Evening star., 1897-01-06
Speculation Extremely Sensitive to
Washington Advices.
OUTLOOK IN TIE CUBAN SITUATION
Rise and Fall in Union Pacific
Values.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. January GA distinctly
better feeling prevailed in local financial
circles this morning and the early ten
dency Of prices was consequently In the
direction of Improvement. London cables
reported a dull and fractionally lower
market for American securities. but no sig
nificant foreign selling vas apparent In the
local market. An increased inquiry for
foreign exchange and the consequent aJ
vance Of u per cent in posted rates at
tracted some attention. but was conceded
to reflect only a temporary condition.
The bills hypothecated in anticipation of
more urgent demand were released. in
order to supply today's inquiry. The bulk
OF the demand came from one house. indi-
eating a special rather than a general need.
The market was largely professional. but
IN one or two instances buying by commits
sion houses, supposed to be representing
small cliques Of optimistic operators at
trlcted significant attention.
The room is slowly awakening to the
possibilities of a more general applica ton
OF the best arguments to be deducted from
future prospects. Heretofore orly the evils
and the possibilities of evil have been util-
lied tc their fullest extent
There Is some skepticsm as to recent as
surances of the collapse Of the Cuban
demonstration in Congress-, but a more
thorough understanding of the legislative
Position OF this controversy would prob
ably insure higher speculative level
me market continues extremely sensitive
to washington advices, the room following
the operations of the brokers known to
have Washington connections.
The advance in Union Pacific yesterday
and the decline in the same property to-
DAY were directly due to the confidence in
the passage of the funding bill, and the
subsequent loss of faith in the legislative
chances OF this measure. The best opinion
on this subject leaves the bills chances in
doubt, but with its passage the least doubt
full.
Some change In the legislature sentiment
at Albany In the matter of forcing a gen.
erai reduction In local gas rates had a
benefcial influence on the stocks of such
corporations. The movement in these shares
was decidedly erratic, however and re-
nected the presence of considerable fear.
Notwithstanding temporary changes in SEN
nuenced by the near approach of its sec
ond dividend and growing confidence in the
plant now that hostile state legislation has
been provided against
The reports of earnings for the final
week in December continue to reflect i'm
proved business. due largely to the holi-
day traffic This improvement is confident
y refied upon to continue through the
spring and summer months and should
soon become an active factor in determin-
ing values.
Delaware and Hudson sold Town sharply
during the day in anticipation of a .educ-
ton In its annual dividend rate.
The railroad list as a whole was well
supported, however, and no evidence of a
disposition to sell long stock is reported
from any source. The long side OF the
market would apparently respond to half
the present energy of tine pessimists for
twice the net results.
Delaware and Hudson broke sharply dur
ing the last hour on the announcement
that the annual dividend had been reduced
from Z to ).