Evening star., 1894-01-24
FINANCE AND TRADE.
Sugar Again the Conspicuous Stock
in Wall Street.
FLUCTUATIONS IN NARROW LIMITS.
Conflicting Reports Regarding
Railway Earnings.
GENERAL MARKET REPORTS.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, Jan. 2i.-Today's market
opened with fractional gains ranging from
Ia to 81 Per cent and continued strong
throughout the morning London prices
were fractionally higher, but the volume of
foreign business is too small to influence
the local market. Sugar was again the
feature Of the days trading, but was less
active than yesterday and fluctuations were
more restricted. After opening at 76 3-4,
last nights bid price. it sold down 1 Is
per cent and then rallied to "a Ia on COW
ering. Rallies and declines followed each
other In rapid succession and considera-
BILE long stock is said to have been mar
keted on each recovery. Traders consider
that reasonable doubt Of the passage Of
the Wilson bill still exists and hesitate to
enter into campaign until some definite
action Is taken by Congress or is reason
ably assured. The industrials naturally are
sensitive during this period Of doubt as to
the outcome Of congressional action. but
pools in many of them are confident Of
ultimate improvement in values.
st. Paul was sold Off l-2 per cent on early
trading on prospects Of decreased earnings
but rallied "a per cent to 50 3-4 on the an
nouncement that earnings for the third
slight Improvement over last weeks fig
ures. Burlington gained i-2 per cent during
the morning to q IA. but was not espe-
cially active. The recent strength of the
granger roads has been a conspicuous
feature Of recent trading. but opinion is di-
vided as to the underlying cause OF the
Improvement many favoring the theory
that manipulation and not intrinsic worth
is responsible. Rumors OF reduced divi-
dends are also current and serve TO check
any upward tendency beyond certain mar
now limits.
Bear talk on Western Union is every
where current, and the action of the
stock has to some extent verified the re-
ports Of decreased earnings and the un-
loading of long stock. After losing l-2 per
cent to 81 1-2, a gain OF 1 per cent from
that figure was subsequently recorded due
to the covering of short contracts.
The market for sterling and continental
bills continues easy. Notwithstanding that
London's discount rate has advanced from
IL to , per cent. There is no visible in
crease in the supply of bills and the weak
ness is attributed to the absence of de-
mand from rcmitters. Brown Brothers
posted rates 4S:,aiSs IL.
Money on call loaned ct l per cent, and
is in abundant supply at that rate. Time
loans vary from 2 l-2 to 1-2 per cent ac-
cordng to the length of time for which
the funds are taken. the latter rate en-
titlinS the borrower to a half years use.
Owing to the continued contraction in
the loan account some of the banks have
reduced the rate allowed on daily balances
II per cent. and others will probably fol-
low their example unless a demand for this
commodity puts in an appearance shortly.
The last hour trading was uneventfui,
owing to complete absence OF incentive
News of all kinds was scarce. the only
item of importance being a denial fror:
Secretary Searles Of the American Sugar
Refineries Company concerning a rumor
that his company might reduce or pass
ha fNi1 fhA Csa
a matter Of policy and to influence Con-
gress.
The railroad list was steady and dull, the
closing being at fractional gains over initial
figures
In the London Market.
LONDON, Jan. 24.-There was much ex-
element in financial circles today when
tenders for fifty Lakhs of rupees in India
council drafts were invited. Tenders rar e.
ed from Is. Lad. to Is. 2 3-Sd. All these
tenders were refused. Later, tenders for
f25.OU0 at 1s. 2 13-32d. were accepted