Evening star., 1897-01-23
Discussing the Recent Course of
Prices of Securities.
WHAT The WEEK HAS SHOWN
A Strong Undertone. Which ItWll
Take Time to Develop.
GENERAL MARKET REPORTS
'rccIal Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, January s2.-The week clos
ing today has been disappointing in its re-
suits and demonstrates again the mistakes
OF orer-enthusitsm. Future prosperity.
while inspiring confidence and receiving
hope in all branches of trade. is not to he
discounted by handful OF room traders
with limited resources. Bidding up prices
Is a simple process compared TO finding
purchasers at the advance
Conditions have been improving for many
weeks. but until ten days ago all evidences
of Improvement were persistently ignored
by the professional clique determining the
course of the market. Toward the close
of last week, the market having become
sta2nant. a concerted effort was made TO
advance the general list Prices Were
bid up several points. a nervous short IN
tefest forced out of the market and public
attention invited to facts which had been
patent to every intelligent observer for
weeks.
Commission houses were given a better
supply of orders. and for a time the de-
velopment of protracted upward move
ment seemed to be in progress. II became
apparent early in the week that traders
were liberal sellers, supplying the outside
demand through the medium of both ac-
counts. The market had not acquired the
realizing sales, and concessions followed
hard upon every call.
Another false start has been added to a
somewhat long list of speculative failures
The recovery of the whole country must
of necessity be slow and the superior
foresight of Wall street cannot add value
permanently to properties which will de-
vote the coming six months to acquiring
ii. Some Improvement is warranted. OF
course, bat the good results of logical
advance are often belttled by the artificial
devices which always hover around the
edges of a substantial movement.
The market has developed strong un-
dertone and needs only breadth to repair
the ravages of the panic periods. 1t is
useless to expect the advance to be as sud-
den as the declines of the last year Pa
thence and judgment are as essential as
formerly, and the opposite traits have been
Invested of none of their penalties.
The Liquidation in the soft coal shares
hurt the market considerably and extended
its influences to the high-priced anthracite
roads. which have nothing in common with
the former properties. Delaware and Hud-
son and Hooking Valley were. however
equally weak, and discouraged the entire
market.
The settlement of Union Pacific differ
ences with the government. now practically
assured. is an important development. which
must eventually work to the great ad-
vantage of the whole speculative situation
The weakness of the foreign exchange
market and the possibility of renewed for
eign buying of our securities Is another en-
courasing factor not reflected i'm surface
conditions.
The bank statement reflects a gain Of
81, ,41S.oW in lawful money. mostly I'm legals
The decrease of 81 ,oOoV00 In loans indicates
the congested condition of the money
market. but gives renewed assurance to ths
borrower. An increase OF nearly five mil
lions I'm reserve brings that item up Is
s51 o61 800.