Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-07-31
Dizziness in the Market Almost
Reaching Stagnation.
ENCOURAGING NEWSOP WESTERN RAINS
Sugar is Described as Looking Very
"Toppy."
FOREIGN EXCHANGE STRONG
Special Dispatch TO The Evening Star.


NEW YORK, July 3I.-Today's stock
market has been feature.ess and duh al
most to the point of stagnation. The Lon
don cables were rot encouraging to eth r
side of the speculation, noting a very duh
market there at practically unchanged
prices. The only item of news WAS of
good rains throughout the corn belt. and
the Changers. which were so weak all day
yesterday. opened a little stronger and re-
covered a friction of the loss sustained
yesterday. The only buying power, how
ever, proved to be the smaller shorts"
and their demands were quickly satisfied,
and at the noon hour the market is ex-
tremely duh. though prices are steady at
the slight advance.
Sugar has been trise more active than
during the ea-y hours OF yesterday and is
described as locking little "toppy," the
buyer of yesterday taking advantage of the
rallies u feed out their stock
Distiliers is almost entirely neglected, and
the fluctuations are even narrower than yes
terday. The same is true, also, of Chicago
Gas. r.-r- a.a-.
The dribblng OF lcng sto X in Consolidated
Gas continues, though its fluctuations today
were net 50 violent as yesterday, ANA after
the first sales the price recovered to lI5,
The weakness of MAI haitian was sttTib-
uted - the closing out of a thiT ly marginel
block of the stock for the account II a
prominent room trader. There was no news
10 otherwise account for the decline, cut
side % an adverse decision in a damage
suit amounting to about $4,000.
There were 10 further engagements of
goli tcdey. Bankers. however, are OF the
opinion that round amount will go on
Thursday, as the steamer sailing on that
day is a fast one. and the market for for
cign exchange particularly for sterling
bills. is very strong. ana rates are about
l-S2 above those quoted yesterday. There
lie fran l.u..,
arbitrage offerings. and no apparent falling
on IN the inquiry from remitters for settle
nentss under credits. Banking houses
which issue the largest credits to sugar i'm
porters admit that the settlements on this
account have been extremely heavy OF late
and this would seem 10 confirm the reports
that the sugar interest had been a heavy
purchaser of sugar under credits in antici-
patton of the possible action of Congress on
the tariff.
The inquiry from dry goods houses is re-
ported as being compare lively limited. for
settlements coincident with July 4 have
been perfected and accounts have been
strengthened abroad. as il customary when
the rates of interest at European centers
are higher than those obtain&ble here.
Brokers who make a speciality of CONNER
cial bills say that the receipts from the in
terror are very light and that the same dis
position which was shown last week by
drawers 20 exact high rates for future de-
livery still exists. This factor it is Thought
lends additional strength to the market for
sterling bills. as bankers show unwiliingness
10 pay the higher rates demanded while the
export point obtains. Continental ex-
change Is affected less than sterling by the
conditions referred to. but is nevertheless
strong at a fractional advance from rates
quoted yesterday. Actual rates for sterling
are; Gable transfers. 5SS "a and 4s9: de-
mand. iSs IL and ASS "a: sixty days, As, l-2
and 49, 81 .---- .-.---.- -.
save for a little furry in Sugar certifi-
Gates " HIGH carried abe price down to ltS
Ia against 1o4 81 at the start the after
noon trading was devoid of interest The
Grangers retained the advances scored early
In the day. but there va ve-y little doing
In any of them. and the closing was dull but
STEADY. with small net gains in the railroad
list. and a decline in Sugar Certificates on
which the feeling was more uncertain than
ever, owing to the conflicting nature of
Washington advices