Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-28
FINANCE AND TRADE
Effect Of the Unsettled Condition Of
London Market.
RUMORS OF MORE GOLD SHIPMENTS
Selling of American Securities for
Foreign Account.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, February 2S-The unset
tied condition of the London market was
responsible for the fractional concessions
reflected at the opening of our market this
morning. The advancing tendency of the
foreign exchange market, noticed yester-
day, gave rise to rumors of gold shipments
and foreign holders of our securities were
disposed to- reduce their holdings pending
the outcome of most interesting financial
situation. The bond syndicate, with its
powerful influence. is not likely to sur
render to the first emergency arising from
that provision of its contract with the
government relative to maintaining the
treasury's gold reserve.
The strength Of exchange rates is in "a
great measure due to speculative sales OF
bills against anticipated liberal drawings
by the bond syndicate. The syndicate. how
ever has not done as much for the short
side of this market as was expected, tnd
the covering Of outstanding obligations by
disappointed sellers of bills is responsible
Tor Tor tine ftrm - tone , nov prevailing Should
would be reflected in a lower level of val.
ues, but, fortunately, confidence in the
ability Of those charged with the solution of
this difficulty is strong.
The selling of New York Central by Lon
don and prominent local house handling
the accounts OF some influential investors
though no definite motive for the decline
could be obtained The 2 per cent reduc-
ton which followed early trading was ac-
compfished with little resistance.
The coal stocks were generally lower than
yesterday. the outlook for the spring trade
being extremely discouragfng. The agree
ment entered into on the subject Of tonnage
Ia no more likely to be seriously considered
than those previously signed, 80 that riv-
airy and overproduction are likely TO ap-
pear very shortly as adverse influences on
earnings.
The report Of Jersey Central, due today.
win show about 4 per cent earned on the
stock The last dividend at the rate OF
per cent attracted considerable unfavor-
able comment, butt its justification can be
no longer doubted.
The effect of the deficit Of the pooling
list was reflected in q further reduction in
the price of Baltimore and Ohio This
property was expected to profit largely by
the passage of the bill in question, and its
defeat will have a direct bearing on the
next dividend rate, about which many
pessimistic rumors are already circulated.
Louisville and Nashville and Manhattan
were inclined to weakness, declines of 3-8
and 1 per cent being respectively reelected
in each.
The Changers were all weak with North
west leading.
Sugar was conspicuously strong through
out the morning, all offerings being quickly
absorbed. The annual statement of this COM
pany is expected to appear next week. but
unless totally inconsistent with semi official
utteranCes, there will be nothing In the
showing to warrant an advance in price.
Should Congress adjourn without action on
the discriminating duty, there can be no
doubt, from the stands taken by foreign
governments, that the existence of this law
will not be permitted to work hardship to
similar industries within these territorial
| limits.