Evening star., 1897-02-01
Depressing Effect Of Sales in Lon
don.
DISTURBANCES IN SOUTH AFRICA
Advices From Albany Cause De-
cline in Manhattan
GENERAL MARKET REPORTS
special Dfxpatch to Tue Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, February l.-As seemed
probable at the close of last week, the
opening hour this morning was given over
to realizing sales. London sold the interna-
tional list as the result of fresh disturb
arces in the South African colonies. At
the decline a fair local demand was en-
countered. prices advancing steadily Tor net
gains. The rndertone of the market con-
tnues to indicate growing confidence IN the
advancing tendency, but the breadth
necessary to sustained Improvement Us still
lacking.
The volume of business during the first
half OF the session was about equal TO the
increase noted on Saturday
Northern Pacific securities were again IN
good demand by houses identified with iast
weeks activity. The details covering tne
real Significance of this movement are WIFI
held hut The confident character OF the
tuying has served TO attract large @ roi-
lowing of speculative pure hasers. ,H
foreign demand, principally from f'etn
gives color to the theory that negotiations
for a large block Of the syndicate STOCK
have been about completed. In any event
some explanation of a very dehnite charaS
ter may he relied upon to follow the steaiy
accumulation of the last few days
Manhattan was sold down on private al
vices from Albany suggesting the prob
ability of a .uccessful termination OF me
cas- now pending before the railroad com
missjoners The method of accounting Tor
certain funds is said to have been unsatis-
factory to the commissioners, and the de-
| rnand for a thorough investigation Is likely
| to be gratified. The company bases It's de-
| fense on the ground that the attack is
| made for the purpose Of depressing the
stock and treats the actual charges IN
| superficial manner.
| This mode of defense is said to have
found no favor in the eyes of the body
| before whom the case is now pending Ow-
| ing to the exclusive nature of this informa-
| tion. coupled with the possibility of its be-
| ing faulty in material particulars, the
| movement I'm the stock was not generally
| followed At the decline demand from
| the short interest resulted i'm sharp r-
| covery.
| The various cliques having the market
| position of several Of the low priced IN
| dustrials in charge were active in adNanc-
ing these issues in sympathy Win the
general movement
| The best evidence Of increased OUTSIDE IN
terest is furnished by the bond market IN
| which the supply of first-class securities
| has been reduced to a minimum. Issues OF
| secondary value are being bought In con-
siderable Quantities in the belief that con-
| ditions will shortly force them upon the
/ attention of Investors.
| Diyidend-paying stocks should log1caliy
follow as speculative leaders, but the pref
erence now seems likely to extend over
1 them to the low-priced shares, owing to
1 small amount of interest required
| The street is sain IN favor OF purchases
on all concessions, and is almost unani-
mously of the opinion that the short ac-
count is no longer destined to yield more
| than temporary profits between acuiVe
| periods on the advance.