Evening star., 1897-01-07
Early Cables Reported Higher Prices
for American Securities.
GRAIN CARRYING ROADS OUTLOOK
Washington Advices Regarding
Prospects of Legislation.
GENERAL MARKET REPORTS
Special Dispatch 10 The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January IA general ad.
vance In the foreign miscellaneous security
market and a sympathetic response in
American railroad shar,s IN London re-
suited In a strong loca. opening this morn
Ing. Early cables reflected advances vary
ing from IA to 3-4 per cent. and we're ac-
companied with a fair volume OF buying
orders for execution In this market
Traders were again active in the interest
OF higher prices. and the first hours bust
ness resulted in establishing a strong spec
ulative undertone. in which the grain-car-
rying roads were most conspicuous The
properties dependent upon a liberal grain
tonnage for the bulk of their revenue give
evidence OF more fiattering returns in the
near future. and are consequently growing
In favor with the conservative speculative
element.
Yesterdays decision of the management
OF Delaware and Hudson vas utilized TO
still further depress the market price of
that property. the decline from yesterdays
Test price extending to 10 per cent.
When 1t Is remembered that the dividend
On this stock is declared for the full year.
and that : per cent dividends are a fixture
Tor twelve months, with every prospect of
the rext change being in favor of higher
rate. the present level of the stock should
be regarded as being in the vicinity of
actual investment merit
The refusal of the management TO nav
unearned dividends. even i'm the presence of
tempting surplus, is a more conscientious
Endorsement of the average idea OF -
dealing fhan is 1-~r.alfr-
liar conditions. The example is one worthy
OF mt re SeilNrat
Washington advices agree thdt L.
ent session of Congress will be devoted 10
the consideration of routine business, but
are branching out into extra session pos
sibiiiiies which are not wholly encoGtag
ing. Re6 ent markt. movements fOJu1e
on adriccs from that city have been FOR
the most part highly sentimental and fire.
quently aItincial. Ii actual completed leg
islation is taken for a standard. there il
really little emanating from that source
worthy of serious attention outside of the
ranks of operators, who are never without
a speculative interest in the market.
1t would not. therefore. be surprising il
future intelligence as to legislative pros
poets was subjected to more deliberate
scrutiny than heretofore.
The prospects of a tariff measure in
which the producer is to he favored rather
than the manufacturer Is the one argument
worthy of serious consideration at this
junctur..
Corporations which have their own un.
popularity to contend with whenever legls-
lative favors are sought now to he con.
frontea with the requests of the now pop.
ular producing classes. with strong argu-
mcnts for the protecting of their interests
against the pampered aud xraspng corpo-
rat:nnS.
The recent presidential campaign is still
sufficiently vivid in the minds of all To
warrant the belief that allies are to he
made Of producing classes at every opror-
tunity.
The decision declaring the lease # the oil
Distiiiers' Company void. thereby releasing
the American Spirits from 81 .-,iaup of ar
desira BILE cbligS Stons. and the beginning of
the American Tobacco suit were two I'm
portant news items from Chicago hay rg
d direct Influence ca the market