Evening star., 1897-02-15
Demoralizing Influence of European
War Rumors.
DECLINE IN DOMESTIC SECURITIES
Liquidation Conspicuous During
the Opening Hour.
GENERAL MARKET REPORTS
'pecial Dispatch to The Evening Star.

Special Dispatch to The Evening STAR
NEW YORK. February 15.-European
war rumors and fears OF serious diplomatic
complications had aemoralizing influence
on security values In all the foreign mar
kets this morning. The market for inter-
national securities i'm London reflected SUBJ
stantial concessions from last weeks final
figures. but no evidences OF a panic were
reported. Consols declined per cent,
American railway shares from y to 1 per
cent and Turkish securities about ~ per
cent Paris and Berlin were liberal sellers
throughout the day.
Under the influence of these conditions
the local market opened at fractional de-
ciines, and continued extremely sensitive
throughout the day. LiQuidat ation was con-
spicuous during the opening hour secur-
tiles bought at higher prices being disposed
OF pending some more satisfactory adjust
ment OF foreign relations. Tennessee Coal
ana Iron, Leather preferred and the inter-
national railroad list were most affected
by selling of this character.
The dissolution of the steel rail pool was
construed. somewhat unjustly, perhaps.
into an unfavorable argument against the
nrst OF these properties and the trust in
vestfgation caused not unmerited apprehen-
sion as to the second.
The weakness in the shares having an
international market is a mere reflection
OF conditions having only sentimental local
application.
The strength OF American Sugar was
conspicuous feature Of the days trading,
and may be credited with limiting the de-
cline In the general market.
The buying Of this property gave evil
dence Of being for accounts superior i'm
capacity to those represented elsewhere.
The support so conspicuous around III has
again come into the situation with renew
ed vigor at Ill. The buying. while diff
cut TO justify on any grounds other than
a n
speculative purchases, Is too confident to
be opposed by Eovices.
Manhattan was weak as the result of a
better understanding Of its last quarterly
statement The enterprise OF the surface
lines and the need Of new money by the
elevated should a modern system be es-
tablished. are factors not to be ignored
The stubborn resistance of the stock from
time to time may be justified by the pre-
sumption that memories of the past are
temporarily superior to the balance sheets
of the present.
This is but another evidence of senti-
mental speculation. and cannot be relied
upon to govern perpetuaily.
An ADVANCE OF Il per cent in posted rates
OF exchange is development worthy of
special note. 1mportations from now on
as previously suggested. will be largely in
creased by the assurance OF higher tarifr
schedules during the spring. The trade
balances In favor of this country. IL not
entirely destroyed, will be considerably re-
duced by the enterprise of far-sighted i'm
porters in taking advantage Of present
rates.
Europe is in no mood to buy our stocks.
but may be forced to take our grain I'm
which event the necessity for gold ship
rleEts might be postponed Gold exports
ere perfectly natural occurrence at this
season, however. and the mere fact that
no gold has gone forwarded does not dis
pose OF the possibility OF exports out of
season. The whole prospect must be con-
sideied factor during the remainder of
the season.
Wheat Excited for Awhile.
CHICAGO, February 15.-Wheat opened
excited this morning and at an advance OF
over 1 cent from Saturday. On the curb
before the opening the advance was rather
sensational. May sold high as 76,a BY
the time OF the opening of the regular
board, however. the excitement had SUBJ
sided to certain extent although traders
were still evidently nervous. The advance
was caused hy the