Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-02
FINANCE AND TRADE
South African Disturbances Affen
-:-.' Stock Values.
ACUTE FINANCIAL TENSION ABROAD
Wall Street Relying Upon the Bond
Issue.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January 2-Prices for
American railway shares In London were
depressed from IL to L I-2 per cent this
morning, recent disturbances In the South
African colonies having unsettled all for
eign markets. The financial tension abroad
has become so acute that the possibilities
of further adverse developments are the
subject Of much uneasiness in banking and
political circles. Consols fell of e-1e during
the early trading. rallied slightly under
moderate support and yielded to renewed
apprehension toward the close of the mar
ket. ss-~ - t's1s;'i~ -''-'
In sympathy with the course of the local
trading, securities having an international
market rallied sharply and closed around
the best prices of the day..
London's lower prices, being uneccom-
panied by selling orders. were passed over
unheeded in this market, a steady opening
being followed by substantial gains In all
parts Of the HIST A strong speculative un-
dertone. extreme dullness and a prepon-
derance of optimistic sentiment tersely de-
scribes the local situation. The bord issue
Is relied upon to dispose Of the middle con-
dition and to emphasize both extremes.
The demand for gold for bond purchases
to SO per cent, a premium sufficient to
attract a considerable volume from Europe.
1t Is expected that from two to five millions
VIII be engaged for import within the next
The best information obtainable on the
subject would seem to justify the bond en-
nouncement within the next three or four
days. The money already available il be-
heved to be considerably in excess of the
amount required to take up the issue
speculation Is naturally held In check
pending the Official announcement Of the
governments decision. as the banks are not
willing to Increase loans while the with
drawals for the new bonds are indefinite In
amount.
The Senate finance committee will in all
probability take such action as win pre-
ciude the passage Of the pending bond BILL
ana the administration will promptly de-
clare its purposes In the emergency.
well-managed properties become active up
to. if not beyond, the recently destroyed
level.
The varying fortunes of the revenue bill
will shortly come to the front as a specu-
lative factor. and traders movements based
thereon will be frequent. Up to the pres
emit time. ii is satisfactory to note, the be-
ilevers In lower prices have not been ia
vored by the prospects of this measure.
The foreign exchange market IL reported
as being firm at rates quoted earlier in
the week. The demand is light and COM
mercial bills in fair supply. go
The trading of the last hour was dull at
prices fractionally under the best There
was no interest manifested outside of the
professional element, the waiting tendency
becoming extremely pronounced in commits
sion house circles
The severaireports of earnings announced
during the day were satisfactory, but were
not SUFFICIENT Incentive to activity. Bear
rumors, without satisfactory basis, were
responsible for some weakness In Western
Union. but, with this single exception the
result OF the days trading was mainly
favorable to values