Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-03-27
Depressing Effect Of Lower Prices in
London.
INTERNATIONAL SHARES were SOLD
Further Complications in the A.
rican Situation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March GA substantially
lower London market had q depressing in
fuence on early prices this morning, and
invited moderate selling OF the information
al shares. Further complications in the
African situation were said to be respon-
sible for the foreign selling Of our securi-
ties, but the best explanation, judged by
the steadiness OF Consols, IL that local
traders were active in the establishment of
London's depression.
The larger drawers Of foreign exchange
express satisfaction with yesterdays ad-
vance in the premium on bar gold and re-
port practically no apprehension Of signifi-
cant shipments Of specie. The low rate for
call money now prevailing is not altogether
desirable during period of advancing ex-
change rates. but this condition is easily
remedied. Should an emergency arise, IT is
likely that the department would again de-
mand the payment of funds now held by
depository banks, thereby decreasing the
supply of borrowable funds and increasing
interest rates.
A fair interest rate would prevent a return
of the gold borrowed on account of the
recent bond issue, much of which being
borrowed on sixty day obligations is now
due. and would open up new fielis for
profitable Investment. The amount of gold
which may be required in settlement CT
trade balances will in all probability be of
such small proportions as to invite but pass
iEg notice.
An increased interest rate and decreased
sterling quotations are likely to be estab-
lished by influential banking institutions,
assisted by the federal treasury. rather
than allow period of gold depletion such
as preceded the February bond transac-
ton. Fortunately there are no prohibitive
forces operating against the execution of
such a plan.
The market shows no Indications of
broadening. and the several specialties in
which pools are active seem likely to alb
sorb the bulk of the trading for the next
fortnight at least.
The short interest in Baltimore and Ohio
was credited with a per cent advance in
the stock of that company, the scarcity of
the stock alone warrantfng the movement.
Tine usually active features of the railway
list were Only steady around the weak
opening level traders buying cautiously
for quick turns.
American tobacco was the feature of the
days transactions, active manipulation adj
vancing the price BIZ per cent. Rumors
that the plug manufacturers would form
ar organization for controlling the plug
product and abandon the cigarette indus
try to the American Company We're Off
cialiy denied and the dividend prospect util-
1zed exclusively in justification of the ad-
vance Predictions ola further advance
of . per cent were confidently made by
the inside interests noted among today
largest buyers.
All doubts as to the dividend should he
disposed of during the coming week, and
an active market for this stock is practical
ly assured in consequence.
The commercial settlements incident to
the closing of the first quarter of the year
will he awaited with some concern, owing
to the almost daily evidences OF insolvency
but it is probable that no important fan
ufes will be reported.
The coming month, if not unusually dis
appointing, should witness a revival of
speculative and industrial activity on the
faith of which a moderately higher level
of values should prevail.