Evening star., 1897-01-30
FINANCE AND TRADE
Substantial Improvement Abroad
Helps Prices Here.
PURCHASES OF NORTHERN PACIFIC
Desire of the Great Northern Man
agement.
GENERAL MARKET REPORTS

Special Dispatch The Evening star.
NEW YORK, January 3o.-Susiained i'm
pIovement in the London market furnished
the incentive to higher prices In all de-
partments of the local stock market this
morning. The volume OF business during
the short session exceeded tho daily aver
age for the fun days of the early week.
The short interest gave evidence Of In
creasing nervousness, and Is TO he credited
with a considerable proportion OF the de-
mand.
In Delaware and Hudson the scarcity Of
stock for covering purposes was especially
marked.
The buying of Northern Pacific and Atch-
iscn securities was again the most con-
spicuous feature of the days development
1t is generally known that the management
of the Great Northern has long been de-
srous of controlling the lines of the North
crn Pacific and that legal obstacles alone
interfered with the successful culIniaation
of the desire. The steady accumulation OF
the various securities by houses I'm the con-
fidence of the management. as well as
houses with Berlin connections. mas revived
confidence in the possibility Of success in
the particular mentioned.
The reorganization syndicate. no matter
what its position on the consolidation pro-
ject might be. would undoubtedly encourage
an advance in the several classes OF North
ern Pacific securities.
The failure to pay assessments under the
new plan resulted in the syndicate's being
INTO ONutffnlp Oh a tbnStitEaDit
holding of both stock and bonds as the only
means of proceeding with the reorgsniza-
ton.
The advance in the common stock during
the week has barely exceeded the full
amount of the assessment. whereas a sub
stantial prcfit is reflected ty the movement
in the preferred.
The character of the buying has been
such as to preclude the r:oba bility of q
mere speculative movement. Important
developments are unqucstionably pending.
the details of which are withheld in order
that their success may not he emba rrassed
Foreign buying of st. Paul and Nashville
continues, the buoyancy in American rails
abroad being especially significant In view
OF the lack Of instance in other securities
The week closes under conditions almost
identical with those prevailing a fortnight
ago. when. IL Will be remembered, the most
hopeful outlook of the season was present.
ed. A concerted effort to convert the coun-
try to optimistic beliefs was undertaken
through the medium OF the regular weekly
summaries of the financial markets. The
Monday following was devoted to a whole
sale supplying of the out-of-town demand.
Concessions were recorded. without sgnifi-
cant rallies, throughout that entire week.
1t was suggested at that time that an
other of series of false starts had been
recorded 1t viii mean much to the would
he investor if Mondays market takes all
offerings and closes above today's final
figures. The situation is improving
one, and If more substantial reflection of
| the fact rs not already in progress IL is
unquestionsbly nearing its advent. The
! present situation is more deserving than
| the one recalled above. Much Of the an
| ticipated disappointment at that time has
come to pass. and future intelligence
should he encouraging.
The banks have gained over $2,GO0UO0 in
| lawful money during the week, mostly in
legal tenders Loans have been reduced
| 81. .!au,WB. owing 10 the absolute Stagna-
| tion of the demand. Practically the entire
| increase in lawful money 's reflected in an
| increased reserve, bringing that item up TO
| 49, 1850.