The times., 1897-04-18
The World Of Business.
Wall Street Yeste rday.


New York, April THE collision be-
tween armed forces On + near the boundary
line of Greece and Turkey has affected
all commercial markets this week. There
have been other considerations affecting
the prices, but their influence has been
more restricted. For example, reports
of the embarrassment Of large operator
in African mines, the foundation for which
it is impossible at this distance to deter
mine, have depressed the speculation in
Kaffirs, both In London and Paris, and
have to an extent unsettled the market
for other securities at those centerS Still
another incident is the progress that has
been made in the Illinois legislature toward
giving various corporate interests, among
them the Chicago gas companies, the
legislation they desire for the purpose of
conserving and extending their respective
lines OF business. The street continues to
dwell upon the unfortunate character of
the decision of the Supreme Court in the
Trans Missouri traffic case, and at the
same time good deal of stress is laid
upon the protracted tariff discussion.
II is question, however, whether all
the circumstances enumerated are not sub
ordinate 10 the first mentioned, namely
wheat and breadstuffs, have not been
heavy this week, the price of wheat has adj
yaneed materially, and there has been
moderate, yet effective, selling Of securities
by Europe. This last, together with un-
usually heavy Imports or merchandise,
caused by prospects OF higher custo ms duties,
have strengthened the foreign exchange
market, which closes at the highest prices
recorded this week and also for long
time past. The tendency of the for
eign exchange market has already started
a discussion as to the probability of eX-
ports OF specie in the nearfuture. Upon this
point it is exceedingly interesting TO note
that foreign bankers are in the main averse
to making shipments at this time Cnless eX-
change should rise to Figures that would
insure fair profit on the transaction. They
argue that the abnormal imports OF mer-
chandse are about over, and that should
Il European war occur, exports of bread
stuffs and o,her food products would
spec lily offset the speculative selling
of securities by Europe, in which case eX-
ports of specie in which the treasury and
banks i n this city re amply prepared, would
not become importantin volume, and might
spec lily be followed by a return of the
EOu 10 tNlS Country .lfd'se iepoits Soh-
tain little that is encouraging.
Business is held In check hy the tariff
discussion, by the weather, particularly
in the Mississippi Valley, by the political
situation abroad, and also by the feeling
of depression, caused hy the Supreme Court
decision in the Trans Missouri traffic case.
The trading in stocks has obviously been
within very narrow limits The more sub
stantiai interests, both in an out OF Wall
street are waiting for the situation, both
here and abroad, to become more clearly
defined, as it doubtless Will within the next
sixty days.
The stock list, with onl "A few eN ceptions,
is lower than 1t was last SATURDAY. The
declines. however, are not OF great magni-
tude Today's market was weak through
out, with Chicago Gas, Amer can Tobacco
and New YORK Central sustaining the
greatest net losses w hich were approXi-
mately per cent. Tie pressure to sell
was not pronounced, but the absence OF
support was more conspicuous than usual,
owing probably to the holiday character
of the market. a little encouragement
was derived from tile bank statement, be-
cause it shows for thefirst timetn num-
ber OF weeks an increastsfn the loans.