Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-04
Concessions in Opening Prices on
Wall Street Today.
WASHINGTON ADVICES DISAPPOINTING
London Led in the Selling Of
.s..-, Stocks.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, February 4.-Concessions,
varying from L IA to 1 1-2 per cent, were
reflected at the opening of today's stock
market, Distiliers and National Lead being
the only exceptions. The defeat of the Pa
cific railroad funding bill on Saturday,
fears of similar treatment being applied
to the pooling bill and the delay in an
nouncing the details of the proposed bond
issue were the pfedominating incentives to
the early decline in prices.
London sold ST. Paul, Erie and Nashville,
and room traders assisted the reaction by
moderate subscriptions to the short ac-
count.
A further reduction of 1-2 per cent in
foreign exchange rates was the only favor
able development of the morning, traders
regarding the reduction as an evidence of
confidence in the ultimate protection of the
gold reserve on the lines previously men
toned. After the first few minutes of bus
mess Tire tone of the market improved I'M
Ger covering and small outside demand.
which resulted in a partial recovery of the
first hours losses.
Louisville and Nashville was active and
gained per cent under a demand, trace
able, in the main, to those most conspicu-
Gus among the sellers around the opening.
Union Pacific opened off / 1-2 per cent on
the result CT Saturdays developments in
Congress, but Steadied up under a narrow
volume of business later In the day. Bur-
hpgton and Rock Island each gained 1-2
per cent from a weak opening and, like
the majority of the railway issues, Were
only in fair demand
Western Union gained 1 per cent and
Manhattan a similar amount On opera
items representing both accounts. Jersey
Central was decidedly weak on initial trad
irg, but participated in the recovery which
preceded the noon hour
In the Industrial group Chicago Gas was
sales by Chicago houses, for loss of 1 IL
per cent from closing figures. Good buying
of a character which usually precedes an
important advance in this stock was notice
able later in the day.
The delay of the new interest in securing
control of the property was used to de-
press the stock by traders, but representa-
tiyes of that interest are confident that
matters looking to the accomplishment CT
the desired purpose are progressing favor
ably.
General Electric was literally sold in an
ticipation of the Supreme Court decision
today, but the courts failure to confirm the
general expectations of the room was the
occasion of a shaip recovery in price. The
decision cannot be handed Gown until some
time Iext month. but there is every reason
for suppoSng that the greater the delay
in this particular the better for the market
price of the stock.
Distillers was strong on a victory for the
stockholders committee in today'S decision
on Lead made during the early afternoon
resulted in a reduction of y per cent in the
price of that stock. As usual in the case OF
any important movement in this property.
no tangible reason was assigned for the de-
cline. Sugar was the strongest feature of
the list, selling up Ia per cent on a steady
and liberal volume of business.
Among the more important reports OF
earnings during the day were decrease
of S2tb,i4 in st. Pauls report for the
month of January, $4,000 of which is cred
tied to the last week in the month, and
decrease of s1SI.ti11 in Rock Islands re-
pert for the latter period.
The market for foreign exchange was
irregular this morning. with a tendency
toward weakness. The receipts of COM
mercial bills from interior points showed
j moderate increase.
The immediate course &C this market cam
rot be predicted with any degree of ac-
curacy owing to the uncertain features of
the government loan. Some speculative
purchases of exchange are liable to come
on the market this loan IS Off
c;aliy announced. and lower rates, of
course. would follow.
The best prices OF the day were those re-
corded during the last hour, sugar being
the feature of the market in the advance.
AS compared with last weeks finals, clos
ing prices were irregular, but in the main
steady.