Evening star., 1897-01-25
FINANCE AND TRADE
Fractional Advance Followed by E1-
treme Dullness.
LATEST ADVICES ON TEE new TARIFF
St. PauIs Decreased Earnings
Oepress the Grangers,
GENERAL MARKET REPORTS

Special Dispatch 1" The Evening star.
NEW YORK, January 2a.-An absence of
public interest and manifes: indecision on
the part of the room element had ad-
verse influence security prices this
morning. The London market, for both
home and American securities, was report
ed to be heavy. and consequently gave no
ENCOURAGEMENT to local operators. Foreign
exchange rates Were reduced y per cent.
but failed to find more than momentary rr-
hection in the stock market. An advanc"
of !. per cent in the general list. due to a
covering of last weeks short sales. gavr
way TO period OF extreme dullness.
The absence of demand was as conspicu-
Gus as the ahserce of urgent offerings.
Conces sions followed as the only means
of effecting an exchange Traders recogniz-
ing the necessity Of trading alternately In
The two accounts kept the market fuctuat-
ing around equilibrium slightly under
the opening level.
st. PauI's report of earnings for the third
week in January reflects a decrease OF
siS S6l and increases the disappointment
felt at the uninterrupted falling of In
traffic returns
The entire Granger list was sold In an
ticipation of similar showings for the same
on sales o: speculative holdings and Il mod
crate extension of the short account. The
meeting of the directors of this property to
consider the dividend question will hc call
ed some time during the next fortnight.
The general belief favors a continuation
of the present per cent rate. future pros
poets justifying the action. notwi thstandinS
a fractional snortcoming for the period un-
der consideration.
The coal shares were again weak. for
reasons already detailed. Delaware aud
Hudson and Jersey Central were especially
conspicuous in this group.
The manipulated issues, Sugar ard Ten
nessee Coal and Iron. were strong and
weak by turns. the latter stock was mark
ed Up sharply between sales with the eNi-
dent inteution of creating belief IN It's
scarcity at current rates. Subseque't
events disproved the correctness of H."
presumption and demonstrated the ar,f-
fciality of the movement.
Washington adviceS on the new tariff
bill were unanimous in the opinion that
specific duties to he favored in ths
new schedules. The producing classes arr,
also to he faN cred rather than the manu-
! featuring, the same authorities state This
Information foreshadows difficulties for
the pampcrod corporations commonly. but
not always with legal accuracy. described
| as trusts The market opinion TO the
| imlnctiiat te action OF the shares represent
| ing these properties differs widely. tn"
| fnaI Outcome of activity is. however, pret-
ty generally conceded 10 he least favorable
| to higher prices.
Unless some Improvement i'm the No'lm.'
! of business is reported I'm the very near
! future il is difficult TO Justify the theories
/ fayoring immediate advancing market.
Conditions are slowly working around
| toward a foundation for Improvement. but
! until whole communities become impressed
! with the fact. the narrow confines of Wall
| street will not suffice to produce purchases
| for all the securities offered on an ascend
| ing scale.