Evening star., 1896-01-03
FINANCE AND TRADE
Effect Of Delay in Announcing the
New Bond Issue.
RESTRICTED VOLUME OF BUSINESS
Wall Street Awaiting Advices From.
Washington.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, January s.-The delay in
announcing the new bord issue was again
responsible for a restricted volume Of busi-
ness and fractional reduction I'm values.
The bulk of the days business was pro-
fessionai AMI attracted little attention out
side of the room.
In a few instances tired holders were
disposed to tighten Improbable accounts.
pending some definite action on the part
of Congress. The news from Washington
indicated that dilatory tactics would be
employed In spite of the urgent necessity
Tor immediate action. Efforts to repeal
existing law relative to the issuing of 4
per cent bonds were regarded as furnish
Ing additional incentive to prompt action
on the part of the administration. Should
this argument fail to have weight with the
authorities 1t is not likely that the new
loan will be announced until after the re-
port OF the finance committee On Tuesday
next In the meantime the course of prices
will reflect the passing whims of unbam-
pered room traders.
The engagement of one million dollars in
gold bars was announced during the morn
ing, but this item Is offset by the engage
ment OF the same amount for import The
outward movement of gold is absolutely
imperative at this Juncture, but 1t is not
SuDycSt 10 frequent QupuCatiCn.
The scarcity of legal tenders of large de-
nominations is said to be mainly RESPONSE
BILE for the limited proportions of the out
fow.
The industrial shares under the leader
ship OF American Tobacco, were the active
features OF the days trading. The pros
poets OF an early settlement of the tobacco
war were responsible for, the advance in
the stock named, the short Interest being
the most conspicuous element In the up
ward movement Leather preferred sold on
rapidly under sales for both accounts,
based on disappointing dividend prospects
In the regular list Western Union. wasS
again a feature on the resumption of the
selling which has recently characterized
the trading in this property. Last weeks
drive at Baltimore and Ohio gave rise to
the rumor that the large holding OF West
ern Union must be sacrificed In orjer that
the frst-named corporation might meet its
January interest payments.
Other arrangements provided the neces-
sary funds. but the runners, despite their
lack Of merit, are still potent.
The several members OF the granger
group are looked upon with considerably
more favor than at any time of late, the
movement OF corn being relied upon to in
crease earnings. St Paufs statements
are likely to show a more profitable bust
ness than Is generally supposed and this
fact is calculated to make the shares of
that company extremely popular on the re-
sumption of activity. The street is full of
would-be buyers, who have selected their
stocks. but await a settlement of the finan-
cial problems DOW in process of solution
before actually depositing their money
is the one factor adverse to values. Wise
legislation, within q reasonable time, and
the announcement OF the bond issue win re-
move this undesirable factor.