The Washington times., 1894-11-23
CHANGERS DID THE TRADING
But Nearly All Of Them Showed a
Decline in the Closing.
TONE OF MARKET IRREGULAR
St. Paul Showed Slight Gain, and Rock
Island Also Closed Higher Than 1t Did on
the Day Before-sugar, Pullman, and
Cordage Lost Several Points in Trading.

New YORK, Nov. o. Subscriptions for an
amount greater than the entire issue of S50,-
100000 of government fves will be made by a
number OF banks and other financial institu-
tions of this city. including some foreign
capital. This was decided to-day after q
number OF conferences. and it was settled also
that the members of this agreement should
make their bids separately, but ut exactly the
same price. This action assures the success
of the loan which is now certain to be over
subscribed.
The figure which bankers in the agreement
will bid for the bonds is not made public, but
it is understood will allow of a good profit
TO the government. Some of the banks who
hold the largest gold reserve have agreed TO
furnish gold to subscribers TO the loan to the
amount of 80. 900, 900, and other banks an
nounce that they will supply their customers
with all The gold they may need for the pur-
poses OF the loan, with ut drawing upon the
United States Treasury. Gold is being
shipped from San Francisco and other cities
of the Union and from Canada to this city for
the account of intending subscribers to the
loan, Il 100000 alone coming through the
Bank of Montreal.
1t is TO be seen from this that the situation
is Frightening and that it Is fair to assume
that as a result OF the loan tue Treasury gold
reserve Will be brought up to or very near the
hundred million mar
Not until about the close of business on the
Stock Exchange to-day were these circum-
stances made public, and the current specu-
lation was not. therefore, influenced thereby.
AT the opening of business the share market
wa in nNr wit La irpt
tone of American securities on the London
exchange and there was foreign buying of the
international stocks, both of which facts led
10 a covering movement on the part of the
shorts and sent prices upward a fraction. the
graBgerS Joining IN the procession. The
market, however. had not recovered from the
shock of yesterday 5scaling o: the Burlington
dividend and the consequent break in prices,
and the advance OF this morning was not
maintained for long A reaction followed in
which the gains were almost entirely lost and
throughout the day the trading was irregular
recoveries and declines following each other
in rapid succession up 10 the close, which was
marked by depression the final trading being
quite heavy in tone.
The grangers attracted the chief specula-
lation and were very largely dealt in but
huctuated within much narrower limits than
on yesterday. Burlington rose =, reacted $S
advanced Is, closing below the highest
and 1s4 up on the day. St. Paul moved
within a range of q per cent. and shows a
gain of 5s on the day. Northwestern ad-
vance1 4, but was attacked by the bears on
unfavorable reports as to the forthcoming
dividend. which, it is claimed will have 10 be
scaled, as have Rock Island and Burling-
ton. Heavy selling caused a break in the
stock of II, with rally Of 1 per cent, of
which q was lost at the close, making de-
cline of s5 on the day. Rock Island sold up
- and reacted Is, closing q higher than on
yesterday.
Sugar receded advanced q. broke 81
on clique. selling with only a rally of y
showing a net loss of ~; the preferred is
down =, Pullman broke 81 per cent. on the
liquidation OF block of stock at a time when
there was no supporting orders; sales Of the
stock we're made at Isl and 1917 seller so
against 153 regular. Cordage common fell
of Il but recovered per cent.