Evening star., 1897-01-05
FINANCE AND TRADE
Cable Advioes Caused Small Decline
in Values.
EFFECT OF news FROM WASHINGTON
Rumored Proposed Rate War De-
presses Tobacco.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January Am irregular
London market and some selling for for
eign account resulted in a hesitating and
purposeless opening in the local stock mar
ket tEis morning. Further realizations In
corsols. due to the slow progress being
made towards reforms at Constantinople
and less sangune predictions as to the fu-
ture course of the money markets abroad
caused fractional recessions in nearly all
departments of the foreign market includ-
ing American railroad shares.
The local tradiLg. being wholly within
the control OF the professional element re-
f1ected the influences OF cable advices. No
declin IS worthy Of note were recorded,
however. the absence of any pressure to
sell long stock serving to establish q re-
sistance superior to all room attacks.
Washington advices. announcing the i'm
probability of concerted action upon the
CUBAN joint resolution. pending some more
tangible evidences of progress on the part
OF the insurgents, had a reassuring in
nuence on prices in all parts of the list
From the same source 1t was learned
that good judges of legislative probabilities
predict the Passage OF the Union Pacific
IunulnS Dill In the House next week The
securities included In this enterprise were
consequently given considerable attention
stock market iA '"'
american Sugar was bought st,adily dur-
ing the morning by brokers Thought to be
representing the active rivals of the COM
pany, MS suggestion was given color by
press oisfatches announcing the pIrchase
OF a minority interes In a corporation
ctntroiied by the Iugar company
american Tobacco suffered from the an
l,ouncement nc OF cut In the principal brand
$1,000 to mean reopening of the rate war
which but recently worked 10 the disad,
vantage of stockholders
Ihe revival Of hostilities at this juncture
IL TAKEN 10 be an indication of determine
tion 10 force the contest to a climax Bay
state Gas improved slightly on the an
nouncement that a restraining order had
oeen ailowed prohibiting The sale of the
companys assets.
In the railroad list the Granger shares
were among the securities attracting the
most attention.
st. Paul's report of earnings reflects an
increase Of $24.190 for the fourth week In
December. reducing the total decrease for
the month to sl94,776 and from July 1 70
81. .329 40.
The prospects for better returns from
now on continue TO be encouraging, and
evidences Of market activity. based on this
forecast. are already apparent.
Advices from the western banking COM
munities from which most of the unfavor-
able news has issued during the last ten
days was more encouraging than hereto
fore. From the facts submitted by officials
of the suspended banks there may be gath
cred abundant reasons for congratulating
the communities I'm question upon the clos
ing of such dangerous institutions. bank
which has become too feeble to perform Its
natural functions is mere injurious TO a
community than one which openly an
nounces its weakness and thereby limits
the risk of the depositors. In a majority OF
instances the best prices of the day were
recorded at the close of business.