Evening star., 1897-01-14
FINANCE AND TRADE
Washington Advices Regarding Pa
ci6c Railways Variously Construed.
TIE FIGHT WITH TEE SUGAR TRUST
Opening Prices Steadied by Gains
IN London.
GENERAL MARKET REPORTS

Special Dispatch The Evening Star
NEW YORK. January l4-opening prices
this morning were generally steady under
the influence OF fractional gains in the Lon
don market. The volume OF business was
confined to professional proportions. and
consequently no significant net changes
were recorded
st. Paul and Burlington were bought by
traders in the belief that the predicted
prosperity ahead will first find reflection In
the conservative railroad Issues. The scar
city of stocks serves to deter any material
extension of the short account. which has
already given evidence OF becoming un-
w.eldy.
Washington adyices as to the further
proceedings in the Union Pacific contro-
versy had the effect OF increasing the com
plications occasioned by the defeat OF the
funding bill. The subcommittees action In
considering proposition based on the lines
of the Harrison substitute is yariously con-
strued as to its effects on possible fore
closure proceedings. The various commit
tees representing the bondhoders of the
property are undoubtedly in favor of fore
closure, with the assistance OF the govern
ment. but are not sure that the Washington
authorities will act pending the progress
of the new proposition.
II legal proceedings are undertaken, how
ever, il is certain that there VIII be no
lack of harmony between the private in
terests concerned and the government The
stock must he assessed SIS per share un-
der the new plan, and the privilege of max
ing this contribution is all the present pur
chasers subscribe to when dealing in the
stock now listed.
The attempt TO fcrce a receivership For
the Woolson Spice Company Is generally
regarded as being evidence of weakness
on the part of the American Sugar COM
pany's rivals in the trade. The latter com
pany is said to have added literally to it's
already large surplus during the past year
and is therefore thoroughly equipped for
the controversy in hand. The local trading
element is consequently disposed to favor
what 1T considers the stronger half OF the
argument
The Tennessee Coal and Iron Company is
being pushed conspicuously forward in the
daily gossip of the street, past achieve
ments and future prospects being freely
commented upon, after period of pro-
tracted obscurity. The sales of iron 10 Eu-
rope and Japan by this company and its
nearest competitor announced at this
juncture to explain the interest taken in
the property by the two strong person.
alities added TO the management of the
property at yesterdays meeting. Similar
publicity was given the companys affairs
at the time of the last important stock
movement
The stock WAS given good support
throughout the day, but no general move
ment mas as yet been attracted.
The dulness of the local market is tho
greatest drawback 10 uniform improve
mcnt. The undertone is STEADY, out dctiv-
ity is necessary to stimulate buying of the
right sort. London seems willing to as
sist local operators, il the confidence eN-
pressed in values is more generously rec
ogniZed in the pCblic transactions of local
commission houses.