Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-29
FINANCE AND TRADE.
An Early Advance Followed by
Dizziness.
JUDICIARY COMMITTEES BOND REPORT
New York Brokers Inclined to Be
Deliberate.
GENERAL MARKET REPORTS.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, Jan. 29.-Traders were de-
cidedly bullish before the opening of to-
days stock market on cabled improvement
IN London. in which Louisville and Nash
villed figured prominently for a gain of one
per cent. The local short interest in this
speciality. variously estimated at from 40
600 to 10000 shares, was promised a severe
squeezing which would result in a general
marking up of values. After opening up
point on this side the stock became inact-
I've and the early enthusiasm gave way to
pronounced duilness throughout the entire
list.
The report of the House judiciary COM
mittee on the legality of Secretary Car
isles bond issue will be watched with con-
siderable interest during the present week.
Local brokers show no disposition to bid for
the new bonds while this discussion is going
on and have ceased to look upon the scheme
as one suitable to the present emergency.
Secretary Carlisle's presence here today
may influence some prominent interests to
take the bonds of his hands before the
committees report takes the form of pro-
hibitory law. The presumption that the
tariff bill would be defeated is gradually
giving way to the settled conviction that
the measure will be passed substantially
unaltered from its present form. This viii
deprive the bulls of one of their most cher
ished arguments, and having failed to
arouse any outside public interest leaves
them but a small fragment of the original
fabric around which to construct their
theory of better prices.
The borrowing demand for active stocks
discioses the presence of a new short inter
est, especially in Western Union, which
loaned as high as 1-S2 of l per cent. With
an enormous short interest TO guard against
no material decline in prices is probable.
and this feature of the present situation is
"a ha fhnGR
whose risks are on the long side.
New England was manipulated during
the day to conform alternately to the ru-
mors of an assessment on the stock and
their subsequent denial. After opening at
10 1-2 Ii sold down I per cent and immedi-
ateiy rallied = per cent to IL IL, and re-
acted again during tn" afternoon. Chicago
Gas gave way under the reported intro
duction of a bill in. the Illinois legislature
to reduce the price of gas.
Opening at 49, continued selling resulted
in Il loss of per cent. A fractional reduc-
ton in the price of refined sugar, coupled
with the improved prospects of the Wilson
schedule becoming operative, led to
decline of = IL per cent in sugar certificates.
General Electric was moderately active at
L. per cent reduction, due TO selling by
the room on prospects of decreased earn
ings. Western Union sold up l per cent to
S. IA on covering resulting from the search
ty OF stock for borrowing purposes.
Norfolk and Western earnings for the
third week in January increased s26sOs,
making total Increase for three weeks S110-
566. Atchison earnings for the third week
decreased Slla244
Brown Brothers reduced sterling rates TO
4SJa4S7 IL and the market at the decline
was barely steady. Money continues in
almost unprecedented supply. with no ma
teriai Improvement in conditions affecting
rates. The clearing house statement re-
ports exchanges, SIG 1oo, oS7; balances So
G20.24S and the subtreasury's debit bal
ance, $3.50, $40
Secretary Carlisle's conference with local
bankers was concluded at 2 o'clock and
In the opinion of all present the issue now
proposed is legal and will be Immediately
subscribed for. The lowest prices of the
day were recorded during the last hour
and the market closed dull without ma
terial recovery.