Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-28
FINANCE AND TRADE.
An Upward Movement in Wall Street
Looked For.
AWAITING ACTION At WASHINGTON
Spectators Puzzled About Tariff
Legislation.
GENERAL MARKET REPORTS.

Special Dispatch TO The Evening Star
NEW YORK. Feb. 2s.-The undertone of
strength which characterized yesterdays
trading was retained today as a result of
continued covering OF short contracts. The
railroad list was more than usually active
and the increased supply Of stocks for
borrowing purposes proves that the up
ward movement was based almost entirely
on the nervousness of shorts. For this
reason it is probable that a reaction will
follow Immediately upon present demands
being satisfied. Many of the more promi-
nent commission houses are advising
clients to purchase stocks and believe that
the granger roads will be the first to show
profits on the long side. In the present
restricted field of speculation manipula-
ton il sure to avail more than intrinsic
value and purchasers at present figures,
while reasonably sure of satisfactory re-
turns. may be called upon to exercise con-
siderable patience.
The bear theories of reduced dividends
this spring have lost much Of their effect
iveness since well-informed interests have
declared that both Western Union and St
Paul would continue theirs at the old rate
No long holdings of the better class have
been dislodged by the various devices OF the
bear element. and as premium Is sure 10
attach itself to any considerable amount
OF DOrrOWeO STOCK leaders on tnat sue OF
the market have In many instances closed
out their accounts and are now waiting for
the movement that must surely follow the
Senate's action on the Wilson bill.
Washington advtces today were a trifie
more obscure than usual, and just what
may be expected from that source Is still
an unknown quantity. defying all means Of
solution.
Sugar people are still confident OF some
beneficial change, and the street generally
Is inclined to look for a sharp advance In
the price OF that property within the next
few days.
Boston continues to wire strong bull
points on General Electric based on increas-
ca business and brighter business outlook
some favor among local traders.
western Union Ia being bought by inter-
ests with a good record for past successes
on the long side of this property and the
bear pool Ii said TO have covered a ma iori.y
OF its short contracts. The fact that the
stock still commands q premium in the
loan crowd shows that some large blocks
OF stock are yet to be delivered and This
process may facilitate the bull movement.
The market for foreign exchange opened
steady At fractional concessions from yes-
terday's rates. The feeling is growing
easier. and bankers expect soon to have a
supply OF bills fully up to the demand.
from 1-2 to 3 1-2 per cent on time loans.
Borrowers show but little desire to increase
their obligations to the banks. The clear
ing house statement shows: Exchanges
T5. 1872: balances. A.312711. and the
subtreasury's debit balance. 1851. 7S3.
and prices reached the highest point of the
day. Sugar was conspicuously strong. and
indications at the close favored a continue
ton OF the advance.