Evening star., 1900-01-18
Prices of Stocks Fail to Advance With
Easier Money.
AMERICAN SUGAR BREAKS AGAIN
Better Feeling in London on the
News From Africa.
GENERAL MARKET REPORTS


special Dispatch to The Evening Star.
NEW YORK. January 1s.-London prices
We're higher this morning as the result of
the further decrease in the bank rate-to
AZ per cent-and the encouraging advices
from South Africa. Foreign houses We're
moderate buyers, taking some of the Pa
cific stocks on balance, especially Southern
Pacific. The statement of the latter road
shows fraction over per cent earned on
the stock, and this fact, coupled with the
recent syndicate buying, served to hold the
price relatively firm even in the present
dull market.
increase in the confidence of the average
trader
There is considerable disappointment be-
cause of the failure to force up prices and
the apathy of the public. Short selling is
not favored because of the fear of the evils
of too much company. This view is fire.
quently expressed in connection with the
Traction shares. Having been sold down
substantially under the recent average, the
covering movement may be very urgent
once it is fully under way
American Sugar was a disturbing inhu-
ence during the afternoon, selling off sharp
ly under offerings attributed to prominent
operator for the decline, assisted by the
trading element.
AS an excuse for the selling the recent
cut In certain grades of soft sugars was
offered as evidence of Increasing competi-
ton. This, however, was considered to be
only secondary to the idea that the dull
ness made the stock vulnerable in spite Of
trade conditions.
News from the iron and steel centers con-
tinues to be most encouraging, and the
shares of such properties are probably as
well taken as any of the industrial issues.
The day for unlimited faith in industrial
enterprises has not yet come, however,
and their popularity at the banks is of the
most transitory nature.
Some of them are depended upon to sur
Nlve the criticisms of the last few months,
and it is perhaps significant that the street
agrees almost unanimously as to which are
the likely survivors.
I he railroad stocks of all classes moved
about irregularly during the day, but the
prices gave no evidence of actual pressure
to sell.
The one encouraging development of the
day was the increasing evidence of easier
money. The decline in the London rate in
dicates a more comfortable situation at
that center and allows the local banks to
continue the Strengthening of their re-
serves. With money coming in from in
terror points, speculation at a low ebb and
almost no gold going out, the local banks
should speedily add to their resources.
This strengthening of the financial insti-
tutions is especially desirable just at this
time, since the recent trust company in
Vesugatton may be expected to be followed
by an almost general investigation of all
such institutions The recent failure of the
bank statements to show what has been
done with the stocks bought so literally
on the exchange has given rise to a belief
that the trust companies have done the
bulk of the lending Since the suspicion is
being verified. the terms are likely to be
thoroughly investigated.