Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-12
FINANCE AND TRADE.
Favorable Legislation For Sugar
Trust Expected.
ADVANCE IN THE PRICE TODAY
A Pool in Whisky Trust Heavily
Short.
GENERAL MARKET REPORTS.

Special Dispatch to The Evening Star.
NEW YORK, Feb. 1.-THE stock market
opened steady this morning and continued
reasonably strong on a small volume of
business. London presented no new features
and did nothing of Importance in the local
market.
An advance of Is per cent in the price of
raw sugar was announced today, making a
total advance Of 1-2 cent per pound since
the first of the year. Refined sugar has
been advanced during the latter period
about 2-5 Of cent and a further advance
in both classes is anticipated. With over
half a million tons of sugar on hand, for
which there is at present no market, and In
the face Of reduced taxation, 1t is difficult
to understand why the low rates Of 1892 and
1893 under a protective tariff should be ad-
vanced. Assurances are daily received from
Washington that small duty will attach To
all imported sugar and trust certificates
hold well in consequence. Traders generally
predict higher prices for this property as
soon as the senatorial discussion Is con-
cluded and the shorts realize their position.
The tax on imported spirits promises to
be the subject Of quite a lengthy debate.
and friends Of distillers now incline to the
belief that any material extension of the
bonded period will detract proportionally
from the Increase In taxation. The pool in
this specially is believed to be heavily
short OF the stock In anticipation of a sud-
den decline when the real character Of the
proposed change Is made known.
Western railroad earnings continue to
show decreases. and prominent officials are
quoted as saying that there Is little in the
situation on which to base assurances Of
improvement before spring has fairly open
ed. The bad break in the wheat market
has given rise to considerable skepticism
and rumors Of impending failures in Chi
IN lod a a traders raid nfiCea
before delivery hour resulting In the low
est prices of the day. May options sold
down TO 50 Is on the curb. a point below
Saturdays lowest, and eclipsing all pre-
vlous records. This continued state Of
panic must eventually end In disaster un-
less the decline is suddenly terminated.
Among the stocks most affected were
Rock Island. declining 1-2 per cent TO
"a 1-2; St. Paul, l per cent to 50 Is; Lake
Shore. ! Ia per cent to Us Ia; Burlington.
1-2 per cent to Is. and Northwest. 81 per
cent to l02. New York Central was the
subject of a hard drive for a net loss Of
. 1-2 per cent to % 81.
The market for sterling is firm, particu-
larry for short bills and cable transfers.
The demand from remitters is light and
the supply of commercial bills extremely
small Arbitrage houses are doing nothing
and report but little business in sight.
Nor ey loaned on call at l per cent and
time loans continue to rule at previously
quoted rates. The clearing house statement
reports exchanges s6O.29S 69l. balances ST.
:G4, 421. and the subtreasury's debit balance
$:i2, 1S3.
The market rallied slightly In the last half
hour, but lacked both snap and energy
Indications point to a lower range Of prices
unless an immediate and radical change In
existing conditions ensues.
The London silver Market.
LONDON. Feb. l2-Bar silver. so l-sd.
per ounce.
No Chicago Markets.
CHICAGO. Feb. 12.-No board Of trade
markets Lincoln's birthday.