Evening star., 1895-02-11
Advance in the Rates of Foreign
Exchange.
BOND issue REGARDED ASA MAKESHIFr
Sugar the Feature Of the Indus
trials.
MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, February 1.-THE bond is
sue and the recent heavy storms were con-
verted into arguments for the depression of
stock values at the opening Of today's
market. The sentiment Of the trading ele-
ment was Enthusiastically bearish, but the
prevailing scarcity of borrowable certifi-
Gates prevented any pronounced pressure
to sell. The short interest has been SUBJ
stantially increased within the last few
days, and higher prices would quickly fol-
low any attempt to cover. The. presidential
appeal for an issue of per cent gold bonds
is not expected to avail anything, and last
weeks hard bargain is generally construed
to be a transitory makeshift, which will
soon lose it's influence as a speculative
factor.
The advance of " per cent in the rates
for foreign exchange, announced during
the early forenoon. was regarded as signif-
cant in banking circles.
Washington advices relative to the pool
ing bill were too problematfcal to warrant
action.
Interest centered largely in Northwest
as the result of bad earnings and grow
ing belief that decreased dividends for
both the common and preferred stock
nust follow. Selling by the leading bear
operators marked the price down 1 Is
per cent before any opposition was en-
countered. AS compared with other MEM
bers of the granger group, the price Of
this stock has long been considered slight
ly above the limit justified by strict ap-
plication of the rule governing intrinsic
value. The loaning rates have served to
stay any continuous decline, but the ten
dency of the stock for several weeks has
been in the direction of a lower level, and
at the decline there is no change in the
sentiment of the street. rally, how
ever, in consequence Of an exhausted sup
ply of stock for delivery purposes is mo-
mentarily expected by the more cautious
operators.
sales attributed to both accounts, and
Lake Shore gained L per cent on transac-
tiCns involving only few hundred shares
In the Industrial list Sugar attracted the
bulk of the attention selling up 1-2 per
cent on early trading and reaching to open
ing figures on realizing sales during the
noon hour. Reliable advices relative to
the probable outcome of the pending ef
duty on imported sugars state that the
chances for the accomplishment of this
purpose are daily decreasing.
In view Of these assurances traders look
with more favor on the long side OF the
property. but are unwilling to take the
initiative in the absence Of inside interest.
The cordage issues were again under
and were the subjects OF much adverse
comment. The balance Of the industrials
were given over to dullness and no inn
portant changes were recorded.
The market for foreign exchange opened
strong on q fair volume of business. The
supply of bills received in this mornings
mail was small, in spite Of the fact that
the receipts from the south represented
the accumulations Of three days. In
creased offerings against grain imports are
reported, but all such are quickly absorbed
The trading Of the last hour was con-
Quoted almost exclusively in the interest Of
lower prices, professional trading alone ac-
complishing this result Manhattan
oil laI ,o~i1x, - <I1 80 l1v- Cos.
total decline Of 5-s per cent. North
west touched the lowest point of the day
during this period, and sugar yielded to
sudden selling movement based on room
conditions. The sentiment of the street at
the close Of business had not been diverted
from the paths of pessimism.