning. --. 10