Evening star., 1895-03-12
FINANCE AND TRADE
An Irregular Market and Decreased
Volume of Business.
THE MISSOURI PACIFIC DEFICIT
Movement Against the Short In
terest in the Railroad List.
THE DAY IN WALL STREET

Special Dispatch to The Evening Star
NEW YORK, March 1.-THE opening of
todays stock market was characterized by
irreguiarity and decreased volume of bus
mess. London cables reflected a lower
range of values in that market, with Louis
vile and Nashville the feature. Foreign
houses sold moderately in the local market,
without injury to values, all offerings be-
ing taken by apprehensive shorts. The
statement of Missouri Pacific for the year
ending December 81, 1894, reflects deficit
after fixed charges of s., 131, $40 against a
surplus of SSS.S72 for the year preceding.
These figures, coupled with those of the
Iron Mountain road, which have just been
announced, increases the deficit of Missouri
Pacific system to 81, IS1 ,50S against a sur
plus of $10S.S This condition of affairs
has been generally recognized in the street
and was. therefore. discounted prior to the
official announcement
The weekly reports of earnings made dur
ing the day were in the main unfavorable,
but were ignored in determining the mar
ket value of the properties to which they
We're applicable.
The declaration Of the regular quarterly
dividend in Northwestern preferred
prompted some covering in the common
stock Of that company, which added 1 per
cent to opening figures 1t is not safe to
presume, however. that the same policy
will be pursued when the interest of the
Western Unions executive committee will
meet tomorrow and recommend the pay
ment of the regular quarterly dividend of
l Ia per cent. and will submit report Of
the companyS condition in justification of
such action. Manhattan directors declare
the regular quarterly dividend on their
stock free from income tax. New York
Centrars dividend will probably be deter
mined on Friday. Meantime, opinion is
divided quite unnecessarily, to the rate.
The price of the stock was advanced / IA
per cent under covering by the recently
formed short interest Jersey Central Was
in fair demand by the same interest at an
advance of l 1-2 per cent.
The movement against the short inter-
est in the railroad list was encouraged 10y
the success of similar effort elsewhere,
and in the opinion of many, top prices will
be recorded simultaneously with the cover
ing of the last hundred shares of short
stock 1t cannot be denied that business
conditions are slowly improving, but 1t is
scarcely reasonable to presume that pros
perity will be any more preciptous than
the panic which preceded it. In the mean
time, lower prices are probable, not as the
result of new difficulties, but a more
consistent reflection of the evils of the old.
In the industrial group Sugar attracted
the bulk of the trading. Opening figures
We're higher, but realizing sales forced a
reduction of per cent in the first quarter
of an hour. Buying orders soon predomi-
mated, however, the price advancing to the
highest point of the present upward move
ment.
The street inclines to the belief that the
movement. for the present, at loast. will
culminate within a narrow radius of the
present level
American Tobacco was active at the eH-
pense of the shorts in the property, and
the balance of the group was dull, steady
and without important feature.
The market for sterling and continental
bilsawas strong with rates and conditions
unchanged. Bankers report better de-
mand for money. and anticipate restora-
tion of interest rates to profitable basis.