Evening star., 1897-02-11
Depressing Effect Of the Threaten
ing Eastern Outlook.
LONDON. SELLS AND PRICES FALL
Business Conditions Becoming
More Desirable.
GENERAL MARKET REPORTS
Special Dis,,atch to Tho Evening Star

Special Dis,atch to Tho Evening Star.
NEW YORK. February 1.-THE reported
ordering of Grecan gunboats to Crete had
a depressing influence on security values
i'm the foreign markets this morning Lon
don sold moderate amounts OF the more
active international issues. the local mar
kct taking all offerings at fractional con-
cessions from the opening Level.
The volume of business does not improve
materially. and no important transactions
seem likely during the next fortnight. un-
less subsequent trust investons revive ap-
prehersion and force liquidation. Accounts
containing miscellaneous securities might
be expected to be reduced considerably
should d decline in enc group demand a
general tightening of speculative burdens.
Excepting this prospect the arguments IA
voring depreciation lack that degree OF
soundness warrant!ng activity In the short
account.
The market from day TO day defies pre-
diction, but the main features OF the spec
|. ulative situation are by no means pessi-
mistic. Large interests committed 10
neither account the short account being
unattractive and the long account sug-
gesting period Of waiting which may safe
ly be gone through without interest obliga-
tons business conditions are not wholly
desirable. notwithstanding the clamors of
the over-confident. but they are becoming
more and more so.
The process will not he uniformly en-
couraging. but the results are believed to
be assured. consequently the real owners
OF securities are not disposed TO sell. and
would-be owners believe that no change
will come so Unexpectedly as to preclude
profitable participation.
The floating supply of stock is kept at a
minimum because Of this inability to force
liquidation. and short selling is periodically
brought to a halt for want of securities
with which to make deliveries. Each
reSSiNp drive the better class of SeCllri-
ties invites purchases which successfully
reduce the floating supply and render short
selling unusually hazardous
The fashion of being short of stocks
seems destined 10 be displaced by some
| thing a trife more logical. 1t is not neccs-
sary that new conditions should arise for
this purpose. more accurate interpreta-
tion of those now existing would suffice.
The Chicago situation. owing to certain
purely local difficulties. continues 10 re-
| fleet a lack of confidence in Improved val
ues.
Gas wars and a variety of bills against
existing corporate privileges serve to un-
settle speculative opinion. Locally. how
ever confidence In something better at an
indefinite period subsequent TO the advent
OF the new administration. is almost unan-
imous
Washington advices on the new tariff bill
continue to absorb attention. The schedule
fixing the sugar duties is sad TO he part!c-
ularly undesirable to the American Sugar
Company and the belief prevails that re-
visions in favor of the company will he df-
fcult, once discussion is begun On the
ether hand recent campaign Assurances. il
lived up to, will deal radically with privi-
leges already granted. The reassembling of
the state investigating committee on Satur-
DAY Is relied upon to develop some new
material for the professional bear clement.
The railroad list was fairly steady during
the day and void of significant features.
Tomorrow's close holiday attracted moder-
| ate covering of short contracts from time
to time, but the irregularity of tho early
trading continued up to the close of bus
mess.