Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-04-28
FINANCE AND TRADE
London Cables Dominated the Course
Of Prices.
DAYS BUSINESS Was CONTRACTED
Early Adjournment of Congress
Looked For.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. April 2s.-London cables
dominated the course of prices in uodays
stock market, values suffering in conse-
quence of the lack of confidence reflected
therein. The foreign market was fraction
ally above the local closing level during
the greater part of the day, but reacted
toward the close of business on vague
rumors OF uneasiness as to the outcome of
the several military and diplomatic enter
prises now on foot. Arbitrage houses sold
few stocks, and the room usual as
sisted the movement.
The days business was DoticeaDly con-
tracted i'm volume, and was almost wholly
pI OCCASIONAL
Washington advices were more encourag-
ing on the prospects of an early adjourn
ment of Congress, and the prompt aban-
Comment of disquieting tariff debates. The
failure to take up the free alcohol bill is
regarded as permanent, and with this
measure cut OF the situation rapid progress
in other directions is considered likely.
Railroad earnings were. in most instances.
satisfactory, an addition of slJ6,eUU TO Bur-
hngtonS surplus attracting particular at
tention.
The reactionary movement during the af-
ternoon extended to all classes of Securi-
ties, however, the good news of the morn
ing being overlooked in the presence of pos
sible complications abroad Recent eX-
periences Justify very cautious accept
ance of rurnors relative to foreign subjects.
the fact that the material exists inspiring
variety of gossip not infrequently purely
imaginative. Sugar was an active feature
of the day and for a time was disposed to
work toward higher level
Later in the day sharp decline of IL
per cent from the previous high level was
recorded. The movement In this stock is
regarded simply as being delayed pending
the actual official announcement Of salts
factory legislative prospect
The market for foreign exchange was
firm under an increased demand, and mods
crate offerings of commercial drawings. No
gold or security bills were reported to be
Offering. The selling of stocks by foreign
houses today, while not considerable in
volume, may force a moderate advance In
exchange rates in view of the present de-
mand from other sources.
The sales IF stocks by foreign houses was
discovered to have been less general than
was originally supposed, and the belief OBJ
tanned toward the close Of the market that
local traders had sold through foreign
houses for the purpose Of depressing prices.
This device was made apparent by a sud-
den abandonment of the railway selling,
Industrial shares in which foreigners have
no interest being substituted. If this view
of the days transactions be sustained Ivy
subsequent developments. the attempt TO
recover the days sales should prove benc-
fetal to values. Sentiment continues
strongly optimistic in influential circles,
the reaction having attracted but passing
notice among interests interested in ulti-
mate rather than immediate results.
The tendency to buy moderately on all
recessions is still marked, ard may pre-
vent any material setback from the pres
ent level