Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-17
Bankers Criticise the Subtreasury
Gold Payment Policy.
SAID TO ACT LIKE A BOOMERANG
Granger Stocks Higher, but Chicago
Gas the Attraction.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK January 1.-THE covering
Of room shorts and the absence of outside
interest were again the distinguishing feat
ures of speculation N railway shares. The
strength of the market in view Of the ex-
treme dullness, encourages belief in the
willingness of the professional element TO
cooperate with any well-orgaEiZed effort
to improve values. Over $1,OOOOOO in gold
was engaged for shipment this morning,
and this sum may be doubled before Sat
urday's steamers sail. The policy OF the
subtreasury in paying out gold OF an in
ferior quality is adversely criticised py
bankers, and is directly responsible for the
early Withdrawals
Most of the gold paid out is light weight.
and consequently cannot be used for snip
ping purposes. Bankers are carefully
weighing all coin received, Int instead OF
returning the light weight pieces are de-
posting them in bank and making further
demands on the Subtreasury- In this way
the treasury is experiencing the reaction
of a policy devised for an opposite pur-
pose.
The granger stocks were all fractionally
higher, reported decrease of $60,559 In 81.
Paufs earnings for the second week TINS
month not presenting 3-S per cent ad-
vance in price. The favorable showing
made by Erie and Western resulted in
some buying of the preferred stock by the
trading element, the price improving Il
per cent in consequence. The coal stocks
were dull, Jersey Central manifeStlng less
strength than its neighbors.
Chicago Gas continues to absorb the bulk
of the trading, the legal complications
surrounding the company furnishing the
erty are still in doubt as 10 the best
course 10 pursue in order to dissolve the
injunction, which. though founded on a
technicality, is working hardship under
h( of
that the injunction will be dissolved, the
question of time being the only uncertain
element in the situation.
Sugar was steady throughout the morn
ing, fluctuations being confined within the
limits of 5-S per cent. The much-talked-of
decision in the antitrust case, now in the
Supreme Court, is expected shortly, and 1t
is believed that the decision of the lower
court in favor Of the trust VIII be sustained
The street is but little concerned by the
movement to strike out the one-tenth diff
ferential duty on imported sugars, as the
Senate is in no mood to pass such bill,
even should the House do SO.
The market for sterling and continental
bills opened strong, with rates fractionaiiy
above those quoted yesterday. The sup
ply of bills is limited and q good demand
is reported from all classes of remitters.
Settlements against the purchase OF dry
goods and general merchandise are re-
sponsible for the increased demand noted
today.
There was little in the character of the
last hours trading to distinguish 1t from
the narrow operations recorded earlier in
the day. Prices were irregular, and The
volume OF business small Some demand
for Manhattan during this period caused
sharp advance of Il per cent on open
ing figures. Further engagements OF gold
were reported, but were not reflected in
stock values. Chicago Gas was literally
bought by traders on the belief that pres
ent legal inconvenience Will shortly be dis
posed of, and the election of the new board
be proceeded with on original lines.