Evening star., 1897-01-21
FINANCE AND TRADE
Break Of Eight Points on Hooking
Valley the Feature of the Day.
RUMORS OF A RECEIVERSHIP fHECAUSE
Sugar and Tennessee Coal and Iron
Active.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, January 2I.-Openi lg prices
this morning we're barely steady around
last nights closing figures. selling for both
accounts being superior to a moderate COM
mission demand. London cables annouLc-
ing reduction Of 4 per cent In the Bank
OF Englands official discount rate were
disappointing IN their influence on values.
The foreign market had fully discounted
the reduction and disposed to disre-
gard the new rates a speculative factor
The open market for money has for some
time past foreshadowed substantial con-
cessions In the official rate. the high level
Of which has been maintained only through
special efforts. Foreign houses were lib-
eral sellers of st. Paul and Nashville,
traders following the movement In antici-
patton of a further market reaction. Sem
timent continues to be hopeful and in
spires almost general confidence in ulti-
mate results.
Expressed opinions are not sustained by
the buying power requisite for a prolonged
upward movement.
The street is consequently endeavoring
to trade for quick results and to employ
both accounts. The demand from commits
sion houses. noted earlier in the week, has
already given way TO desire TO realize on
recent purcha The belief In an adyanc-
Ing period is demonstrated by the refusal
OF all non-professional operators to trade
except momentarily, in the short account
Concessions bring out fair demand and
rallies bring out a fair supply of specula-
tive securities. In both instances the per-
sonnel or the principles is Identical This
process should have a tendency 10 extend
the speculative horizon. but the extension
must of necessity be deliberate, otherwise
Ire foundation for the movement will lack
stability.
Further evidences of monetary disturb
ances In the west We're recorded during the
DAY. Dat as usual, of late. were not Sc
riously regarded. Earnings were of the
same general character those pre- yiously
reported, bat collateral evidences of COM
ing prosperity are superior to reports of a
CONDITION that is believed to have passed.
A sharp break in Hooking Valley, extend
ing To point per cent below last night's
closing level, was the n,Gst conspicuous
feature of The days opera ions Rumorx
of recevorslip for the property were
responsible for the decline.
The denial of this rumor. later i'm the day
from official sources, forced the price back
nearly , per cent. The agreement between
this property and its coft-coal-carrying
neighbors is said TO be progressing favor
ably, but the evil effects of the early
rumors have not been rewarded by the
denial of their accuracy.
Sugar and Tennessee Coal and Iron were
active on a declining scale the failure TO
discover any legitimate motive for the re-
cent advance inspiring sales. Evidence OF
support was noticed at the days low level
but this demand gaze little Indication OF
being prolonged. The Granger shares wers
bought and sold By houses about equally
influential in the stock market. The money
and exchange markets were steady and
without noteworthy changes in rates.