Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-07-25
The Professional Element Furnishes
the Bulk of Business.
THE FOREIGN EXCHANGE MARKET
Opinions Expressed About the Sup
ply of Gold.
L A X / FF LEGISL ATION
spcrial Dispatch TO The Evening star.

speriai Dispatch to The Evening Star
fEW YORK. July 25.-There was a no
uceabie disposition on the part OF traders
TO depress prices this morning. and In the
absence OF any favorable news a general
shrinkage in values marked the close OF the
first hours trading. London contributed
little TO our market. selling, I'm all. only n
few hundred shares of the favorite inter
national issues There was no business out.
side Of that furnished by the professional
element. gold shipments. uncertainty con-
corning the tariff and decreased earnings
being urgeo I'm justification OF rather liberal
short sales. Missouri Pacific lost 1 per cent.
St Paul "a. and Rock Island and Burling-
ton each 5-s. Fractional declines were re-
corded elsewhere I'm the list. but were not
significant.
The situation I'm the foreign exchange
market is such that all estimates of this
weeks effiux Of gold are likely to fall short
OF the actual amount to 20 out by Satur-
days steamers.
The present supply Of commercial bills N
totally inadequate to the demands of bank
ers in providing for the weeks remittances
and unless the supply Is materially in
creased within the next forty-eight hours
the loss of gold can hardly be less than
S',o1oo From present indications there
is no way to make remittances except by
an actual shipment of specie In view OF
this condition Of affairs the rates for for
eign exchange hold firm. with a slight up-
ward tendency Washington furnished little
important Information during the day and
the action of the stocks most sensitive TO
news from that center gave no Indication
or the progress being made in tho direction
OF tafln LEGISLATION Friends of sugar are
as confident as ever that nothing is at all
likely to interfere with the earning capacity
or that corporation. and are willing pur-
chasers on every decline.
The unraveling of the present complicated
situation Is being carefully watched by the
larger operators In the belief that the time
FOR speculative activity is near at hand
settlement Of existing differences will h
followed almost Immediately by a DISPOSE
ton or the entire controversy. Over twelve
thousand shares Of sugar were purchased
during The first ten minutes Of today's bust
ness. and the price advanced "a per cent
from yesterdays closing. Later a reaction
set In. resulting In a "a per cent decline
from opening figures. followed. in turn by
a sharp rally for The full amount OF the
loss. Distillers sold down l per cent on
selling Tor both accounts and looked weak At
the decline. The sentiment Of the street
continues adverse to any Improvement in
this property.
Chicago Gas lost "a per cent on a moder-
ate amount OF business Friends OF this
company are reported being satisfied
with the passage Of the Universal Gas Com.
l.any ordinance. and claim that the exist
ence OF a rival is preferable TO a perpetual
ievying OF biackmaii by small politicians.
1t will be many years before the present.
plant can be duplicated or its lines parallel.
ed so that present profits are not attacked
The last hours trading was duh and with-
cut special feature. Railroad shares ~erd
fractionally below best PRICES ard Attracted
little attention. Sugar WAS erratic. moving
up and down with equal promptness. ac-
cording to the nature OF the crler An pro-
cess Of execution. Brokers. for inside inter-
ests, bid up the price at every opportunity
and prevented any important decline. Tateo
tariff advices had a tendency % confuss
speculative sentiment ard prevented any
activity in what on the whole was an uH-
satisfactory days trading