Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-18
Effect on Stocks of the Presidents
Message.
DECLINE FOLLOWED HOUSES ACTION
Rates Of Foreign Exchange Will
Go Up.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star.
NEW YORK, December 1S.-Yesterday'
| message to Congress and today's prompt re-
Spouse to the suggestion made therein had
a depressing effect on stock values. Early
London cables reflected declines varying
from IL to rs per cent and brought lib
eral volume of selling orders into the local
market The total sales attributed to for
eign account during the first half of the
day aggregated thirty thousand shares
After the first pressure had been relieved
somewhat, moderate rally ensued, but the
character of the trading in both accounts
was purely professional and consequently
extremely susceptible to sentiment.
The appropriation of the money needed to
equip the new boundary commission was
construed as being of much greater sig
nificance than was the presidential sugges-
ton to that effect. The lowest prices of
the day succeeded the announcement of
the vote in the House appropriating the
necessary funds to determine the logical
position of this government in the contro-
verSy between Great Britain and Venezue-
la. Some sales of long stock were noticed
during the later activity. but the majority
of the transac tons were made by traders.
The immediate effect of the develop
merits of the last twenty-four hours
will be to advance the rates for
foreign exchange at a time when conditions
in this particular were far from satsfac-
tory from a variety OF other causes. The
securities sold by foreigners must be paid
for In gold. and this, in addition to the sea-
sons regular needs will add to the tempo
| rary apprehension by inviting attention to
a slowly crumblng gold reserve.
An issue of bends is unqueStionably con-
templated, and message to this effect
early in the new year would not surprise
Wall street. 1t is limited in certain we'll
informed circles that London will sub
scribe to this new issue, notwithstanding
the present want of harmony on diplomatic
questions. Actual hostiities are not nee
essary to maintain our position as yet. and
il is not believed they will be, but in finan-
The worst of all anticipa ted contingencies
ard consequently buyers of stocks. for the
| next few days, are likely to be in the
minority.
The declines recorded In stock values dur
| ing the holiday season. in which we have
practically entered, should not be credited
entirely to fears of trouble with England.
Many securities were inclined to sell off
| prior to the first intimation of our intended
agGressiveness, and would have held up but
| a few days at least. The buying power of
the street is severely contracted and a
period of bargain making was in progress
owing to preponderance of sellers. The
prudent trader will hold aloof temporarily
and if viewed without prejudice will find in
vitinS opportunities on the long side in the
next few weeks.
Upwards Of $1,000 600 in gold is likely to be
shipped to France at the end of the week in
addition. to what will be required for Lon
| con account. Closing prices were uniformly
lower, under moderate volume of business