Evening star., 1897-04-10
FINANCE AND TRADE
Lower Prices Caused by Fractional
Declines in London.
WASHINGfON'SNEWS SASrOfHE TARIFF
Awaiting the Supreme Court Bell
Telephone Case Decision.
GENERAL MARKET REPORTS
Special Dispatch TO The Evcains Star.

Special Dispatch TO The Evening Star.
NEW YORK, April Io.-Fractional de-
clines in the London marke; and moderate
selling for foreign account resulted i'm a
lower opening in the local stock market
this morning. st. Paul and Nashville were
sold by foreign houses throughout the
morning. adverse developments in the Gre
tan situation furnishing the incentive
The coal shares. Reading and New Jer-
sey Central in particular. were weak dur
ing the first half of the session under fur
ther selling by the short interest. The
Industrial issues We're given fair support.
confident buying OF Chicago Gas impart-
ing surface appearance of str.agth 10
he entire group.
Western interests are once more in stric.
accord with the eastern holders of Chi
cago Gas. and are cooperating in the
present upward movement. From the char
acter of the demand il is argued that poll
tics is not threatening the welfare OF
this naturally prosperous corporation. The
elimination of political antagonism. coupled
with past evidences of dividend capacity.
has resulted in substantial Endorsement
of the various theories relating TO the
value of the plant.
The arguments applicable in this indi
vidual case are not to be applied generally
to the present narrow and unaffordinS
speculative situation.
The facts especially such as are supplied
from Washington. are against permanent
improvement in the issues representing
equities i'm enterprises directly concerned
with tariff schedules.
The finding of the Supreme Court in the
case of the Bell Telephone Company. now
approaching a decision. is awaited with
unusual interest in trade. investment and
speculative circles. The success OF the
company insures the immediate application
Of many millions of dollars 10 the per
fection of a telegraphic service in con-
nection with its present system. The Sc
curities of the company being held prln-
cipally by investors have thus far failed TO
reflect general expectation as to the out
come of the controversy
II is semew hat different with Western
Union however and professional sales ii
this property are noticed from time TO ume
the result of growing conviction thai
a strong rival is about TO enter the field.
Conservative operators. remembering the
tardness and the frequent disappoin ment
IL cident to legal decisions. are not commit
ted to either view. Interest is strongly
marked. however. and will find substan tial
reflection i'm prices once the requisite knowl-
edge is supplied.
The market at the close of the week OF
fers no evidence of increasing breadth
Buying is largely speculative and based on
hopes of quick returns. There is neither
liquidation nor enthusiasm. and from the
absence OF both. almost stationary prices
are likely TO follow.
The bank statement again reflects large
decrease in lawful money. due chiefly to
the heavy payment of duties, which was
not fully reflected in last week statement
Notwithstanding the large needs of i'm
porters and merchants, the loans have been
reduced over -S2ao, ,,spi
The chief loss is i'm the deposits and ex-
cesds S:.;pn.sD. The surplus. the net
result of these changes, is reduced 81 1885,
| 30. Cheap money fails to attract specula-
tion and Will probably continue to do 50
until after the tariff bill becomes a known
quantity.