Evening star., 1897-03-13
Steady Undertone Continues to Char.
acterise Operations.
DEMAND FOR The DIVIDEND PAYER 5
Opinion Divided Regarding the
Coming Congress.
GENERAL MARKET REPORTS
Special Dispatc. 70 The Evening Star.

Special Dispatch 70 The Evening Star.
NEW YORK, March l3.-The steady un-
dertone which has characterized this
weeks operations in the security markets
was especially marked during the early
trading this morning. The demand for the
better class of dividend-paying securities.
some of them on the inactive list. was
noticeable feature Of the days business.
The narrowncss OF the general speculative
market encouraged some selling to take
profits toward the close of business, which
resulted in irregular changes for the day.
The movement i'm Omaha and Northwest
ern. investment buying of the entire Van
derbiit group, and the termination of
liquidation in New Jersey Central are i'm
portant factors which have materially fur
thered the general plan of improvement.
The approval of Manhattan's dividend
policy continues TO find expression in a
steady market for its securities lrvest-
ment buying has assumed encouraging pro-
portions but speculative interests insist On
definite knowledge OF the probabilities at
Washington, as condition precedent 10
activity
Should the coming extraordinary session
Of Congress show A preference for bust
ness-like methods, prices will reflect the
satisfaction of the financial community.
AT present opinion is divided on The pros
rect. The tariff bill is not though. 10 be
assured of & easy passage from the com
lnittea rooms to the statute books. The
first half of its career is a mater of no
concern, but the final debate. 1t is feared,
will be deliberate, if not dilatory.
Then, too. other subjects than those espe-
cially assigned fer debate may prolong the
session and continue TO menace the peace
of a slowly reviving Business world. These
undesirable events are more possible. than
probable, however, and should only be so
considered. The main feature of the st-
uation, upon which opinion is unanimous,
is that the federal government is to be
provided with revenue sufficient to cover
all its expenditures. The prosperity of the
individual follows as of course
The bank statement reflects loss of
$ee.:sS5.o00 in lawful money. divided between
subtreasury operations and The interior
movement. The lo ans have been increased
8,S5u,HDo partially because of the increas-
ed imports encouraged by the proposed
advance in duties. The deposits have gain
ed 81, ,2S2, 1D in consequence of this in
crease in loans. A decrease OF 81 GR.s15
in the surplus reserve brings that item
Gown to So. .S64.o0.
The statement is particularly Cncourag-
iEg, inasmuch as It reflects the increasing
commercial demand for money. Interest
rates may advance slightly thereby, bene-
fitting the foreign exchange markets and
Increasing banking profits. The import
movement is thoroughly within the rapga
and indicates 4 growing confidence in buSi-
ness extension.
The situation is full of encouragement.
but the profits will accrue only to the pa
tient and conservative operator There is
/. sympathy among the larger interests for
cheap demonstrations: merit is attracting
capital and must continue to do so during
this unent thusiastc era.