Evening star., 1896-03-18
FINANCE AND TRADE
The Market in q Desultory Cond:-
tion.
TRADING SLIGHT And UNCERTAIN
Buying Orders Came in Promptly
During the Day.
T H E MON icy MARKET

Special Dispatch to The Evening Star.
NEW YORK. March 1S.-Public interest
In speculation has dwindled into ins.gniii-
canoe. and values now reflect the irrespon-
sible estimates of the professional trading
element. The mere absence of an outside
demand has thus far failed to attract any
considerable volume Of short selling and
except in the industrial group, aggressive
ness in the opposite direction is consp.c-
uo,sly absent. London prices were rrac-
tionally lower this morning. and no impor-
tant foreign busiress was reported.
A somewhat better demand for money
ard reduction in posted rates for foreign
exchange were among the most important
OF the days developments Rumors of sew
eral additional commercial failures IN Phil
adelphia and a strained financial situa.i =.
at that center had a tendency to restrict
local activity. Later advices indicated that
no embarrassment, except to those imme-
diately concerned, would follow these fall
ureS.
A three per cent decline in the price of
Consolidated Gas was recorded during the
early trading on the reported passage OF a
bill at Albany granting privileges to a
new company to lay mains IN the same
territory. Buying orders appeared prompt
ly, however, and the bulk of the decline
was recorded on the purchase of only a
Few hundred shares of stock. 1t is possible
that legislation may be had which will
-curtail tie present earning capacity OF this
pro perty, and some long stock has been
marketed in anticipation of this announce
ment
Sugar sold down l per cent during the
morning On realizing sales but the charac-
ter of the selling was not alarming. the
large transactions Icing invariably made
en- an ascending scale.
AT the meeting Of the American Tobacco
Company held today nothing hut routine
business WIS transacted, and officers of the
company refused to discuss the various
rumors recently circulated concerning the
purposes of the directory. 1t was denied
that an issue Of preferred stock had been
decided upon, however, but il is quite prob
able that the advisability of such an issue
has been considered. AS to the payment of
dividend on the common stock. influential
tobacco interests are reported as opposing
the Immediate resumption of disburse-
ments.
The street hesitates to act on these semi
official announcements for fear that The
creation Of u short interest at this June
ture would simply be furthering the
schemes of the manipulative interest Last
weeks expensive experience is of too re-
cent date to be entirely disregarded. de-
cine OF z Fer cent was recorded in the
STOCK during the forenoon, but liberal buy
ing at the decline re-established the open
ing level.
The trading toward the close of business
was wholly confined to the room and re-
suited In irregular fractional altera lions i'm
values Washington advices have failed to
throw any light on the Cuban situation
and the final disposition of this matter is
regarded as being essential to a revival Of
activity. Should public demand he in
new high level for the active list would be
recorded. A waiting market, subject to
professional vagaries, is all that the inn
mediate future promises