Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-28
The Presidents Message Checked
the Fall in Stocks.
BUT THE RALLY WAS ONLY TEMPORARY
No General Apprehension Felt ir
Wall Street.
MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 2S.-The Presi-
dents message to Congress recommending
an issue of $50O,OOO,OOO fifty-year gold
bonds, bearing interest at the rate of per
cent per annum, served to check a pro-
rounced tendency toward further recess
sions in stock values this morning Open
ing prices reflected concessions varying
from Y to 1 per cent and sold off during
the first two hours of business under a
continuation of the gold Withdrawals from
the subtreasury. The actual amounts taken
Tor shipment tomorrow considerably
over $,OOO,OOO. and Wednesdays steamers
Will take out as much more. The decline in
values was suddenly checked by the re-
ceipt of Washington advices announcing
that the attention of Congress had been
officially called to the evil effects of this
continued and unnecessary drain on the
gold reserve. general covering move
ment forced prices up to- and in some in
stances beyond, initial figures.
The rally was only momentary, however.
construed foreshadowing the defeat of
any legislation framed in accordance with
the plan suggested.
The silver men in Congress will consider
no proposition in which any preference is
shown for the yellow metal The concIu-
sion of the street is, therefore, that if any
remedial currency legislation is to be mad
an extra session of Congress will be neces-
delay Is in doubt, but nothing serious is
anticipated outside of the realms of chronic
pessimism.
The Industrial list furnished the bulk of
the activity. National Lead common start
ing the day at decline of per cent from
Saturdays closing and yielding still fur
Their to renewal Of short selling. The
liquidation So pronounced at the close of
the week was absent in the early dealings
and traders We're disposed to cover out
standing contracts. The result of this
movement was an advance of 1 ID per cent
in the price Of the stock Officials of the
company were quoted as denying any
knowledge of a just cause for the recent
attack on the property.
General Electric was sold down by the
room for a decline Of l 3-S per cent, part
Of which was regained on the midday ad-
vance.
Chicago Gas declined under a moderate
selling movement for loss of IA per cent,
the bulk of which was restored by the later
attempt to cover. The affairs of the COM
pany are believed to be gradually adjusting
themselves to suit the wishes of the new
interest. Sugar was conspicuousy strong
throughout the day, an advance of IA per
cent being recorded during the period of
weakness in other department
Jersey Central was the active feature Of
the railway list, declining l 1-2 per cent
on rumors of bad statement of earnings
to be made public about two weeks hence.
The Changers were heavy at the opening.
hut responded easily to the demand later
in the day and took fractional gains.
Missouri Pacific was under pressure by
the room element and lost l per cent on
sales for the short account.
New England was weak on sales by
traders, and the balance of the list. while
dull. was barely steady. Earnings are
more encouraging and the general business
outlook is brighter than it has been at any
time of recent date but traders. as rule,
are not in sympathy with this prospect
and hesitate to increase their risks on the
long side of the market.
There is on the whole little in the pres
ent situation to warrant a belief in any
thing more than narrow, professional
and sensitive market.
The attitude of Congress on all subjects
relative to or embcdying financial Ques-
lions will be carefully studied, and will, in
ell pre- liability, be the only legislative factor
to be reflected in the daily fluctuations of
active stocks.
The continual shipment of gold may yet
necessitate an issue of per cent bonds
similar to those put On the market last
November, in which event temporary adj
vance in prices would result.