Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-04-22
Opening Prices Lower in Sympathy
With Foreign Advioes.
CONFLICTING RUMORS CAUSE CAUTION
Cessation Of the Demand From
Abroad for Securities.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK. April 22.-Opening prices
this morning were fractionally lower in
sympathy with the tone of the foreign
markets Conflicting rumors from eastern
war centers inspired cautious trading
abroad and left the local market wholly
under the influence Of domestic conditions.
A reported insLrrection at Athens result
ed in moderate recovery I'm prices, but
the subsequent denial Of such rumors was
followed by a prompt reaction. The waver-
ing attitude of the smaller European states
serves to keep the markets in an expect
ant state. and to discourage new business.
Consols rcgained an early loss and French
rentes advanced slightly toward the close
of the day. circumstances indicating a con-
tinued absence of acute apprehension.
The cessation in the demand from abroad
had tendency to emphasize the narrow
ness Of the local situation. and to reflect
lamentable lack of legitimate buying
During the two previous days London Or
ders forced the professional element into a
general covering movement. thereby de-
priving the market of one of it's chief ele-
ments of strength.
An exception to the general statemen:
may be noted in the coal shares. the active
members of the group loaning at fractional
premiums during the opening hour this
morning.
The liquidation of this Outstanding short
interest was therefore the source of much
of the strength reflected during the ina.-
tive trading In the general list. New Jer-
sey Central Was marked up per cent on
demand of this character and Delaware
and Hudson was moderately sympathetic
In the same direction.
Reading was given good support under a
moderate demand from the short interest
In that property, but the uneasiness OF
borrow ers was less marked than in the
two higher priced issues noted above
Traders made a successful attack on West.
crn Union, 5-S per cent being conceded
under the pressure OF short stock.
The reported invention Of a rapid tele-
graphic device was urged as an incentive
TO the weakness In these shares, but little
serious consideration should be given to
such motives.
The real reason for the extreme sersi-
bility OF this property may be traced to
Tears OF active competition along it's pres
ent lines and with prevailing methods.
The Granger shares and the International
Issues fuctuaaej idly within fractional
limits The industrtals were fractionalIy
lower, but no evidence of genuine weakness
appeared. The failure to establish lower
prices was due more to restricted opera
lions than to any especial demand. Phe
market Is i'll waiting mood, and would
respond easily to aggressive action in either
direction.
Rumors of an agreement to pass the divi-
dend on the Washington branch of the
Baltimore and Ohio railroad were circu-
lated during the day from authoritative
sources. 1t is understood that an order OIL
the court allowing the receivers to in
crease the present floating indebtedness
has been issued The new issue will have
priority over the first mortgage bonds, il
is said, and will tend to still further COM
plcate the finances of that corporation