Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-30
Further Withdrawals of Gold Over
Two Millions.
SPECTATORS RETAINING CONFIDENCE
Assurances That Have Been Given
to Wall Street.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 20-The pessimism
of early London cables was reflected by
sympathetic depression in initial figures at
the opening Of today's stock market. Fur
Their Withdrawals of gold, aggregatinS over
$2.O00,OOO. and bringing the weeks total
reduction Of the reserve up to something
more than $S.O00,O00, also contributed to the
bewilderment of SPECTATORS. The attempt
to cover a small block of stock during the
first hour demonstrated the complete scare
ity of borrOwahle certificates, which forced
the more thoughtful into immediate ac-
tivity. The rally which followed this rcso-
luton was beneficial to sentiment as well
as prices. The feeling Of doubt and pro-
nounced indecision which has so complete
ly permeated the speculative atmosphere
during the last few days gave way to an
undertone Of confidence, and a belief that
the limit OF the decline had been reached.
Purchases for both accounts marked prices
up for substantial gains at every point Of
activity
There was nothing in the days volumin-
Gus Geographic correspondence from Wash
ington Indicating the probability. of any
assistance from Congress on the question of
financial legislation, but assurances were
not wanting from sources worthy OF be-
lief that the supply of gold necessary to
redeem all outstanding obligations will be
found fully adequate to whatever demand
the holders of these obligations may make.
An extra session of Congress is relied
upon to facilitate the method by which
this purpose is to be accomplished. In
terest in the outcome Of the financial cyl
tatjon shows no signs of abatement, but
the element Of fear has disappeared and
conservatism again prevails.
Manhattan was a conspicuous feature OF
the railway list during the early trading,
ar advance of l per cent being recorded
kz1r,
virtual abandonment of the underground
scheme for rapid transit, and the salts
factory report of the company's earnings
and prospects, forced covering move
ment, with the result mentioned
The short interest In Jersey Central was
responsible for an advance of 1 IL per cent
in the price of that stock. The grangers
were all in fair demand at advances vary
ing from 1-2 to ga per cent.
General Electric was bought and led up
by traders recently active on the decline.
An advance Of 1 per cent followed by
decline equal to the full amount of the
gain and a subsequent advance to the best
figures of the day marked the course of
the days transactions in this stock.
The decision of the case now pending
in the Supreme Court is generally regarded
as, likely to be unfavorable, but just how
much OF the result of it's announcement
has already been discounted it is iE1possi-
BILE to state. Chicago Gas advanced 5-S
FER cent on assurances from the new in
terests that their rights were shortly to be
accorded the recognition due. Sugar sold
up Is per cent on a fair volume of bust
ness and elsewhere dizziness was the only
festure
The foreign exchange market opened
strong and dull with a marked disinclina-
ton on the part of bankers to do business.
The scarcity of all classes of commercial
bills and the high rates of exchange posted
make gold shipments the only remittance
possible to employ in the liquidation of
foreign obligations.
The market reflected its disappointment
at the Senate's failure to take up the pool
ing bill by a general shading off in values
during the last hours trading. The street
has a theory that if Secretary Carlisle will
come over to New York and frankly ask
the cooperation of the local banks in the
to acquire all of the gold necessary to re-
store the reserve to its normal condition.
1t is now believed that the Secretary will
recognize the wisdom of this step, and will
act upon it at once for the good Of all con-