Evening star., 1894-03-27
FINANCE AND TRADE
Values Advanced at First, But Later
Dropped.
AWAITING THE PRESIDENTS ACTOR
Speculation in Sugar Stock Held
in Check.
GENERAL MARKET REPORTS.

Special Dispatch TO The Evening star.
NEW YORK, March 21.-Stock values re-
! fiected Improvement varying from Ia To 2
per cent this morning, but subsequently sold
/ on unde' cover Of pronounced dullness. L on
don was from l-2 to / per cent above our
closing and more active than at any time
this year. The foreign houses bought large
I blocks OF bonds and will continue their nt,r-
chases, unless prices are advanced too sua
denly. The volume of foreign business Ga
expected to show daily increases ana to as
sumo its old place as a factor in local spec,,
lation. The defeat OF the Bland bin will 60
far toward, restoring confidence In our
monetary policy, the lack Of which has of
late been disturbing element in the mar
ket Tor securities having an International
Nalue. Ihe room was in a state OF ez-
pectancy all day and waited patiently for
the oncial announcement of the Presi-
Dental veto. The opinion still prevails that
reaction will follow this announcement &c
profits. ~ NeN'
Traders continue to talk confidently Of a
hlgher range of values in the near future
ana claim that the purely professional char
acter Of the market is the only obstacle TO
be overcome.
The railway list presented no new fea-
lures, prices in many instances being al
most stationary. Where activity ala Green
in, however prices were adversely a afacta5
ROCK Island sold on l-2 per cent to Al and
inRs.
Sugar is held in check pending some ia
vorable developments which will be regard
ca as surlaent excuse for advancing the
I price. Not that anything more is needed
by way Of incentive, but in pursuance OF
the preconcerte1 plan II will be necessary
to keep up vigorous denunclation of the
inadequacy OF the proposed tariff schedule
I beCOmQe a In hat
believers in the property will renew their
predictions of l25 for the stock and proba-
bly, prove them true
National Lead was stronger than the
general market and gained ] per cent on
liberal buying, induced by rumors of re-
newed dividends and increased earnings
Chicago Gas gave way TO the pressure
of selling orders and declined amid con-
siderable activity to 60 3-4. a loss OF Ia
per cent.
Distiners was inclined toward heaviness
and lost ] per cent to 26 IS. The action
of this stock iustifies last weeks sug-
gestion that the advance was engineered
by those having stock to sell.
The market for sterling and continental
bills was weak and lower. rates being l-32
below yesterdays quotations The weak
ness is not ascribed to any increase in the
supply of commercial bills. but TO liberal
offerings Of bankers bills against recent
stock purchases for foreign account II is
expected that this class OF exchange will
be in good supply throughout the week
and prevent gold shipments. Money con-
tinues in abundant supply. with rates and
I conditions practically unchanged. Bank
! ers report slight increase in the demand
/ from borrowers.
Reading became suddenly active near the
I close of the session and lost l-2 per cent
| TO 20 Ia in liberal selling for Philadelphia
/ account. The general list was dull and ir-
regular. prices yielding easily TO selling
/ orders. Such listlessness as was witnessed
! in today's market usually foreshadows ac-
/ tivity of the sort least desired by bull oper-
ators. A reaction is clearly due, however.
and would clear the speculative atmosphere
of menace TO improvement. the continued
prediction OF which is more disastrous 10
stock values than its actual presence.
Wheat Opened Weak.
CHICAGO, March 27-wheat opened
weak, with May at IS 3-4. The weather
here was more spring-likc, and that made
the local crowd bearish. Minneapolis wired
that the temperature today ranged from 20
to 10 above Through the northwest New
Yorh was 3-s lower. Duluth Ia lower and
Minneapolis Is lower. The increase on
passage. l.1iSoo0 was also a bear factor,
as were the northwestern receipts which
were larger than last Year. May, after
opening Is lower. declined to IS l-2 after
ward reacting to IS 5-S.