Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-05
FINANCE AND TRADE
Wall Street Disappointed at Delay
Over the Bond Issue.
RATE OF FOREIGN EXCHANGE RISES
IndustriaIs Were the Feature of the
Day.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, February 5.-Disappoint-
ment at the delay in announcing the result
Of the recent negotiations relative to he
proposed issue of bonds was again reflected
in stock values by series Of reductions
varying from Is to 3-4 per cent. As the
day progressed these extremes were SUBJ
stantially increased.
From present indications 1t is doubtful II
the desired information will be included In
this weeks developments. Congress will
be given several additional days Of grace
in which to accomplish the enactment Of
some measure looking to the final extinc-
ton of the causes Of the periodic disturb
ances attributable to a want of confidence
In the Soundness of the federal currency
policy. Until all hope Of relief from this
source is dispelled 1t Is not likely that the
adminiStra ton will avail itself Of authority
already vested.
1t is not doubted that the desired relief
Will come, the source and time alone being
the doubtful features OF the situation.
From the policy Of the present Congress II
is but reasonable to suppose that previous
legislation will he relied upon in this emer-
gency.
The decline of 1-2 per cent in the rates
for foreign exchange. noted yesterday. was
restored this morning the result of the
delay in announcing the bond issue and a
natural reaction from the recent weakening
tendency.
The Industrial stocks were the features
of the days trading, both as to the volume
of business and the extent Of fluctuations.
Chicago Gas yielded easily from a weak
opening Cor a decline of IL per cent
The new interest is said to be entirely
satisfied with the Pre- gress made in the d.
rection of securing control Of the property.
The exact situation seems to be about as
follows: The present management OF the
company have agreed to withdraw quietly
from the directory and to withhold all op-
position to the entry of the new owners.
provided the legal handicapS are removed.
This latter condition is now demanding
the individual attention Of the so-called
Standard OIL party, and with d fair chance
OF success. The lack of support in the
stock today was decidedly inconsistent with
these assurances from the inside.
National Lead was again under pressure
on rumors regarding the next dividend.
A less of "a per cent followed the liberal
selling operations Of the room.
General Electric sold up 3-4 per cent
at the opening. but reacted on a renewal
of short selling. Sugar was again active.
realizing sales forcing fractional conces-
sions from opening figures.
Manhattan was sold and offered down
by traders on fair volume of business.
which resulted in 1 per cent concession
from initial figures. Missouri Pacific sold
down 1 per cent and Northwest and St
Paul each lost 1-2 per cent on moderate
trading.
The short interest was materially in
creased IN certain ulrecuOnS, TRADERS ADOPT
ing that side of the market for turn.
The market for sterling and continental
bills was strong, with an advancing tend
ency reported in all classes of accommoda-
tions. There was no important increase
in the demand, the narrowness of the mar
ket and the small supply of bills, coupled
with the conditions previously referred
to, being responsible for the stronger tone
The volume of business during the last
hour was small and generally adverse to
values.
In many instances the lowest prices of
the day prevailed during this period. The
majority of the transactions were purely
professional and based on nothing more
substantial than the Discrimination Of out
side interests to trade pending the settle
ment of the bend matter.