Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-14
FINANCE AND TRADE.
An Unfounded Rumor Causes Gas
Trust to Drop.
ALL TEE LIST AFFECTED LIKEWISE
Sugar Trusts Apprehensive Of Leg
islation.
GENERAL MARKET REPORTS.
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, Feb. 1.-THE stock market
opened at advances varying from IA to
"a per cent over last nights closing. and
forged upward fractionally during the
morning duliness. London was q tribe bet
ter also. but, AZ usual Of late, had no orders
Of sufficient Importance to influence local
trading.
A story from Chicago ito the effect that
the mayor of that city had vetoed the ordi-
nance Of councils providing for the creation
OF new gas company and that the meas
ure had been subsequently passed over his
veto resulted In a drop Of Is per cent in
the price Of Chicago Gas. This story. while
effective. had absolutely no foundation in
fact. as councils do not meet until tonight
and could not therefore have taken such
action. The effect on the general market
was instantaneous and the rise then In
progress throughout the list was suddenly
checked. though no material declines were
recorded.
Sugar was marked up IL point during
sne morning to " Sd. around which price II
became heavy and sold OF to So and then
regained its loss only to attract renewed
selling The friends Of the trust are pre-
dieting higher prices for the stock before
the week closes. but the more conservative
operators are decidedly pessimistic on the
future price Of this property. The leeisla-
ton likely to be had in Washington Is not
now regarded as Of sufficient Importance
to materially improve the selling price Of
sugar and some pronounced liquidation 10
anticipated as soon as more definite infor-
nation comes to the surface concerning
the final alterations in the sugar schedule
The Changers recovered moderately from
yesterdays weakness. owing to the buying
OF traders against sales made on yester-
days raid. Rock Island gained 1-2 per
cent to SO IA. Northwest gained So to
1O2 3-S and Burlington gained 1-2 to 70.
The increased demand for active stocks
in the loan crowd shows the creation of .
bulls on the floor may continue to force q
covering movement within fractional linn
its.
The directors Of the National Linseed Oil
Company have decided to issue s., 000, 900 Of
per cent debenture bonds to supply needed
working capital The stock sold down to
10 IL, a net loss Of IL per cent from last
nights closing on this announcement.
The rates for foreign exchange are prac-
tically unchanged from yesterdays quota
lions. The dealings are SO limited that any
increase In the demand Immediately results
in stiffening in the rate. The general tone
Of the exchange market Is firm, with a ten
dency toward higher rates. Money on rail-
rules at per cent and time loans are sta
uonary at 2 ~ to 8 IL per cent.
changes. $70.375. 459; balances, A.S54. 536.
and the subtreasury's debit balance, $685.
79S.
The last hour was dull and featureless,
with prices somewhat irregular. but gen.
orally below the opening. Sugar for the
present will monopolize the attention OF
traders. as some decided movemen. in that
property Is imminent The railroad list
may improve in covering. but II left to its
own devices will probably seek q lower