Evening star., 1897-01-29
American Securities Bought in Fair
Amounts by London.
LACKAWANNA'S INCREASED DEFICIT
The Stock Sold on Publication of
the Statement.
GENERAL MARKET REPORTS

Special Dispa tch 10 The Evening Star.
NEW YORK. January 29.-Recent reports
from the leading European financial inst!-
tutions reflect an exceptionally strong mon-
etary condition and preclude the possibility
of any immediate advance in money rates.
Tie tone of the foreign market for horne
and American securities was consequently
substantially improved In tone this morn
ins. London bought st. Paul, Nashville and
Atchiscn bonds in fair amount and exhib-
tied a willingness to assist any local move
ment of a legitimate character.
The scarcity OF the more active specula-
tive issues is being commented upon on all
sides. and the belief is general that the
market requires only experienced leader
ship to develop it's latent strength. Stocks
are not to be had in any considerable vol
ume at the present level, and the least in
dication Of aggresslveness would force out
stubborn short interest, to the great bene-
ft of prices and the main situation. This
movement is practically condition prect- :
dent to public participation. The daily vol
ume of business must be increased before
values can he regarded as rejecting any
thing superior to professional valuation.
The best judgment of the street is unani-
mously optimistic. but the mere opinions OF
experts will not suffice to extend the opera
tions of commission houses. Imitation Is
nowhere more strongly marked than in the
security market. The operations Of one
successful man attract a multitude OF
small operators.
The present situation with all its defects
and its constantly improving merits could
be turned to good account by any one pos
SeSsing the capacity for leadership. The
emergency will he unique indeed if such
leadership is not developed in the near fu-
ture.
The most important incident of the day
was the publication of Lackawanna's state
ment for The year ending December 81,
1875 The net earnings reflect a deficit af-
ter charges OF SJD. .261, as compared with
deficit Of si7a.39 In 1875 The amount
earned on ihe stock Is consequently but a
trifie more than per cent and necessitates
further encroachment upon the surplus for
dividend purposes. Since 1888, when some
thing more than II per cent was earned on
the stock OF this company. the full Z per
cent disbursement has not been earned.
The shortage has. however, been fraction
ally less than last year.
Traders sold the stock for a decline o,
1-2 per cent. but experienced the Gus.
tomary difficulty in covering their sales
The entire group Of coal stock which had
been substantially improved during tine
early trading. became weak on this an.
nouncement, Delaware and Hudson and
Jersey Central leading the decline
Continued buying of Northern Pacific Sc.
curtties by interests Identified with the
Great Northern attracted considerable at
tention.
1t is considered probable that the scheme
to form a practical consolidation of these
lines Is to be revived. The prospects of in
terest payments being resumed on Atchison
adjustment As has attracted a good de-
mand to these securities. London and Chi.
cago being credited with the bulk of to-
days buying. Manhattan was exception
ally weak during the morning as the re.
suit of the continued encroac chments of its
principal surface rival