Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-02
Prospective Gold Shipments Cause
Lower Prices.
BAD EFFECT OF CURRENCY AGITATION
Those Who Expected Improved
Conditions Disappointed.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 2.-The course of
prices in today's stock market was gener-
ally disappointing, owing to the complete
absence of legitimate outside business.
Instead of an improved speculative tone,
bad earnings and the engagement Of two
and onc-half millions of gold for export to-
morrow combined in producing feeling of
apprehension, which resulted in uniform
reduction of values. The large engagement
of gold this morning may be doubled before
the week is out.
The currency question is now hanging
over the market as a deterrent influence.
the continued drain on the federal gold re-
serve emphasizing the urgent necessity of
a more satisfactory and efficient financial
policy. Unfortunately the outlook for the
necessary legislation is not encouraging at
the present session of Congress, although
some attempt in the right direction may be
made.
The early passage of the pooling bill
would help prices temporarily, but the i'm
portabce of the measure has undoubtedly
been overestimated, the amendments tc be
made being undesirable additions
The Changers Were the most active fea-
lures of the railway list, Burlington lead
ing the group at a reduction of per cent.
Northwest scld down "a per cent and
Rock Island and st. Paul each SIS on trad
ing almost wholly professional. The alb
sence of supporting orders in other parts
of the list attracted some selling for the
short account which resulted in small
fractional concessions. In the industrial
group Sugar assumed its old position Of
prominence and forfeited 2 per cent of
it's value in consequence. The heavy SELL
ing of this stock around the noon hour
was for both accounts, operators close to
the management being conspicuous sellers
on the decline.
The reopening of the debate on the abro-
CATION of the difrerential duty is expected
within the next few days. which, coupled
with unfavorabIe trade conditions, explains
the decline this morning. The annual
meeting of this company will be held, prob
ably, week from today. 1t is not
known that any thing more important than
the election of several new directors will
come UP on this occasion.
Chicago Gas, the most promising bull
card of recent date, succumbed to the sag
ging tendency elsewhere. for total loss Of
1 3-S per cent. The decline was not the
result of any new or unpromising develop
ments, the taking of profits being largely
responsible for the setback in price The
pool in the stock were not concerned by the
temporary delay of the upward movement.
anu are confident that original estimates of
the limit of the advance will be recorded
before many weeks
The lower-priced industrials were frac-
tionally responsive to the heavy trading
in the specialties.
The market for foreign exchange opened
firm and fractionally higher, the rates for
long bills being particularly strong. The
firmness in the tone of this market is at
tributed to the general scarcity of bills
rather than to any increase in the demand
from remitterS.
The trading of the last hour was con-
Quoted largely in the interest of reduced
values. prominent brokerage firm usu-
ally employed by the largest dealers in
sugar was conspicuous throughout the en-
tire session, not only in connection with
the stock named, but was also closely
identified with the attack on the grangers.
The bulls Were lacking in aggressiveness.
and the bears were therefore unmolested
in their efforts to force concessions.
The condition of the market at the close
of business was very unsatisfactory, and
the sentiment of the street in direct op-
position to improvement for the present.
This condition is. of course, agnified by
the domination Of the professional element,
and could easily be reversed il public in
terest in speculation could be aroused by
some attempt at wise legislation.