Evening star., 1897-01-12
The Arbitration Treaty With England
Regarded With Indifference.
HAD NO EFFECT ON STOCK VALUES
All Sorts Of Rumors About Sugar
Trust Dividends.
GENERAL MARKET REPORTS
nee ial Dispatch to The Evening Star.

Snecal Dispatch to The Evening Star.
NEW YORK, january ta-The unprofit-
ableness of speculation under present con-
ditions was clearly demonstrated this
morning by the absolute disregarding of
the significance of the general arbitration
treaty Under normal conditions such an
announcement would have evoked 4 DEM
onstration OF substantial proportions. AS
1t was. an indifferent opening around last
nights closing figures was the only product
of the early trading. London cables, how
ever. reported better feeling in all the
security markets. the low opening level
giving way to a better demand later in the
day. Today is the first maklng-up day Of
the regular fortnightly settlements, the
rate for Americans being 1 per cent lower
than at the time of the last settlement
Wheeling and Lake Erie securities were
sold down sharply on rumors of a receiver
ship for the property. Interests identified
with previous attempts to depress these
securities were active In todays attack
Ohcials of the company denied all knowl-
eose OF ioundation for the rumors. and
considered their circulation as a mere de-
vice OF the short interest. The stock ral-
lied slightly on the denial, but the largest
interests demonstrated confidence in their
position by refusing to cover.
Tennessee Coal and Iron was bought by
commission houses on the prospects of the
directory gaining one perhaps two in
fuential members at tomorrow's meeting.
The affairs Of the company warrant conf
dence In the profitable results of shrewd
management, such as is now promised.
The annual meeting OF the American Su-
gar Refinery tomorrow was utilized as a
background for the customary array of
sbsurd rumors. Extra dividends VARYING
from 10 to p per cent were mystericusly
limited at to explain an advance clearly at
tributable to the covering of room con-
tracts. 1t Is more than proba BILE that some
stock has been purchased and considerably
more held for purposes of representa- ton
at tomorrows meeting. Relying upon the
correctness Of this view the traders identi-
ned with recent selling movements have
carried their short lines over.
buying movement in American Tobacco
attracted some attention during the after
noon because of the exceptionally good
character Of the demand
tnon racine was well supported at a
IeVei fractionally In excess of yesterdays 9
low prices as the result of a good demand
from the short interest. The defeat of the
funding bill is variously construed as to its
probable effect on the reorganization of
this property, but ii Is believed that the
plan will be pushed forward without delay.
The Central Pacific indebtedness of $751;
OW,0W may be arranged with the govern
meat upon terms similar to those of the
Union Pacific, but officials Of the road are
not willing to admit or deny the possibility
to be considered by all concerned before
foreclosure proceedings are undertaken as
considerable debatable law is involved in
the several methods already proposed. The
opinion in financial circles is that the roads
will offer a settlement satisfactory to the
government and endeavor to do away with
much of the delay and expense incident to
Irrigation