Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-03-04
Adjournment of Congress Causes Ad.
vance in Prices.
EFFECT OF POOLING BILLS FAILUhh
An important Supreme Court De-
cision.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, March 4.-Opening prices
this morning were from Ia to 1-2 per cent
higher than those recorded at the close Of
business Saturday, New Jersey Central ex-
cepted. London was fractionally lower
and sold moderately in the local market,
principally Nashville. The adjournment of
Congress was the motive which prompted
the early activity, and the irregularity
noticed later in the day was due. in the
main, to realizing on the official announce
ment of this fact.
The foreclosure proceedings entered into
on Saturday by dissatisfied holders OF
Readings mortgages resulted in free offer
ings of the stock and an attendant decline
of IL per cent from initial figures.
Decreased earnings in the Granger group
attracted renewed selling by the room ele-
ment, which resulted in declines varying
from So to 7-S per cent.
Friends Of the pooling bill gave up hope
only when the medium through which re-
lief must have come was destroyed. and
their disappointment in this respect,
coupled with poor showing in earnings.
and an unpromtsing prospect. was reflected
by sales for both accounts, with the result
above indicated.
The Bate refrigerator decision In the
Supreme Court this morning was exactly
in accordance with the recent forecasts on
one. and seriously impairs the value of
certain patents owned by the General Elec-
trio. Bell Telephone. Western Union Tele-
graph and other prominent corporations.
In the case OF General Electric the decision
affects the lives of some Of the most de-
sirable patents included in the assets Of
that company.
The attention OF the street was directed
to this fact at a time when the market
value of the stock was nearly 10 per cent
in excess Of present prices, and further
selling was noticed at the opening this
morning. forcing the price down to Dc.
Some covering at the decline destroyed
the bulk of the early loss, but left the pre-
vailing sentiment of the street extremely
pessimistic on ultimate results. Bell Tele-
phons declined per cent and Western
Union IA under less liberal volume Of
business.
The trading in suga- was active through
out the day. and with varying results An
advance of "a per cent followed liberal
purchases during the first hour, but was
only momentary, as traders sought to
realize on last weeks purchases. This lat
ter movement caused a sharp reaction OF
2 per cent, which was in turn stayed by
brisk demand, forcing the price up to
opening figures.
The embargo on American cattle and the
probability Of the German government ad-
vancing the export bounty to a point
which will nullify the effect of the dis
eliminating duty now in force are factors
likely to prove Troublesome, in the long
run.
The market for sterling and continental
bills opened very firm, with rates frac-
tonally higher than those last reported,
The offerings Of bills were larger than of
late. but the urgency of the demand soon
exhausted the supply. The situation IN
the foreign exchange market will be eager
ly watched during the week by bankers
generally.