Evening star., 1897-02-02
Profits Are Realized and Prices Suffer
in Consequence.
OPERATORS 10 CONTINUE CAUTIOUS
Upward Movement Expected Be-
fore Very Long.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star

Special Dispatch to The Evening Star.
NEW YORK. February THE stock
market has again demonstrated its ina
bility to absorb the offerings attracted by
any advance exceeding fractional limits.
Profit taking on last weeks purchases was
continued today at the expense OF prices.
Underlying conditions are not discourage
ing. but the protracted reign of profess
sionalism is decidedly
The occasional demand from commission
houses is easily supplied or prices are ad-
vanced to prohibitive limits on transac-
tions of a few thousand sharessonhy. There
are no signs Of general liquidation. how
ever. and the scarcity OF stocks is the
strongest argument in favor OF an advanc-
ing market
IL any real demand arises. and the belief
Is general that II will arise at no distant
day, stocks can only be had by advancing
prices In proportion to the eagerness OF the
desire to acquire possession.
PENDING this Outburst of financial conf
dence. room operators will continue TO
operate in both accounts for fractional
profits. The main situation barely adjusts
user TO the fattering predictions of the
1ar-sighted before special facts applfca Bile
TO one property or a group OF properties are
ment-
i>dst week tne tTOuDieS OF the DttuminOuS
coal roads exerted demoralizing Influence
on the general list. The scarcity of the
floating supply of stocks prevented mate
rial depression in prices, but the volume of
business was reduced to a minimum
Subsequently Lackawanna's statement
Tor the year 1895 was given out and sus-
tanned the theory that the best-manaeed
properties IN the country were failing to
earn dividends up to the established rate
Today New York. New Haven and Hart
lord attracts attention by a decline of ~
per cent from yesterdays prices This ac-
tion ON the part OF the stock was accom-
panied by rumors of reduced dividends ana
probable issue OF stock
The action of the directors on the divf
oeno question can only be surmised at this
time. but that earning have fallen Off ma
ter1atly no one seriously doubts
The experiments with trolley lines for
suburban traffic and the buying in of sew
eral such properties is said to nave added
10 the eompany's floating debt. now csti-
OW '''
Rumors. entitled to some consideration.
Ioreshadow probable q per cent Ia sis
for the stock with the natural attendant
result as to the market value of the stock
ne decline in price Is the strongest evil
dence OF the reliability of the current ex-
plaratfor of the decline
The pending investigation of trusts and
their liabilities under existing law has al
READY begun to find adverse reflection I'm
the market price of the securities likely IN
De concerned American tobacco and sugar
nave both been sold of late or the pros
poets of adverse findings by the investigat-
ing committee
The latter property will be confron ed
later on with specific duties. and an attack
on It's present differential on refined i'm
ported sugars. The Granger shares Bur
llngton IN particular, were sold down frac-
tlonaliy under realizing sales and some
professional operations ia the short ac-
count. The various Northern Pacific Sc
curfties yielded to selling for both accounts
in the absence of significant support Lon
don was scarcely factor the weakening
IN mining shares at that center discourage
ing extensive trading in the international
market.