Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-07
Further Decline of American Stocks
-.;s.a3-@ in London.
ALL PARTS OF THE LIST DEPRESSED
A Reaction Followed and Values
Were improved.
MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, January 1.-THE further
depression Of American railway shares in
London as reflected by early cables this
morning encouraged a resumption Of the
local attack against values. In the first
lew minutes of trading substantial de-
clines were recorded in all parts of the
list.
The movement was shorr-l.ved, how
ever, as the stronger interests in the street
having organized over night, came prompt
ly to the rescue and forced a general COW
erfng movement. London, for the first time
In several days. bought moderately 1900
shares Of st. Paul alone being credited to
foreign purchases
Purchasers are naturally very tinid dur
Ing period of financial uncertainty, and
pessimists are permitted to dominate, for a
time, the course of values. II frequently
happens, and the present instance is not
an exception. that the freedom of action
allowed by the confusion of such a situa-
ton results in an unwarranted exaggera-
ton Of the facts and defeats the purposes
Of the leaders.
The low prices which prevailed during the
panic, resulting from the war scare at
tracted new set Of buyers, and the shares
then absorbed are now in strong hands
The actual liquidation which has been
recorded during the last two weeks is not
a
violent decline as was in progress yester-
oay. In buying back stocks, therefore
1ractlon5 were IN many instances disre-
sarded, the purchase of a few hundred
shares adding full point to the previous
price.
Wise and timely legislation at Washing
ton would inspire confidence in future re-
suits, and would 'effectuslly destroy the
mcnopoiy or the room traders in the mat
ter of determining current values
Ihe situation is by no means satisfac-
tory, but reason should prevail neverthe-
less and caution be substituted for panic
II Is In. periods of financial distress that
bargains are made but such opportunities
are frequently ignored in the wild rush to
assist rather than to resist the deprecia-
ton.
The market was adversely Influenced dur
ing the afternoon by reports of riots Ia
london supplement ted by rumors of an at
tack on the German embassy. The decline,
however. was due entirely to professional
selling.
The engagement of upwards of $1,000 600
goId Tor export was announced during the
day, the movement being largely the result
of postponed shipments Money ruled
steady at and 6 per cent, and is reported
In somewhat better supply.
The result of the action of the Senate
caucus on the tariff bill is eagerly waited
House bill must be passed substantially un-
changed II any relief is to be had. Sugar is
particularly sensitive to the varying phas es
of this measure, but the strength of the
stock this morning argues well for the final
outcome.
The result of the days trading was in
the main favorable to both sentiment and
values. The belief In the syndicate's pros
poets of securing the new government loan
thereby increasing the gold reserve as no
individual enterprise can possibly do, was
largely responsible for the more normal
speculative undertcne.