Evening star., 1897-01-28
Fractional Improvement Due to a
Better Tone Abroad.
EFFECT OF TIE COAL ROADS, MEETING
Declaration of the Omaha DWi-
dend Encouraging.
GENERAL MARKET REPORTS
'pecial Disratch to The Evening Star.

Special DsIatch to The Evening Star.
NEW YORK, January 2S.-The custom
ary Irregularities OF a dull market were
reflected in all of today's operations in in
vestment securities An improved tone in
the foreign market encouraged fractional
improvement during the opening hour, but
the volume of legitimate business is not
equal to important changes in quoted val
ues. Exchange rates advanced slightly as
the result of meager offerings.
In view Of the recent weakness in the
market, the advance is quite natural and
occasions no uneasiness as to the future
tendency of foreign exchange rates. The
supply OF commercial bills is small and
this fact alone warrants the half per
cent addition to posted rates. Both securI-
ties and commodities are likely to attract
foreign capital in the near future to an ex-
European exchange.
The outcome of yesterdays meeting of
the soft coal roads and the agreement to
abrogate all contracts under the establish
ed rate have materially improved the gen.
eral situation. Hooking Valleys difficulties
will be provided for and the evil influences
of liquidation removed.
The declaration OF per cent dividend
on Omaha Common for the year 1896 and
the usual dividend on the preferred-both
payable February 2O-was an encouraging
and not unexpected development.
This evidence of railroad prosperity may
be duplicated in other instances once the
real significance of conscientious manage
Hent is understood.
The strength and steady buying CT North
ern Pacific securities attracted consider
able attention during the day. Interests
in position to Judge accurately Of this
past been rated among the largest buyers
of these securities
A bill introduced into the Illinois legisIa-
ture. regulating and defining the obligations
OF telephone companies. whether corporate
or private. Is taken to be the first public
move In the Bell Telephone-WesternC Union
extension controversy. The bill seeks to
make the companies common carriers
with all the obligations Of such. and COM
pels company to allow a rival to use its
lines and to apply all devices necessary to
an efficient service.
The general character Of the legislation
sought Is probably the chief reason why
the two great corporations named are
thought to be concerned
Rumors of the telegraph company estab-
fishing telephone system to repair the
ravages of the long distance telephone have
long been familiar in financial circles.
The prompt announcement that such ac-
tfon would be followed by a telegraph
service over Bell telephone wires followed
almost of course. With active compe-
tition already in the field. the Western
Union company can scarcely be expected to
digress into unfamiliar territory with profit
able results. The present details of the
exact relationship between the two COM
panies are not sufficiently authentic to
warrant more than a careful watching of
| future developments.
Private telegraphic advices from Albany
resulted in some selling of Manhattan dur
| ing the day, 1 per cent decline following.
| The price was subsequently advanced un-
| der covering for the full extent of its
| early lLss.
| The Second Avenue acquisition to the
| Metropolitan fractions service is regarded
| as strength ening the position Of the surface
| road.