Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-11-18
FINANCE AND TRADE
Lower Prices Abroad Have a Depress-
ing Effect on Values.
INDICATIONS FAVOR An ADVANCE
Failure Of the Efforts of the RYAN
Syndicate.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, November 1s.-A slightly
lower level of values in the London mar
ket. occasioned by unexplained activity at
the foreign Office, presumably concerning
Transvaal affairs, had q depressing influ-
cree on local prices this morning. The vol
ume Of commission buying was unimproved,
and traders continued to sell the more
active issues on the presumption that no
significant support would develop during
the day. Sales Of long stock in Manhattan.
Sugar and Tennessee Coal and Iron, added
to special causes elsewhere operative. in
spired selling rather than buying on the
part OF the professional element. Evil
dences OF disposition to resume buying
the moment the prevailing room movement
Is terminated are daily accommodating. Few
commission houses have failed to catalogue
group Of probably a half dozen securities
reasonably sure Of profitable results to dis
eliminating purchasers on further conces-
sfcns. -.-r--
The significant feature of this grouping
OF desirable securities Is that practically
the same properties have been selected In
every instance. The market yields easily
for fractional declines but the recovery is
accomplished on purchases of extremely
limited amounts of stock. While the op-
perfume moment for investing idle funds
must be left to the discretion of the pur-
chaser, surface indications are favorable to
an early exercise of such discretion. ANY
revival Of war rumors would tend to delay
the return OF outside support, but IL rou.
tine events alone are considered. the ven
turesome only will tempt profits in the
short account
The failure of the Ryan syndicate to Sc
cure control of the SeabOard Air Line had a
depressing influence on Southern railway
securities. 1t is feared that ruinous ra
wars will again be inaugurated and that
the opportunity for harmonious action in
tor
been passed for an indefinite period
The directors of the American Bell Tele-
phone Company met in Boston during the
day, but adjourned without action on the
western Union contract. From the tenor
OF The remarks made by influential direc-
tors the contract with the telegraph COM
pany Is not likely to be renewed. In we'll
Informed financial circles this result was
pretty generally expected and consequent
ly had little influence ON the securities OF
either company.
An important meeting will be held, some.
where in the west, within a week or ter
days. to perfect the details of an agreement
governing the production and sale of tn.
American Spirits Company's product 1t is
thought that all trade difficulties will be
adjusted, and that the new company will
reject the possibilities Of the old Dstillinp
and Cattle-Feeding Company under good
management.
The character of today's buying of tn.
securities of the company created the I'm
PiessioH thdt campaign OF more than or
binary significance was in progress
Metropolitan Traction was advanced
Sharply during the day. as the result O.
the pr, sperous showing submitted at yes
terday's meeting Of directors. The equip
ment OF all the lines Of this company witt
modern motive power is relied upon to inn
prove Its earnings considerably in the neal
St Paurs report Of earnings for the Sec
ond week in November reflects a falling
of of more than S214.OO0 by Comparison
with the same period in 1895 Earnings
IN majority of instances are unsa;is.
factory and would be more fully reflected
IN prices were 1t not for the strong un-
dertone Of optimism now prevailing I'm
financial circles
The covering Of short contracts and a
moderate increase I'm the legitimate demand
resulted In somewhat better market dur
ing the closing hour. The professional
character Of the trading is almost the only
drawback to the improvement.