Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-03-14
FINANCE AND TRADE
A Good Demand for Money for Com
mercial Purposes.
An ENCOURAGING sign IN TEE STREET
Jersey Cent al the Feature of the
Day.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, March 1.-THE undertone
of speculation was decidedly firm this
morning as the result OF further covering
in the active list. London cables reflected
fractional concessions from our closing, but
the restricted volume of business from that
side had no influence on opening prices,
the majority of which were from is to
3-S higher.
Bankers report q good demand for money
for commercial purposes, which was gen.
orally conceded to be an encouraging sign
or business revival. Such demand will
contribute to a speedy retirement of the
gold export scare, which has been periodi-
cally revived for the benefit of pessimistic
stock jobbers. The prospects of increased
railroad earnings being largely, and in
some quarters exclusively, dependent on
crops, conditions are no more encouraging
than formerly, the successful harvesting Of
the next crop being condition precedent
in this particular.
An effort to maintain rates is being
made. and with some Indications of sue
cess, that will tend to secure for the rail-
roads throughout the country as much
profit as can reasonably be expected from
a decreased traffic. The merchants hav-
ing reduced their percentage of profits to
a point consistent with the stringency OF
the times. have at last been successful in
attracting sufficient business to warrant
an extension of credit, which Will in turn
contribute 10 the earning capacity Oh the
interest account. Railroad officials must
adopt economies of a nature similar TO
those practiced by the successful and con-
sentative heads of mercantile enterprises.
The first essential to success along this
line is to keep expenditures well within
the limits of earnings without regard for
the immediate sentimental effect of such
action.
The belief that the wisdom of this course
has at last been recognized by railroad
officials, who have had to consult the stock
lists of the last quarter to find ample vim
dication of the policy, has caused some
selling of securities during the last week in
anticipation of reduced dividends. AS such
selling is the result of sentiment, the high
er principles involved will be appreciated
by future owners of the stocks under con-
sideration.
New Jersey Central was the feature of
the railroad list at gain Of 2 per cent,
attributable to the covering of a large
block of short stock in anticipation of some
favorable developments in the anthracite
coal trade. The coal stocks generally were
all stronger for the same reason. New
England was conspicuously strong at
brokers credited with desire to accumu-
late the stock for purposes not at the mo-
ment obtainable.
Sugar opened strong, eX-dividend, and
sold up per cent in the first few minutes.
but reacted under realizing sales later in
the day. 1t is not believed that the cam
paign on the long side has proceeded as
far as was originally proposed by the In
side interests. The market for foreign ex-
change was firm and somewhat more ac-
tive than yesterday. Purchases Of bills
against sales OF stocks by arbitrage houses
gave additional strength to prevailing
rates.