Evening star., 1895-01-24
Apprehension on Account of Large
Gold Shipments.
SEVEN MILLIONS ALREADY TAKEN OUT
National Lead Feature of the Days
Speculation.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 24-The necessities
of the short interest were responsible for
the moderately steady undertone noticeable
at the opening Of today's stock market.
The contributions of this pessimistic ele-
ment were the only arguments in favor Of
Improvement, the days developments being
decidedly the reverse of encouraging. The
engagement of s2,125,0OO gold for export
swelling the weeks total Withdrawals con-
siderably over $7,O00,0OO, with the prospects
favorable to further substantial additions,
was productive of much apprehension on
the part of traders. The result Of this
steady depletion Of the countrys gold sup
ply Is variously construed by bankers, but
there is no lack of unanimity in asserting
that heroic measures will be necessary to
restore confidence in the country's financial
policy.
The pressure of bonds in today's bond
market, n1any of them being first mort
cages on some of the most desirable rail
road property in the country, was ascrlbed
to liquidation on the part of foreign holders
The sellers in many instances reserved the
right to make deliveries within fifteen or
twenty days, which indicates that London
will ship the bonds on receiving the notice
Of sale. Such sales will necessitate pay
ments in gold and will still further post
pone the date on which the outward move
ment will cease
In view of this unsettled condition of
affairs desirable activity in speculation is,
temporarily at least, out OF the question.
National Lead, after a period of seciu-
sion, during which rumor has been busily
at work, was the feature of the days trad
ing, at decline of somewhat sensational
proportions, in view of the fact that the
motive was so carefully concealed The
earnings of the company and the question
of future dividends were employed by trad
arc in off decline D-S
1t is hardly reasonable to suppose thEt
such drive was unacccmpanied by INSIDE
liquidation for motives best known to that
class of stockholders.
The remaining industrialS were weak IN
sympathy with the prevailing nervousness.
In the railway list Manhattan attracted
some selling which resulted in decline OF
1-2 per cent from first prices. The grang-
ers were only moderately active, the only
feature being a reported decrease in st.
Paurs earnings for the third week this
month, amounting to $50, ,26S.
The dullneSS in other parts OF the list
served to keep prices moderately steady.
The market for foreign exchange opened
dull with yesterdays rates and conditions
commercial bills is small, coming from In
terror towns against old contracts. The
inquiry from remitters is good and the
volume of business limited.
The trading of the last hour was dull,
with prices around the lowest figures of
the day.
Gold shipments were the absorbing topic
of discussion, and were practically tine only
phase of the present situation seriously
&C considered. The short interest already in
the market. and the knowledge of the
ease with which prices would respond to
any judicious legislation at Washington,
served to prevent any pronounced decline.
While hes!tating to act. the street is far
from hopeful, and 1t is difficult to predict
the course of daily fluctuations A cover
ing movement IS clearly due, but condi-
tions are not such as usually demand rec
ognition of this fact