Evening star., 1896-02-29
FINANCE AND TRADE
Baltimore and Ohio the Feature of
the Days Speculation.
DECLINE Was DUE 10 FOREIGN SALES
Funds That Must Be Raised by
Monday.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. February 2a-Fears of dip
lomatic complications with Spain were less
pronounced this morning. owing to a better
understanding of the real nature OF yes
terday's vote in the Senate. Although in
volving several mootei questions of inter-
national law, the better opinion seems to
be that the executive branch of the govern
ment must grant the recognition OF bellig
erent rights and that yesterdays action
was merely an expression Of sympathy on
the part OF Congress- coupled with the as
surance that such recognition would be
supported to the full extent of legislative
authority. As the resolutions involve no
obligation 1t is presumed that the matter
will be seriously considered and hasty ac-
tion discouraged
The financial troubles Of the Baltimore
and Ohio railroad were again brought into
prominence this morning, and In view of
the sensitive condition Of the market un-
settled the entire speculative list. London's
weakness WAS attribr.sd to fears Of un-
favorable developments in this property.
and the decline in the interest-bearing se-
curities Of the road was due to a very con-
siderable extent to foreign sales.
The reports current during the first half
OF yesterdays session to the effect that pro-
vision had been made for meeting all ma
turing interest Obligations were, to say the
least, premature. As a matter of fact. the
funds must be raised between today and
Monday, or a receivecsnip is inevitable.
In some quarters the appointment of q re-
ceiver is regarded as being among the prob
able announcements prior to the opening OF
next weeks trading.
The hurried departure of prominent OIL
cials to Baltimore this morning adds color
to the many rumors Of the critical situation
to be dealt with during the next forty eight
hours The decline during todays short
from the opening level, long stock being
freely sold during the entire day.
The comparative steadiness of the general
list was due to covering by professional
traders. all purchases for the long account
being made with great caution. Baltimore
and Ohfo's affairs will dominate the course
of prices during the coming week. Lon
don especially being watchful OF the out
interest period. If the necessary money 10
raised higher prices for the entire list are
probable5 otherwise. q lower range OF val
ues Il assured.
the payments made on account OF tho bond
transaction, the banks having lost over
four millions. mostly in specie. No gold IL
now held by the banks for government
tenders lema1n to bs paid into the sub.
treasury. OF the sixteen millions to b
paid in on future fnstailmenfs II b not IKE
ly that more than fifty per cent Win BE-
free gold.
The present federal gold balance "a, there
fore. not likely to b. materially incrsassd.
and foreign exchange operations seem like
~ to become important speculative factors
In the near future.
The weeks banking operations have re-
suited In decreasing the surplus reserve to
something less than $4,000, 600 q reduction
OF over 100000 for the period quoSsd.