Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-08
disappointment in Wall Street Over
the Bond Issue.
BANKERS DISLIKE THE CONDITIONS
Congress Condemned in Financial
Circles.
GENERAL MARKET REPORTS
SIC cial Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, February S.-Prices were
fractionally lower at the opening of today S
stock market, and the volume of business
extremely small. The first two hours of
trading made practically no impression on
values, speculation being at standstiii
pending some announcement from the Pres
ident on the subject of the bond issue.
Rumors that the terms of the new loan
were less desirable than had generally been
predicted had tendency to force conces-
sions from early prices. The official con-
firmation of these rumors early in the af-
ternoon was a genuine disappointment to
traders, and was Immediately reflected in
a weaker speculative tone. Instead Of an
issue of $1OO, 000, 900 bonds sold on a basis OF
IA per cent, and one-haif to be taken
abroad, an issue of only Sis, 100000 sold On
a "a per cent basis and $S0,o0O,OOO to go
abroad was substituted.
The additional IL per cent in the inter-
est rate will reduce the market price of
the bonds to about 104 IL, loss of near
ly 10 per cent from the selling price Of the
lower rate bonds.
If Congress will authorize an issue or 8
per cent gold bonds the government has
agreed to substitute such bonds for the
ones now issued under the redemption
act,
baEReTS SeIieFdlis lSSdiU nc
of the new loan as extremely severe, In
view of the low rates prevailing in other
countries for similar issues. and at time
when a popular lean needed only the au-
hority of Congress to be All assured sue
cess in the country. The action or con,
grasS is generally condemned in hnanclai
circles and the action of the executive,
while approved, can only be temporary IN
its beneficial influences.
Sugar was first to reflect disappointment
at the governments hard bargain, drop
of IL per cent following Immediately aIter
the receipt of Washington advlces on the
subject Northwest sold down l per cent
OH a few hundred shares of stock. West
crn Union shaded off for a loss of 5-S per
cent from the opening, and Jersey Sehtra.
yielded to traders sales for a decline OF
81 per cent.
In the industrial list National Lead was
sold moderately by traders for a half
point loss on revival of the gossip re-
garling the next dividend on the COM
ly steady under free offerings by brokers
identified with the recent activity.
Chicago Gas sold down 5-S per cent for
lack of inside support 1t was announced.
new board of directors would be elected
during the afternoon. A rise in the price
OF the stock is scheduled to succeed the
announcement of this change of manage
rnent.
The decline in prices following the pub
LEGATION of the Presidents decision in the
matter of maintaining the gold reserve was
short lived, dullneSS and Indifference again
asserting their claims to the distinction or
dominating speculative characteristics.
The market for sterling and continental
bills opened duh, with a tendency toward
weakness Rates were generally traction,
ally lower but conditions are unchanged
from yesterday.
The weekly statement of banking opera
lions al the SubtreaSury reflects loss OF
n bout S25DOOo to The banks. Bankers are
disappointed in the continuation of the
movement of funds from interior towns,
the gain to the banks from this movement
for the week being estimated at S4.oot,oOo
Against this gain a loss of Sl,GoD.Do VIII
be charged on account Of last weeks gold
The trading of the last hour was mostly
professional with prices around the lowest
points for the day. Predictions of lower
market were plentiful on the presumption
that the terms of the bond issue will meet
with universal disapproval as they become
more generally known.