Evening star., 1897-03-22
Prices Improved by More Pacific Ad-
vices From the East.
INVESTORS LOOKING TO WASHINGTON
Relying on the Successful Out
come of Pending Legislation.
GENERAL MARKET REPORTS
Special Dispatch 10 The Evening Star

Special Dispatch to The Evening Star.
NEW YORK, March 22.-Opening prices
this morning We're generally higher the
result of more pacific advices from east
ern Europe. Foreign participation in the
local market Is insignificant in volume. and
is no longer factor in determining prices.
Sympathetic movements of fractional pro-
portions follow the tenor of Cretan cables.
but local interest centers mainly ia do
mestic conditions
The political crisis abroad is regarded as
representing only temporary disadvantage
to local securities. while pending legisla-
ton at Washington is destined to afford
permanent relief to the whole business COM
munity.
Relying upon. the successful outcome of
the legislation. prices were well supported
during the entire morning hour. The up
ward tendency was noticeably retarded by
further liquidation in New Jersey Central,
, per cent being conceded during the first
half of the session. Long stock was openly
sold and rumor credited the ownership to
inside sources.
Baltimore houses and brokers usually act
ing for a well-known banking interest were
among the more significant sellers at the
decline. During this period of weakness.
which extended throughout the coal group.
the Vanderbilt shares were advancing un-
noted elsewhere New York Central ad-
vanced IL per cent. under the influence
of Its funding plan, and served as sup
port to the entire railway list
The decision of the supreme Court in the
Trans-Missouri Freight Association case.
while CT small consequence i'm itself. had
an adverse influence on prices because Of
its relation 10 the legal status Of the Joint
Traffic Association. The violation of the
Sherman antitrust law is thought 10 be
equally apparent In the organization of
both associations. The decision today.
however. may prompt some .Xpedent on
the part of the latter whereby the penalties
of such a violation of the law may be
avoided The various properties in interest
reflected the Importance of the decision by
fractional declines from the previous high
level
The active inter in Chicago Gas sue
cessfuliy advanced the price If that prop
erty on the prospects of victory for the
consolidation project. Like all movements
based on legislative probabilities the pro-
cess was hampered by the extreme caution
of conservative operators. The transac-
tions in American Sugar attract Unusual
interest, but fail to throw much light on
the private wishes of the inside interests
Confidence in lower prices is however
more conspicuous that the belief N a sub
star tial advance during the debate on the
tariff bill.
Washington advices are practically unan-
lmous in the belief that serious opposition
Will he encountered in the Senate. Specu-
Iative complexities have Increased 10 such
an extent that IL is useless to attempt 10
determine the immediate course of prices.
Events under the surface tend toward i'm
prov ement and patient operators have no
cause for alarm. The narrowness of the
market besets impatience. however. and
such conditions usually result in movements
III satisfactory TO both accounts.