Evening star., 1897-04-06
FINANCE AND TRADE
Early Cables Reflected an Improved
Speculative Tone.
CHICAG0'S ELECTION A FACTOR
Used as an Argument Against Gas
Trust.
IO'S ELECTION A FACTOR
GENERAL MARKET REPORTS
.Spt cial Dispatch TO The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. April 6.-Openi-g prices
this morning We're for the most part ex-
actiy at parity with last nights closing
figures. Where changes did occur they
Were slightly favorable.
Early cables reflected an improved specu-
lative tone ard higher market for nearly
all meritorious investment securities. Brit
ish consols and French rentes We're up on
the more pacific prospect in Crete, and
American railway shares were dull at frac-
tional advances.
A few minutes trading sufficed to dem
onstrate the narrowness of the local mar
ket, however. and the room again concen-
trated its attention on the vulnerable is
sues.
A premium of Is of per cent on New
Jersey Central and Delaware and Hudson
deferred further sales. except such as were
manipulative and made in the interest of
covering.
The mayoralty contest in Chicago was
used as an argument against Chicago Gas,
fears of choice hostile to the interests of
the property prompting moderate sales Tor
both accounts. AT the decline the buying
was superior, the price being advanced !.
per cent beyond the opening level The
selling of long sugar on adverse tariff ad-
vices and increased activity by houses with
Washington connections attracted some
attention. but the price yielded stubbornly,
as heretofore
The selling during the greater part of
the day was regarded as being better than
the buying the doubtful fate of the sugar
schedule being the chief incentive to such
a position.
The recent strength of the stock and Its
relative dullneSss combined in preventing
any aggressive movement in the interest OF
lower prices.
The street. or the professional part of il
a. least is thought to be heavily short OF
| this property, but the borrowing demand
does not indicate any pronounced scarcity
IN the supply of borrowable stock. As
actual developments are announced from
Washington relative TO the progress bell
| r,adc with the tariff bill it is thought that
positive arguments will be supplied in
| justification of the present speculative po-
sition.
| The American Spirits Company is pro
| crossing satisfactorily with It's various
| trade agreements and proposes genera
| advance in its product. The pool in thes'
/ shares seems to favor dull market for th'
| present, so that the full significance OF th'
| perfected agreement may encourage
| marked demonstration when finally pro
! mugated.
The railway list was strong and weak b,
turns fractional advances yielding prompt
| ly to declines within The same narrow linn
| its. No confident buying is reported. ant
| little evidence warranting 4 belief in
! broadening market is offered. There ar
| few arguments favorable to Il material a!
! vance, and few wholly satisfactory 10 tn
opposite position. There Is no sigriican
| liquidation, but the trading clement favor
| ing a decline makes up in aggressiVen.s
| what its arguments lack in convincing force
Narrowness is not of Itself AN argumen
| in favor of decline. but il almost away
| prompts an effort in that direction. Excep
| in special instances. subject to special con
| ditions, there would seem to he little war
| rant for more than fractional changes from
! the prevailing levei.