Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-07
Spectators Are Waiting on News
From Washington.
REAL INFORMATION HAS BEEN SCARCE
Norfolk and Western Receivership
Had No Bad Effect Abroad.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star


NEW YORK, February Z.
A restricted volume of business, border
ing on stagnation, reflected the absence Of
any new incentive to speculative activity
at the opening of today's stock market.
The waiting tendency of speculation was
even more pronounced than yesterday,
Washington intelligences being impatient
ly scanned for some inspirati ton as to the
outcome of the new loan negotiations and
the probable fate of the pooling bill Tele
graphic platitudes on these subjects were
abundant, but real information lament
ably scarce. AS all other subjects have
dwindled into insignifcance the lack Of
tangible evidence on the predominant fac
tors in the situation inspires caution. and
caution when coupled with narrowness pro-
duces stagnation.
The announcement of the appointment of
receiverskip for Norfolk and Western,
made late yesterday afternoon, had no
effect on London's early prices. On the con-
tlary, foreign houses were moderate pur-
chasers of International securities against
short sales made earlier in the week. The
feeling abroad Is encourag1ngly cOnndent
on the subject of an early bond issue, the
bulk of which is expected to find market
on that side.
Western Union was a conspicuous fea
ture of the regular list, opening at an ad-
vance of 3-S per cent and holding well at
further fractional advance during the
first hour. Realizing sales about the noon
hour resulted in decline Of IL per cent,
but good buying Immediately ensued, and
early prices were restored.
The recent strength of this stock is large
ly attributable to covering. but moderate
investment demand has been noticeable ON
every advance Louisville and Nashville
was again fairly active under purchases
against short sales. an additional IL per
cent being added to the price of the Stock
only to attract renewal of the selling
movement. New England was advanced IL
per cent on buying by brokers usually
identified with any movement in this prop
erty.
The Changers were dull, but in the main
steady around first prices. The defeat of
the pooling bill will be mostly reflected in
this group of stocks and traders are daily
becoming more cautious in their dealings
in this class of securities. Those in posi-
ton to judge of the prospects of this bill
becoming a law are not over conndent OF
it's securing favorable consideration on the
final vote.
In the industrial group Sugar was
favorite around first prices. but was barely
more than steady. The temporary with
drawal Of support caused reaction OF IL
per cent, which was quickly recovered.
General Electric was sold down by brokers
conspicuous in the recent decline. but was
less active than formerly. Chicago Gas
was steady on buying attributed to a con-
fidence in an early change in the directory.
This event was scheduled for today, but
was not effected for some undisclosed rea-
son. The balance of this group was TOO
dull to require any analysis.
The market for sterling and continental
bills opened firm on a small volume OF
business Bankers are not disposed to
make any contracts either to buy or sell
exchange pending some action on the bono
question.
Private advices relative.to the bond mat
ter, received during the afternoon. stated
positively that an issue of S101Wu.NU per
cent bonds to be sold on 3 Ia per cent
basis, and to run thirty years from the
date of issue, would be announced inn
mediately after the House vote on the
Springer bill today. Should a favorable
vote on this bill result 1t might possibly
delay action even though there is no hope
of getting the measure through the Senate.
At the rate proposed the price of the. new
bonds will be about ia IA.
The last hours business was as duh and
uninteresting as it's predecessors. Prices
were inclined toward irreguiarity. but in
the main We're about on a parity with
those recorded at the opening. Develop
ments expected after the close of business
are relied upon to stimulate some activity
in tomorrow's market.