Evening star., 1897-01-26
FINANCE AND TRADE
Coal Shares Sold Yesterday Repur-
chased Today.
DEALINGS DOMINATED BY DULLNESS
Opinions at Variance as to the
Cause.
GENERAL MARKET REPORTS
Special pis,~tch ,o IN. Fceu,ur Star

Special Dislstch :" rhe Fveuing Star.
NEW YORK. January 26.-The inter
changing OF securities on the meager sale
which characterized today's nperations in
the stock market preciu6es .he possibiii;.
OF significant change I'm prices. The coal
shares, which were liberally sold during tn.
final hour yesterday. were repur hased to-
day. I per cent beirg added TO the active
members of the group
The short interest supplied the demand
for the majority of such purchases.
The Granger shares and the miscellare-
Gus list advanced a few fractions and be-
came stationary.
New York Central was not In harmony
with the stability of its ueishbors. a de-
cline of IA per cent being accomplish he'd
without resistance. Commission houses
have disappeared as a factor, the tenn
porary interest cf the public having com
pietely relspsed into the coma OF a mid
summer period
The total transactiors during the first
half of the session amounted to 43.s@
shares. less than one-fifth OF. a good days
business.
London advices reflected further irregu-
larity in that market for American
curities. hut foreign houses had a fair
ruling level.
Money is abundant in both the local AMI
foreign market. and is consequently in no
way responsible for the stagnation of thu
security market. Opinions vary consider
afly to the real cause of the present
dulness. but the simplest explanation
seems to he that few sound arguments for
extensive purchases are to he had. Money
ed interests possessed of the greatest ex.
perience i'm financial undertakings and stu
dents of opportt nifty see no occasion for
hasty action
Earnings are expected TO improve but
todays additions to the record for the third
week of the month indicate prolonged ex-
pectation in this particular Until the fu-
ture pays something on account. there need
be fear of sudden establishment of
rroh;biti-e.
The tariff bill now i'm process of consider
alton should be credited with "A greater
amount of responsibility for present condt-
tions- While the discussion of the various
schedules is being conducted with as little
publicity as possible. interests actually con-
cerned are kept fully advised of its drift.
To tie up funds in doubtful Investments
when possible opportunity for greater
profits In a protected commodity is being
created is considered the reverse of sound
business judgment Consequently. until
commercial transactions have yielded a
profit and prosperity becomes more general
there VIII not be sufficient volume OF
money to accomplish a permanent rise in
desirable securities. So long as the adj
vances are due to professional manipula-
ton. just SO long will the assurance OF
return to the former level bc a part of the
transaction.
Duness at tine present level. in view of
what seems 10 bc ahead, is tac most logi-
cal course the market could pursue. II
the absence of bad news made an advanc-
ing market the present level nigh safe.N
be improved. Negative forces are not al
ways reliable in financial operations, how
ever.
The pooling bill discussion. now set for
Friday, will attract great deal of atten-
ticn during the balance of the week and
may be the subject of fair-szed mar
ket movement.