Evening star., 1897-02-04
FINANCE AND TRADE
Effect of Reduction Of Bank Of
England's Rate.
ILLINOIS LEGISLATION on GAS
Increase in BurIington's Earnings
for December.
GENERAL MARKET REPORTS
special Dispatch 10 The Evening Star.

Special Dispatch 20 The Evening Star.
NEW YORK. February 4.-opening
prices this morning were barely steady
around last nights final figures, commits
sion houses being conspicuous sellers dur
ing the early trading. The reduction OF y
per cent in the Bank of Ensland's rate OF
discount had a beneficial influence on the
foreign miscellaneous security market but
the American department was dull at
minimum advances. Some disposition 10
buy On concessions was noted later in the
day. but the local market was not fully In
sympathy with the foreign demand.
A revival of European buying is counted
on to assist local buying. once the latter
movement takes tangible shape. IL is un-
reasonable to suppose that a lack of local
appreciation will invite outside support.
however. and the aggressiveness must
originate in the home market.
A receivership for a small western rail-
road and the closing of a small bank In the
same section of the country were among
the unfavorable developments of the day.
In neither case was any significance at
tached to the announcement.
The Introduction of a bill in the Illinois
legislature seeking to further reduce the
price of gas and to emberrass the consoli-
dation scheme had an adverse influence on
the price of Chicago Gas The selling for
this cause was confined to traders, and is
not likely to extend into we'll informed cir
c!es. The action may safely be interpreted
as being a remnant of the peculiar meth
DDS established by the predecessor of the
present legislative body.
Inc various reports of earnings submitted
during the day were more encouraging
tnan the routine reports of the past six
weeks. Buriirgton's reported Increase OF
sS'.Wo for the month of December was
especially significant In view of its prob
able influence on the dividend policy OF the
road
The amount actually earned on the stock
is fractionally less than the amount neces-
rate The exact deficit is probably less than
1-2 per cent.
If the old rate is maintained In spite OF
this fractional lack IL will he because of
ity.
Instead of the customary reflection on the
business capacity of the management Ii is
quite probable that the street would be
persuaded into a more general acceptance
of future possibilities. The continuation of
the OLD rate will not he a novel action in
any sense, but ii may be taken to indicate
that All future disbursements viii be legiti-
mately earned.
New Jersey Central reports an increase
of $509.072 for the full year. but these fig
ures did not prevent fractional concessions
In the shares of that property. small
gain IN Missouri Pacific may be noted as
an exception to the general character Of
these reports.
American Sugar was weak under superior
selling by houses usually credited with
accurate knowledge as to the logical
course of these shares. Logical i'm this
sci refers to the desire of the largest
interests. The trust investigation and the
specific duties on imported sugars in the
new tariff bill are factors justly consid-
cred of vital significance at this juncture.
TIE entire industrial list failed to improve
upon its recent level.
The net result in all department was in
the main disadvantage TO prices.