Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-16
FINANCE AND TRADE.
The Bull Element Manipulating
Prices of Stocks,
EFFECT OF PROPOSED BOND ISSUE
Gossip Of Plans of the Reorpan.
izers.
GENERAL MARKET REPORTS.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. Jan. 16.-Traders resumed
yesterdays tactics this morning and forced
fractional rallies at the expense of the be-
lated bears. The bond issue is being used
as an argument in favor of Improvement
and this. coupled with the fact that there
Is no pressure to sell, permits traders to
mark up prices within narrow limits. The
leaders Of the small bull element in the
street have stolen the bear thunder and are
carefully manipulating prices so as to force
the pessimists to cover. The recent manipu-
lation Of the market has been entirely in
the hands of the bears. but they having
created an unwfeldy short interest were
finally forced to relinquish their hold and
give the advantage TO the parties really
owning the securities.
The oversold condition Of the market is
OF more importance as a lull factor than
any Of the various reasons now In circu-
Is ton and there is still some question about
the propriety OF using the proposed bond
issue In this connection.
The governments finances need imme-
date attention and the issuing of bonds has
become a necessity In consequence. The
ultimate result OF this action on the part
Of the federal government will lead to inn
C.
but the causes leading to this action will
probably be emphasized and exaggerated
abroad and be reflected in the price Of To-
cal securities.
In our market and WAS of from IA to i-2
per cent this morning and had some small
selling orders in Nashville.
Rumors OF bull pool in Chicago Gas serve
to keep the price OF that speciality steady.
although no important movement has as vet
put In appearance.
The various recognizing committees are
progressing favorably with their work and
expect to publish the result OF their EFFORTS
later IN the week. 1t Is believed that a ma
5ority OF these reports with the accompany
Ing suggestions viii meet with the approval
Of those interested holders of stock or
bonds.
The rates for foreign exchange were ad-
vanced lie for continental bills and 1872 for
sterling and the market generally rules
nrm, with tendency toward a further
stiffening in rates. The demand is fairly
active and the supply limited.
In view OF the prevailing rates of ex-
change golc exports are considered a pos
sibility. especially as some brokers claim
that profit can be made at 4.s7 Ia
Brown Brothers posted rates, 4.S6 and 4 S2
Money on call continues in abundant sup
ply at 1 per cent and time accommodate tons
vary from l-2 to 4 per cent.
The clearing house statement reports ex-
changes. $98012,9Sf; balances, S62A 562
and the subtreasurer's debit balance, 81
The November statement of Union Pa
cifc earnings shows a gross decrease Of
$500. LID and a net decrease of 1911, 436 max
ing the total net decrease for eleven
months $i.32S.3S3 Prices held well through
out the last hour. although the volume of
business was unimproved.
The closing was firm at fractional gains
for the day.
Foreign Grain Markets.
LONDON. Jan. 16.-The grain markets
opened this morning easier. At Liverpool
wheat was unchanged and corn lid. lower
and buyers holding OF hoping to obtain con-
cessions on both. London cargoes OF Cali
fornia wheat nearly due and for shipment
were Sd. lower Floating cargoes Of wheat
were quiet, but steady: wheat on passage
was quiet Corn. quiet for cargoes near
hand but In fair inquiry for distant deiiv-
cries. The French country markets were
unchanged. At Paris wheat was 1-2c
above higher. and -four 10 confines higher.
At Berlin wheat was unchanged. Weather
In the united kingdom milder.
The imports Of wheat into Liverpool the
past three days were 153, 333 bushels, in
Guiding 1875, 600 bushels American