Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-12
FINANCE AND TRADE
Effect of the Passage of the Railway
Pooling Bill.
IT CAUSED GRANGER STOCKS TO GO UP
Treasurer's Report Causes Manhat.
tan to Advance.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, December 12.-The passage
of the railway pooling bill after the close
of yesterdays business resulted in gen.
eral Improvement in values this morning,
the CHANGERS in particular responding
easily to the anticipated prosperity by ad-
vances varying from 3-S to Per cent. The
favorable action of the Senate Is practical
ly assured, and the advantage to the roads
Throughout the west. it is believed, Will be
greater than that derived from any single
legislative act in several years. The lack
of public interest in speculation may pre-
vent the proper recognition of the i'm
portance of legislation of this character
for time, but when a higher level OF
values becomes necessary to reflect In
trinsic merit yesterdays action will not
be the least deserving of the causes Great
ing the necessity.
Prices shaded off fractionally as the re-
suit of room selling, attracted by the high
er prices prevailing at the opening, but the
tone OF the market was steady throughout
the day.
The short interest in Manhattan con-
tributes to a further advance of l per cent
in the price of that stock. the recent pessi-
mistic rumors being more than counter
| acted by the publication of the treasurer $
report and the declaration of the regular
dividend.
New England was marked up l per cent
by the interests identified with the recent
stock accumulation in the property. The
road will shortly be sold to the reorganiZa-
ton committee under foreclosure proceed
ings, after which event further improve
ment in the price of the stock Is expected
The report of the Western Union Tele-
| graph Company for the last quarter shows
an increase of over 100000 in the surplus
as compared with the same period a year
| ago. The directors declared the regular IL
| per cent dividend, as recommended by the
Yesterdays session
Sugar was active and nervous during the
morning as the result Of the expected dis
cussion in the Senate on the proposition to
| strike out the lilo differential duty on re-
fined sugars.
The selling Of the stock was generally re-
garded as coming from better Informed
| surances that the effort to abolish the duty
would fail q covering movement forced the
price up Is per cent in advance of open
| ing figures. The situation at Washington
| is not as favorable as 1t might be where the
| interests Of this industry are concerned,
| and strong efforts will yet be necessary TO
insure the retention of the discriminating
| duty. Today's action in calling up this
question Is generally regarded as being in
| the interest of politics and to more clearly
define the democratic position on the sub
| ject, rather than to improve actual tariff
| conditions
Distilers was in good demand from the
| short interest and gained 1 per cent in
| consequence. Chicago Gas moved up 81
| per cent in sympathy with moderate buy
| ing demand. and elsewhere the industrials
were without special feature
| The market for sterling and continental
| bills opened steady on a small volume OF
| business. All new offerings of bills are
| quickly taken by remitters, the demand
| being slightly in excess of the supply
| Arbitrage houses werc not urgent ir
| their demands for bills as on the two pre-
| ceding days.
The refusal Of the Senate to consider the
| sugar schedule, which was announced dur
ing the last hour, marked up the price
of the stock to the highest point of the
day. The general list was dun, but steady
| and the Changers excepted, reflected mod
| crate advances over initial figures. Fina
| prices were in the main fractionally above
| yesterdays closing figures.