Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-19
{ FINANCE AND TRADE
Discounting the Coming Adjourn
ment of Congress.
IT'S EFFECT WEIGHED IN WALL STREET
London Cable Reports on the New
Bond Issue.
GEN ERAL MARKET NOTES

Special Dispatch to The Evening Star.
NEW YORK, February ia good de-
mand for the several recently active stocks
morning which added substantially to val
ues during the first hour of business. The
demand originated with the short .hterest
and terminated with the satisfying of the
more urgent needs of this class of trade
The belief in rally based on the adjourn
ment OF Congress is gaining ground, and
Operators for the short account fearing an
early discounting of this event, conserva-
lively reduced outstanding liabilities. The
hgher prices resulting from this move
inent attracted some new selling, especially
IN Northwest and Jersey Central.
The former stock advanced / per cent
curing the first few minutes of trading,
but fears, not i'll founded, that the dividend
on the preferred stock will be reduced at
next weeks meeting Of the directory were
reflected in a gradual restoration of first
prices. Should the dividend on the prefer
red stock be reduced to 6 per cent the COM
mon at best must be put on 5 per cent
basis. The presence of a scaled buying or
der in the common stock has occasioned
some doubt among the more cautious as to
the dividends being cut down in proportion
10 recently published earnings, but sound
business methods are likely to triumph over
sentiment in this particular.
The advance in Jersey Central ceased
Win lHe duultlOn OF l. per cent to hrSt
prices, and gave way to retrograde move
ment for the full amount of the early gain.
Inc balance of the coal stocks, while dull,
were all stronger than yesterday.
The expected dividend of l per cent on
Burlington for the current quarter was
declared without materially influencing
prices. The grangers, however, We're
steady within fractional limits of first
prices. Erie was weak under selling in
spired by the probable terms of the assess
ment on the stock. Sugar was the feature
of the industrialS, selling up fractionally
at the opening, and subsequently yielding
to sales for both accounts for a. loss of
per cent.
London cables quoted the new American
loan at premium of By per cent this
morning, and announced the probable Offer
ing of the same to individuals and cor
porations some time tomorrow.
1t is practically impossible to figure the
New York equivalent for this foreign
premium, owing to the different basis on
which foreign subscriptions are made
Purchasers OF the bonds from the London
branch of the original syndicate are not
entitled to the May coupon. and certain
expenses and commissions are added, the
amount of which is at present unknown.
The London price per 81 900 par value viii
be about f227, or equal to 1131z. the local
equivalent for which, exclusive Of commits
sions and incidental expenses named
above, Is a shade over 10 "a. The local
branch Of the purchasing syndicate will
advertise this evening for subscriptions
around 1l2 IA. This price is a trif1e less
than was generally anticipated by those
familiar with the demand.
The days developments at Washington
were not of a character having any direct
bearing on speculation The pooling bill
was announced to be beyond all hope Of
in the main were fractionally under the
best for the day.