Evening star., 1895-06-05
FINANCE AND TRADE
Lower Prices for All the Active
Stocks.
THE SILVER QUESTION IN WALL STREET
Action of State Conventions to Be
Watched.
GENERAL MARKET REPORTS
Special Dispatch 10 The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, June 5.-The advance in
posted rates for foreign exchange, TO the
point at which gold shipments become
profitable, and the lack of interest outside
Of the room resulted in lower prices for
all active stocks this morning. Londop's
early cables reported concessions varying
from Ia to 5-S per cent and selling orders
from that center outnumbered all other
commissions. The demand for exchange
resulting from these sales was largely re-
sponsible for the advance in posted rates.
The supply of all classes of commercial
drawings is Insignificant, and syndicate ef-
forts will be necessary to prevent an out
flow of gold should London's present mood
continue.
There is no doubt of the syndicate's abil-
ity to prevent this outflow, but it would
undoubtedly be more encouraging, from a
speculative standpoint If the necessity for
such action was less apparent. The syndi-
Gates obligation in this particular is not
perpetual and the necessity of finding a
substitute to begin where the syndicate
ends next fan is daily becoming more pro-
nounced
TIE attitude of the various state conven-
tions on the silver question promises to be
another source of annoyance and bewilder-
ment to hnanciers, as Wall street regards
free silver as the eXecutioner of credit
While the situation contains many features
which demand deliberate consideration and
suggest extreme caution, pessimism has, as
YET, regained only very unSubstantial
foothold
Efforts will be made to remove the un-
wholesome features instead of yielding TO
them in the interest of profitable trading
on the short side of the market and as
each fallacy yields to intelligence reason
ing stock values will reflect the triumph by
appropriate Improvement
The revival of rumors relating to North
vests dividend resulted in some short SELL
ing of the stock of that company by trad
ers. There is little doubt that a reduction
Will be made at Thursdays meeting of the
directors but If the example of other con-
serVauve stocks is to be initiated an ad-
vance will follow the official announce
ment of this generally expected event The
coal stocks were weak under room ira ling
Jersey Central and Reading selling down
for substantial concessions from opening
prices.
The purchase of the Georgia Southern
and Florida railroad by the Southern Rail-
road Company was announced during the
day. The latter property is said to have
acquired this valuable feeder" on very
advantageous terms. In the industrial de-
partment Sugar and General Electric were
the features.
The situation as regards the former is
very much mixed at present, the rare
owners of its fluctuations under yesterdays
liberal purchases being considered direct
evidence of its inability to command con-
fidence at present prices.
The latter property worked off under
selling in which both classes of traders
were represented. The trading of the last
hour was dull and almost exclusively pro-
fessional No decided changes in general
conditions were announced during the day.
and continuation of the waiting market
Is therefore likely until the short interest is
increased or present timidity overcome
Aggres siveness is lacking with bulls and
bears alike, and narrowness suggests itself
as the most proba BILE characteristic for the
next forty-eight hours.