Evening star., 1897-05-12
FINANCE AND TRADE
New York Stock Market Opened
Dull and Irregular.
ATTEMPT 10 BEAR JERSEY CENTRAL
Chicago Gas May Suffer Through
Legislation Pending.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, May I2-openine prices
this morning were generally steady around
last nights closing level, but subsequently,
yielded to realizing sales The increased
volume of stocks in the loan crowd indi.
Gates considerable reduction in the short
interest, and the market is consequently
Invested OF one of its chief elements OF
strength. Commission houses have been
trine more conspicuous during the last
day or two. but the situation is largely
under the domination OF the professional
element.
The gold exports predicted for tomorrow
tailed to materialize in any noteworthy
Voiume and hopes are entertained that
saturdays outflow may be restricted TO
Hihimum proportions. The failure to re-
sumo engagements today was scarcely a
factor IN the market beyond contributing
to the steady undertone.
An enort to depress Jersey Central was
che OF the features OF the morninr-tbe re-
turn or stock borrowed to create the i'm
pression that large short interest ex-
lstco being the incentive to the attack A
,lacuonai h,a. deciiEe followed sales by traders.
put an immediate demand from older
shorts forced the price back 10 the open-
ing ieveL The coal shares. as q class, are
generally conceded to offer small induce
me buying Of Union Pacific again at
tracted notice. a further gain of 1 per cent
peing recorded 1t Is difficult to find a log
lcai motive for the Improvement I'm this
properly In view Of the terms of reorgani-
zation. Considerable interest centered I'm
Chicago Gas. the early movement being
DenehciaI to the price as the result of as
surances that the cOnsolid alton bill would
be voted on favorably during the .lay.
fhe defeat Of the frontage bill during
the carly afternoon caused some selling of
chicago Gas on the theory that its own
measure would meet similar defeat. The
selling was not aggressive, however and
the customary support was encountered
under ". Should the plan OF consolidation
iafi an important liQuidattng movement is
nkefy to follow hard upon the announce
ment OF the disappointment. The imme-
diate result OF success is less certain.
The political holdings would likely seek
market at the earliest opportunity which
would only be partially counteracted by
the covering of short contracts The NJ
innate result OF consolidation would reflect
the natural consequences OF the evolution
from speculative to an investment secur-
ity.
American Sugar opened at a decline and
was never as strong as the general market.
Washington advices are finally attracting
serious consideration in financial circles
and opinion is again working around to
tne unfavorable side OF the legislative situ-
alton.
The granting OF every request in one conn
prehensive schedule Is such q victory for
the trust that opposition arises In sources
heretofore inclined toward indifference Ex-
perienced Judges are quoted as saying that
final legislation. while not menacing diyi-
dends will be radically changed from the
present proposition.
The hnal hour was given over to dullness
with Irregular net changes prevailing.