The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-04-25
SATURDAY, April "a.

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Practically the only interesting feature of the
stock market this week was the unsuccessful
attempt of the professional element to interpret
the effect of the declaration of war between Tur-
key and Greece without the assistance of tho
European markets. 1t was no fault of the element
referred to that 1t did not precipitate a panic on
Monday; hence the losses 1t may have sustained
during the next two days in correcting its error Of
Judgment excited no sympathy. With the war
scare and the subsequent covering Of shorts in
the background the market relapsed into a
condition Of dulness, which was intensified
at the end of the week by an extremely in
active market in London and the approach
ing holiday here next Tuesday. The net
results OF the limited trading are unimportant,
except in two or three Industrial stocks. which
at best have rarely attained special prominence
in the market. AS none Of these stocks enjoys
an international market, and the enterprises
upon which they are based can be only remote
ly affected by any change in the tariff, the
conclusion is inevitable that tho market for
them has not been influenced by war news or
tariff discussion, but by specific considerations.
As q matter Of fact, manipulation appears to
have been chiefly responsible for tho declines
in American Spirits. American Tobacco. and
United States Leather preferred. The only
noteworthy net advance recorded is that of
4 points In Jersey Central. which resulted
Almost entirely from the covering Of shorts
in that stock. TIL movement gave rise to
a number Of reports regarding the condition and
prospects of the anthracite industry. the most
conspicuous one referring to the possibility Of
the establishment of a joint selling agency. 1t
seems hardly necessary to add that the recent
decision of the Supreme Court makes the adop-
ton of such a method of distribution extremely
improbable.
The indications are that the market will con.
tinue narrow and professional until the Eu-
ropean situation becomes more settled, the Tar
if bill disposed of or its future virtually
determined, and the outlook for the sta
pic crops becomes fairly plain. The con-
ditions described may not last long. for
events abroad are following each other in
rapid succession, and according to trust
worthy information the Senate Finance Com
mittee is likely to report its revised and modi-
fled draft OF the Tariff bill within "a week or ten
days. The Senate committee has already taken
important action in striking out the obnoxious
retroactive clause. Regarding the crops, the
season is SO late that some little time
will be required to determine even the
acreage planted Of wheat, corn, and cot
ton. In the mean time general. business con-
sists almost entirely OF supplying immediate re-
quirements of consumers, which. as every one
knows. are restricted, owing to the uncertainties
already noted and the seeming rivalry between
legislative bodies and some of the courts to es-
tablish a paternal form of government. I'm
usual activity in wool at Boston and heavy inn
ports of dry goods and general merchandise at
this port in anticipation of changes in the tariff
are the only cases of animation discernible.
The weekly statement of averages of the A.
sociated Banks furnishes evidence of business
inactivity in the renewed accumulation of money
at this centre. Since last Saturday the hanks have