Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-07-07
FINANCE AND TRADE
Chicago Gas Again the Feature in
Wall Street.
NORTHERN PACIFIC AMONG RAILWAYS
The Changers Were Dull and
Barely Steady.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 15.-Prices were
generally steady at the opening Of todays
stock market. and made few important
changes during the day. London cables re-
Elected slightly reduced quotations abroad.
but brought no business to relieve the local
dullness.
Chicago Gas was again the feature of
speculation. and easily distanced all other
stocks in point of activity. and the per-
centage of ductuation. The rate war is
well under way, and advices from the west
are uniformly bearish on this stock. A
well-circulated rumor that a rival company
had reduced the price of gas to 80 cents a
thousand feet was ofilcially denied later In
the day. Stop orders and the abundance of
bear rumors combined in opening the stock
off a full point from last nights closing
figures.
A further reduction of 3-s per cent re-
corded the lowest point of the day, the
decline being checked by the covering of
short contracts. The latter movement re-
suited in a gain OF 3-s per cent from initial
figures. Considerable long stock has
doubtedly been marketed on the decline,
but the hammering OF the professional ele-
ment was prominently Identified with each
concession. The reduction of the short in
tereSt is expected to attract a renewal of
bear tactics next week. The source from
which the next dividend on this stock will
come is the subject of some doubt but Il
Is likely to be paid promptly and at the
usual rate.
Distillers was marked up "a per cent on
covering. The room element regard the
present price too low to warrant a furth sr
extension Of the already large short inter
est.
Lead common reacted nearly / per cent
on narrow room trading.
Northern Pacific preferred sold down 1 Ia
per cent, and, as yesterday, was the most
conspicuous feature of the railway list
The Changers were dull and barely steady
around opening figures.
Speculation at the end of the week re-
fleets no meritorious improvement. If the
equilibrium has been destroyed at all il
has been in the direction of more pro-
| nounced narrcwness. Trade conditions are
steadily improving, bit with its usual haste
Wall street has perhaps already more than
discounted such improvement. Stocks are
too well held to encourage short sales. and
without the assistance of the public the
bulls lack the aggressiveness necessary
to restore values. DISTINGUISHED dullness L.
therefore destined to be the most striking
feature of the immediate future.
The market for foreign exchange during
the week has been fairly steady. the
result Of limited Offering of all classes Of
bills and a good demand from remitters.
Arbitrage houses have lacked the business
necessary to make them a factor in the
exchange market, the buying of local in
vestment securities for foreign account hav-
ing been below expectations
The oyerstocked condition of the money
n arket operates against reduced exchange
rates by discouraging the drawing of bills
against a probable decline in rates. Should
the better demand for money continue, II is
probable that lower rates will shortly fol-
low
The bank statement shows a loss Of ST.
26i,o0 In lawful money, all in legal ten
ders. The depostts have increased by rea-
son of an extension in loans. which is the
most encouraging feature of the statement
as II shows a demand for money in COM
nercial circles A decrease of nearly two
millions In reserve reduces the surplus TO
S9.Si.0O The report In detail follows:
Reserve. decreased. $3.50, 515; loans In
creased, 1885 700: specie Increased, s57a,-
400: legals. decreased. 81. SAC. 100; deposits in
cree sed. 2.So4.3O. and circulation increas-
ed. $203 100.