Evening star., 1897-04-12
FINANCE AND TRADE
Events in the East Continue to Have
q Disturbing Influence.
READING WEAK AMONG TEE RAILWAYS
Western Union Sold on Supreme
Courts Action.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening STAR
NEW YORK, April 12-The incursions OF
the Greeks on the Macedonian frontier con-
tinue to inspire alarm in all the foreign
money centers. The London market is es-
pecially SCI sitive to war rumors, but as
yet has developed no panic symptoms. So
great is the alarm however. that the Ques-
tion of adjourning the stock exchange over
next Saturday, as Is usual at Easter, is
being debated with some concern. The ten
dency toward weakness is more marked
than the fractional declines in securities
indicate, the efforts of conservative houses
serving to prevent liquidation.
The volume of foreign selling In the local
market this morning was not significant.
and resulted in further buying by the pro-
fessional short interest. During the first
hour prices were given good support. but
once the needs of the short interest were
supplied the buying power appeared to be
exhausted. general decline, varying from
u to 2 per cent, was reflected In the prices
Prevailing at the beginning of the noon
hour.
Tennessee Coal and Iron, American Su-
gar. Chicago Gas, American Spirits and
Western Union were the features of the
movement. Reading was the weak feature
of the railroad list. sales for both accounts
forcing the price well below the opening
level.
The Granger shares and the international
list were relatively steady, as the result Of
minimum transactions.
The market is almost totally void of le-
Sitirfate, outside buying, and'for this rea-
sen may be expected to hold a given direc-
ton for a brief period only. OrganiLati tion
II such a condition exists at all. Is on the
side OF those favoring lower prices. The
situa ton is too complex, in the opinion of
the experienced. to invite activity in either
account. This view naturally precludes sig
niticant commission buying and insures for
time at least only professional estimates
of value.
The refusal of the Supreme Court to
grant a writ of certiorari in the case of
the Western Union Telegraph Company
against the American Bell Telephone Com
pany in the stock ticker cases invited fur
tber selling Of the former security. This
decision allows the decision Of the court
below to stand, and is consequently con-
strued to MEAN Il reduction in the revenues
of the telegraph COMPANY.
The filing of papers In the Manhattan
case, looking to a legal investigation of the
subject of unearned dividend payments.
was reflected in the moderate dealings in
that property. Much comment is heard on
the various purposes of the small pools
said to be working in the interest of higher
prices.
Manipulation. it is believed, can support
prices until actual conditions once more
come into harmony with the desires Of this
Opt1mlStlc element Precedent, prac1lcaiy
without exception. goes 10 prove that artI-
ficial stimulation produces temporary re-
suits only. .-. ..s. 49,
There is no cause for alarm at this juno
ture. but this fact. of itself, does not justify
higher market.
There is more logic in inaction under pres
ent conditions than in any other position
A foreign war would not, except momen-
tarily. be undesirable to American invest
ors. A few greater bargains might he Of
fered in the event of war The prA,ent
ores may be picked up leisurely during the
tariff debate. .. ,..