Evening star., 1896-03-07
FINANCE AND TRADE
Effect on Prices Of Political Dis
turbances in Europe.
AWAITING WASHINGTON ADVICES
Railway List Disposed to Yield to
Profit Taking.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, March 7.-Political disturb
ances In Europe and the uncertainty Incl
dent to the reopening of the Cuban debate
rext week have magnified the professional
narrowness of the present speculative situ-
alton and furnished an incentive to short
selling. The decreasing enthusiasm among
Interests heretofore conspicuous in ad-
vancing prices. and the absence of any
significant outside demand, have combined
In the creation of short interest of suffi-
cient proportions 70 warrant sharp ad-
vance upon the appearance of any i'm
provement in the financial outlook.
The character of Washington advices will
determine the course of values during the
coming week. An early adoption of the
House resolutions with as little oratorical
effort as possible would insure the speedy
disappearance of the most disquieting fac
tor now operative. Beyond a marked dis.
position among the conservative element tc
proceed in an orderly and deliberate man.
Eer there Is nothing of value TO base a
prediction on as to the amount of time
likely to be consumed in arriving at a de.
cision on this important diplomatic ques-
ton.
The weakness in American tobacco to-
ward the end of the week. sharp decline
OF 3-S per cent being recorded during the
first hour this morning. In addition to yes
terday's literal concession. had a tendency
rumored sale of the company's treasury
stock and internal disasreements on ques-
IONS OF policy and management were d.
recuy responsible for the decline.
In explanation of the sale of stock re-
ierred to ii was stated this morning thai
the company had used its stock to redeem
certain outstanding scrip obligations is
sued in part payment of property pur-
chased sorle time ago. The inroads made
into the surplus of the property by the ex-
travagant tobacco war now I'm progress
and the memorable passage of the Fehru-
airy dividend as a result OF the early de-
pletion of that fund. are factors constantly
opposed TO improved prices for the stock
At the moment a large short interest and
powerful manipulation are to be contended
against, a combination of forces warrant
ing extreme caution.
An advance of II. per cent in the price
of General Electric attracted considerable
attention in today's featureless market
As previously hintad. certain pending de-
velopment of great Importance are in pro-
cess of being discounted by individuals i'm
position TO best judge of the commercial
Significance of such Developments
The railroad list was disposed to yield to
profit taking and professional sales based
on a contraction in the volume of foreign
business. The declaration of St. Paurs div
idend next Thursday, at which time a
doubling of the present rate is anticipated,
may have favorable influence on the gen.
eraI market.
81 .310oGO i'm lawful money and am increase
of a trifie less than two millions i'm losses.
The changes in other items are OF Little
Importance, serving merely to indicate the
practical completion of the government
bond transaction. The decrease in reserve
brings that item down to about twenty
three and one-Quarter millions. The
money market may harden somewhat DUR
tent of causing apprehension among bor-
rowerS.