Evening star., 1897-04-02
FINANCE AND TRADE
Moderate Buying Of Stocks for For
eign Account.
PROMISED JERSEY CENTRAL DIVIDEND
News From the Flooded Mining
Districts.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, April "A steady under
tone in the London market and moderate
buying for foreign account encouraged a
higher range of values in the local market
this morning. The temporary expedients
for maintaining rates continue to operate
satisfactorily, and the fears of rate wars
are steadily decreasing in consequence.
The short interest has been reduced con-
slderably Of late, as the disappearance of
premiums on borrowed stocks Indicate,
The customary liquidation of accounts in.
cident to the close of the week was chiefly
responsible for the Improvement recorded
in the active speciafties.
Assurances from the president of New
Jersey Central that a dividend would be
declared at next Mondays meeting was
the most interesting development of the
forenoon 1t is reasonable to infer how
ever that the guarded utterances in the
interview point clearly to a reduction in
the present rate. AS the result of this
announcement the stock was advanced
Sharply from last nights closing level
The reports from the lcCded mining dis
tricts were less encouraging, but these
facts had already been discounted by
unwarrantable reductions in prices. Mod
crate support was evident in the entire coal
sroup, but not of a character equal to
the emergencies Of aggressive selling Dur
ing the temporary abandonment of this
selling the support vas fully equal to the
demands of the situation.
Western Union was sold during the morn
ing on further expressions of conservatism
attributed to its principal director. The
past reputation of these shares serves to
prevent any unusual demonstration against
them merely on individual expressions of
opinion.
One of the most significant events of the
Day was, perhaps, an advance in Northern
Pacific securities London bought these
shares early in the day, the demand being
attributed to the presence of Mr. Morgan
IN that city. where 1t Is said he has had
important interviews with large holders of
the various Northern Pacific securities. A
per cent rise in the preferred stock was
accomplished without opposition or new
liquidation.
The industrial list was generally strong,
Sugar and Chicago Gas being the features,
The buying power Of the street shows no
indications of broadening, and higher prices
fa1l to attract an improved demand. except
in special instances.
The most that can be expected for the
immediate future is a regaining of the
value lost on the announcement of the
Trans-Missouri decision. The uncertain
ties of the tariff debate, the doubt rela-
tive to the passage of pooling bill and
the natural conservatism of the general
public are factors arrayed against the prob
abilities of entirely new high levels. The
paus>t holder of securities is reasonab bly,
pleased with ultimate prospects. and ex-
cept where dividend changes are forced
liquida ton is not probable.
For this reason. future declines may at
tract moderate purchases, but the new de-
mand is more likely on scale down rather
than on a movement of IN opposite charac-
ter.
Commission houses are tri1e more opti-
miStic at the close of the week and some
of them are known to have important or
ders in securities in which special cond-
tiols are operative.