Evening star., 1895-06-01
FINANCE AND TRADE
Awaiting the Action of Foreign
Spectators.
NOTHING TO WARRANT STOCK SELLING
The Outlook Declared to Be Prom
ising.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, June 1.-The evening up of
traders contracts, an irregular process at
best. was responsible for the narrow fiuc-
tuations and decreased volume of business
this morning. The London market was
closed for. the Whitsunti6e holidays, and
will not reopen for business until next
Tuesday morning. The attitude of the fer
eign market having come to be regarded
as dominant speculative influence, trad
ers are inclined to proceed cautiously pend
ing some decided action on the part of
London operators. Since the last fort
nightly settlements the volume of foreign
business has fallen off considerably, and
the local market has reverted to the pro-
fess:onal element. The better sentiment CT
the street continues favorable to higher
prices, and 1t is thought that no significant
concessions will be permitted until London
declares its position next week.
There is nothing in the present situation
on which to base a selling movement. and
any activity is likely to be in the interest
of improved values.
The profits derived from the recent ac-
tivity In the Chicago markets are destined
to find their way into the stock market
during the summer. and the impetus given
speculation will be sufficient to make sub
stantial additions to present values. The
damage to winter wheat is not likely to
have any serious effect on the earnings of
the railroads. as the corn crop will, from
present indications. fully make up the de-
ficiency.
The outlook is decidedly promising. the
reactionary devices of sold-out bulls being
the one discordant element. The selling of
stocks during the final trading, resulting
in lower prices throughout the list, was
the result of a bear attack, organized in
hone decreasing he
market.
The ease with which prices yielded was
the direct result OF a narrow market and
the temporary absence of support. Any
further concessions will undoubtedly at
tract purchasers, es the policy of buying
on weak spots is stll in force. The sew
continue to hold we'll and are carefully
guarded against surprises from the pro-
fessional room traders.
The grangers sold down fractionally as
the result of the days trading, but no new
developments were reported.
National Lead common sold up Is per
cent under q fair demand, inspired by
rumors that dividends would be renewed
at next weeks meeting of the directors.
Sugar was strong on early trading, but
yielded in sympathy with the rest of the
list later in the day.
Foreclosure proceedings against Erie are
considered probable during the next ten
days. but the terms of the reorganization
are matters yet to be determined by the
regular reorganization committee.
Completeness rather than leniency is
likely to prevail in the consideration of this
subject. The bank statement shows few
important changes. The banks have gained
s2,321,O00 in lawful money, mostly from
the interior. and have increased their loans
over S2.o00.OO0. The increase in surplus
raises that item to about SAL go, 900. The
statement in detail follows: Reserve in
creased, s1,246, 100; loans, increased, s2,44S-
500; specie, increased. s1,056. COO; legals, in
creased, s1.2I1,000; deposits. increased,
s4.326.GO0. and circulation, decreased, s62-
plO -