Evening star., 1897-01-20
FINANCE AND TRADE
Lower London Prices and Selling for
Foreign Account.
CHOLERA A FACTOR IN SPECULATION
Railway List Was Only Moderately
Active.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star
NEW YORK, January ao-Lower London
prices and almost continuous selling for
foreign account resulted in fractional con-
cessions in all parts of the local security
market this morning. Fears of new diplo-
matte disturbances In the east were credit
ed with inspiring the apprehension re-
nected In foreign securities Consols de-
chned fractionally under realizing sales.
notwithstanding the extremely low rates
for money.
Traders sold the marke. in syrnpath,
with the foreign selling. but the imprcs-
sion made was not wholly satisfactory
prices yielding stubhornly in every in
stance. Efforts 10 Offer prices down 20 fhe
lowest possible point were noticeable al
freq ent intervals. two prominent bear on
orators being conspicuous i'm this particular
Manipulation in the interest of depression
was reflected in Chicago Gas and Jersey
Central
The growing belief in the wisdom Of
purchases the decline prevented sig
nificant fluctuations. Routine Developments
not working in harmony with the market
commitments of the room element re-
course was had to invention
The As.atic cholera was reported to be
threatening the mortality record OF all
Europe. and an effort to force a reaction
was Immediately undertaken On this pros
pect.
Credulity, as usual. assisted the scheme
to the extent of a few trifiing fractions
Periods of dullness were more frequent
than on previous days of the week indi-
eating the incomplete digestioa of the
stocks sold to take profits after last weeks
sudden rise. The demand Cor securities
from out-of-town sources has not contin-
ted 10 the extent necessary TO give actral
breadth 10 the general situation. Improve
ment is noted in many directions. bui the
over-anxiety TO discount il has resulted IN
a temporary exhaustion of the incentive.
The market is plainly working toward
| conditions warrantng Improvement in
prices hut has;y attempts 10 anticipate
Probabilities are more Injurious than other
wise. The logical course for the prrseat
would seem TO favor series OF rallies and
reactions with The high level. increasing
with each succeeding recovery from the
proiit-taking periods. A movement of this
character would be entirely healthy and
would insure meuhing better than a mere
spasmodic whim OF traders.
The railroad list was only moderately
active, ana in most instances reflected de-
clines varying from " to liz per cent, the
fractional reducti IN being most in evidence.
Some sales of SuSqGehanna and Western
were explained by the reported losing Of
a suit with The Lackawanna. The latter
stock was not influenced by the announce
ment. The Granger shares We're active dn-
der Trading believed 10 DE mostly probes
sional American Sugar opened weak under
realizing sales, but during III" greater part
of the Gay ruled above its opening levei.
Tennessee Coal and Iron sold down a fun
| point on realizing sales based on the bell 4
that active manipulation had been abAu-
doned for the time being.
Money was easy throughout the day. and
a reduction of u per cent was reported in
| foreign exchange rates.