The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-01-22

~ = - vi WV III inv Nshk
Of Eneland's minimum rate of discount to-day.
while cumulative evidence OF the tendency Of
European money markets toward an easier
condition.. had no effect upon the market for
securities. either hero or In London. The local
market for stocks was under the ham
NOR all day. The heavy sales Of stocks
by speculative holders early in the week.
when the market showed n broaden
Ing tendency. and the persistent efforts
OF professional traders to deprcss prices. have
discouraged buyers from beyond the limits Of
Wall street. They began to reappear In the
Street about . week ago. and on Monday their
numbers had increased to an extent that
tempted realizing sales By speoulstorr who had
picked up stocks at the decline follow
Ing the advance that was stimulated by
the result of the Presidential election.
IL appears that tho entire speculative
community IL 80 accustomed to dealing
in stocks upon . trading basis, and hal there
fore become so narrow In It's views that even the
larger operators are unwilling TO take the risk
Of encouraging m outside demand for securi-
ties. Yet this same speculative community 10
constantly complaining Of the absence Of the
general public. In view OF the fact that Of late
years II has done nothing whatever TO encourage
public interest IN the stock market It's complaint
10 not worthy Of sympathetic considcra-
ton. Tho bucket shops and similar concerns
mako moro vigorous and Intelligent efforts
IN q day to stimulate trading than the entire
Stock Exchange contingent does IN . month:
still. the dealers in bucket shops have compare
lively little show for their money. for whenever
the market coca decidedly In favor Of tho ma.
tority Of the patrons OF ono of those concsrns It
promptly pulls down Its shutters and goes out
Of business.
When tho efforts that were made to-day TO
1885,. ,.l.-. -. t.L.- G.s- .--.ll.-..l-- a
must be admitted that tho market as . whole
showed a gooe deal OF resistance. Foreign ar
bitrage houses sold . few stocks. but they were
fairly well taken. The most disturbing devel-
opment was n sudden break In Hooking VALLEY
common that cut tho price Of that stock In two.
A subsequent recovery Of three points left
tho price 6as y cent. lower than yester-
day. q net decline equal to one-third
OF yesterdays market value for the
stock. Hooking Valley preferred sustained
= loss !f l2A v cent. Thesel declines, together
with tho we'll known Improbable condition VI
the Ohio bituminous coal industry. gave rise
and color to reports rejecting upon the imam
ciai condition OF the company. Tho vice-Prcsi-
dsnt Of the company was promptly heard from
to the effect that there was no basis whatever
for the superstition that the company Is In imam
ciai difficulties. According TO ofaciai state
ments II has no floating debt. except that
incidental TO the running of every corpora
tion. II Is we'll known thnt tho great bulk of
the company's stock Is In strong hands, and as
there has been comparatively little trading in
the securities for u long time tho indications are
that they were absolutely unprotected In the
market when to-day's selling movement began.
All the Information obtAinabio regarding the
Ohio bituminous coal trade 10 that the outlook
for an agreement regarding prices and trans
portation rates Is decidedly favorable.
Another disturbing feature was q fresh break
in the price of Long Island Railroad. The mar
ket for that stock has apparently reflected for
several days past selling by Email holders, who
are more deeply impressed with the passing OF
the dividend than by tho fact that the hypothe-
Gated holdings Of the Corbin estate have been
taken over by n strong syndicate which
intends to cooperate with other large holders
In improving the property. developing its
business, and placing IL on n substan-
tial financial footing. The shares that received
tho most attention. namely. Sugar Refining.
c., r. and Quincy. and Chicago Gas. together
with the great majority Of the list. closed only
fractionally lower than yesterday. or tho
stocks Just named Chicago Gas was exception
ally firm. The volume Of trading was almost
precisely the SAME as yesterday. At tho close.
which was comparatively steady. It appeared
from the borrowing demand for stocks that .
fairly large short interest had been created.
Final sales compared with those OF yesterday
as follows: