Evening star., 1897-01-19
FINANCE AND TRADE
Buying Of Low Priced Securities
Credited to Foreign Account.
GRANGER SHARES WERE CONSPICUOUS
Prospective Advance Postponed,
but Not Abandoned.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. January la.-Yesteriay's
reaction in prices had tendency to de-
tract from the optimistic enthusiasm Of the
last day two. but the advance was con-
ceded to be postponed. not abandoned.
Early London cables reflected some ir-
regularity in the American security mar
ket. hut moderate buying of the low-priced
issues. later in the day, was credited to
foreign account.
The scarcity of stocks was again the
feature of the days business, buying or
ders for moderate amounts invariably re-
sulting in sharp fractional gains. The
general market was less active than yes
terday, and the volume Of commission bus
mess was somewhat reduced The ability
of the real owners of securities to protect
their holdings has been SO frequently
demonstrated of late that concerted efforts
to force impossible liquidation are likely to
be permanently discontinued.
The effort necessary to advance prices
has been doubled in the opposite direction
without success. The street is consequent
ly working itself up to the belief that the
short side of he market will be profitable
only at rare and extremely brief intervals.
The one thing lacking is an outside de-
mand commensurate with inside ideas. This
demand is in process of creation, however.
and will develop rapidly under normal con-
ditions.
Washington is scarcely a menace any
longer, and hopes are entertained that
neither tn epresent nor the extra session
OF Congress will develop anything to
tard business revival.
Earnings are not what they should be.
but the future is being discounted, and
neither of the other lenses are a considera-
ton. Sentiment is hopeful and sentimental
Improvement is not infrequently the fore
runner of a movement which acquires sub
stance as it progresses.
The suit 10 test the validity of an issue
of SS.:'o1.0W bonds of the St. Louis and
San Francisco railroad brought against the
former directors of the Atchison, Topeka
and Santa Fe was reported to have been
decided against the legality of the issue
in question is likely to follow should the
above reported action be confirmed.
Board room gossip denied the accuracy
OF the dispatches later i'm the day. but he
denials Were not authoritative. Atchison
securities were sold by the room on the first
version of the report.
American Sugar regained all of yester-
days loss a good volume of buyif z
against outstanding short contracts The
market position of the large inside interests
in this property is still the subject of con-
siderable doubt, but the movement in the
stock reflects no dissatisfaction with It's
present course.
The Grange shares and the low-priced
irdustrals were conspicuous during the
active trading, gaining substantial frac-
TORS.
The lays business was well distributed.
although the inquiry for certain issues was
extremely limited.
The money and foreign exchange mar
k6ts present no significant changes. Rates
in both are in thorough harmony with the
movement N securities.