The Washington times., 1894-03-29
In The HOPE OF A VETO
London Bought Heavily in Arbitrage
Shares in Wall Street Yesterday.
GENERAL MARKET VERY ACTIVE
Expert Little's Report on. ReadingR Ready This
week-Delaware and Hudson Unusually
Strongest. Paul and Union Pacific Favor
ties with the Foreign Contingent.

New YORK, March 2s.-There was slightly
increased activity in the stock market to-day,
and the transactions were more widely dis
trlbuted than usual The buying for the Lon
don account was a feature of the early deal
ings. the purchases being confined to no par
ticular stock, but including all Of the arbi-
TRACE shares, st. Paul and Union Pacific being,
however, the favorites OF thu foreign con-
tingent.
1t is generally accepted on the street that
this large buying by the foreign contingent
was induced by the belief, which approaches
certainty, that the President will veto the
seigniorage bill. The local operators are
basing their market calculations on veto,
and when the decision OF the Executive is an
nounced it will be found as usual that Wall
street has discounted the news.
Trading in Reading was quite heavy in the
morning, sellers being most numerous mainly
on orders from Philadelphia. The announce
ment that expert Little's report would be pub
lished before the close of the week. and that
it would be unfavorable. was one cause Of the
depression. another being the rumor that the
plan of reorganization had fallen through.
Later advices to the effect that the general
mortgage holders would not oppose the plan,
and that the Little report would not be un-
favorable, induced buying, which sent the
shares up again, resulting il an advance OF
per cent. on the day.
The grangers were in good demand except
Northwest and closed ut the highest point
touched. with the exception OF Rock Island,
which lost X in final sale, but gained Is per
cent. compared with yesterdays closing.
Burlington made similar improvement and
st. Paul shows an advance of half.
There were sales of the latter on reports of
damages to the crops, but these were contra
dicted by the strong London buying.
Unusual activity characterized the dealings
in Delaware and Hudson, purchases of the
stock being based on the action of the board
of managers OF the company in deciding to
issue the new five millions OF stock at par to
the shareholders. An advance of 8 per cent.
was made, of which u was lost in the final
dealings.
OF the industrials Sugar led in the transac-
tions and was heavy during the morning,
owing to the reported Generalization of the
refining trade. and under sales for both long
and short accounts a decline Of l X was
recorded ali Of which was subsequently re-
covered on purchases to cover short con-
tracts but at the close a reaction of 4 was
made.
American tobacco declined per cent in
the opening dealings. but quickly rallied.
selling up IL per cent, losing in the last
sales: do. preferred declined l per cent.
American cotton oil was strong, selling up
IL and losirg = per cent of the improve
ment; the preferred gained l5s, closing at tie
best price made.
4 bull pool in lead moved the preferred for
ward 80, and the common advanced q per
cent.
At the opening the general market was
firm. and where prices changed were a small
fraction higher. The speculation then became
dull and heavy. but the losses were slight ami
quick recovery was made, the trading con-
tinuing fairly firm up to noon, the active
shares recording fractional advances. From
midday until shortly before o'clock the spec
ulation was strong in tone, and then came a
reaction. which was brief as it was slight.
being checked by the Inauguration of an
active buying movement. and prices advanced
sharply the market closing strong at or near
the best figures of the day.
Compared with yesterdays final sales. the
appreciation in values. excluding the stocks
already mentioned. ranges from Il to 1jS. the
latter Rubber preferred. and Central Pacific:
1s4 Louisville and Nashville and St. Paul and
Duluth; IL Consolidated Gas; IL Union
Pacific and Norfolk and Western preferred.
and lSS Central Pacific. East Tennessee
second preferred scored loss Of per cent.