Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-06
FINANCE AND TRADE.
The Sounding of the Gong Saved
Many From Disaster.
PESSIMlSrIC ELEMENTS WERE ROUTED.
Predictions of the Tariff Bills De-
feat Helped Prices.
GENERAL MARKET REPORTS.


Special Dispatch to The Evening Star.
NEW YORK, Jan. e.-Today's short ses
sion proved disastrous to the pessimistic
element. who were only saved from COM
piete Generalization by the sounding of
the gong announcing the termination OF
the days business. Early London cables
recorded an Improvement, ranging from Ia
10 per cent. and foreign houses were mod
crate purchasers. especially OF Nashville
The general tone OF speculation improved
perceptibly during the day, and prices raj
lied with considerable snap in sympathy
with the increased demand from traders
Inc immediate incentive to today's i'm
provement In values was due almost entire
~ TO covering, the natural result of an
oversold market, and the revival OF rumors
from Washington indicating the defeat of
the present tariff bill in the Senate The
industrial stocks being directly affected by
tne proposed change in tariff rates are ex-
tremeiy sensitive TO all advices relative to
the new tariff, and conform promptly to
the latest report. Today's Improvement
In this group of stocks is considered by
many experienced operators to have been
tne result OF sentimental feeling, founded
on the belief that the rightly of the pres
ent tarin schedule may yet be modified in
It's application to sugar and distillers.
Inc short interest has been materially
tcuuccu uuIlHR the week and the scarcity
oI STOCKS is growing daily less pronounced
Bull polls have been organized or are in
process or organization and traders gener-
ally have changed front I'm the belief that
manipulation on the long side will for the
present, prove as profitable as their re-
cent campaign against Improvement
There has not been any Improvement in
general business conditions during the
week on which to base a rise and unless
some more substantial reasons than those
already given materialize shortly the re-
action will again be speedy
western Union was a conspicuous feature
or the days trading and gained 3-s per
cent to 50. Nashville gained IS per cent
TO A. is, New England gained s-s per
cent TO IL 5-s and Lackawanna scored the
greatest gain of the day. advancing on
limited transactions 41-2 per cent to
l6s 1-2 ST. Paul gained "a per cent TO
%. Rock Island gained l 3-4 to O. rs. and
Burlington gained I Is to 40 3-s
Sugar advanced 3 3-s per cent to 81 rs.
Chicago Gas gained 3-s to q 1-2 and Gen.
eral Electric gained L IL per cent to 81.
The bank statement reported an increase
OF SdoOO.OO0 in lawful money and an i'm
provement OF S1,aUoo0 in loans. The in
crease in deposits shows that the banks
have been made the repositories for the
money released in semi-annual interest
payments. The deposits will require nearly
30 per cent of the lawful money for the new
surplus reserve. which will make that
item nearly $50, $4,000 in excess OF legal
requirements.
The stattment in detail is as follows: Re-
serve. increased. s.. 9Sl 500; loans, increased.
81, 200, 700; specie, increased, 81. 157 900; le-
gals. increased N,246200. Deposits in
creased 81. 0s6. 500 and circulation decreased
SCI, 800.
The closing was strong in the neighbor-
hood OF best prices.