Evening star., 1897-02-13
Effect of the Diplomatic Tensior
Throughout Europe.
WERE NO SIGNIFICANT OPERATIONS
No Advances Expected During the
Session of Congress.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. February 13.-The course OF
prices I'm today's stock market was unit
formly in the direction OF depression. No
significant operations were recorded the
market being wholly within the control OF
the professional element. Stocks were Of
fered down by a clique of room traders In
the belief that the short session would at
tract no buying OF sufficient volume to
force a material recovery.
Actual improvement I'm conditions was
overlooked. the absence of resistance being
the chief factor favoring the reactionary
tactics.
The suspension of two financial insiftu-
tions In the west emphasized the memories
Of discouraging financial conditions and in
splred caution I'm discounting the future.
While Congress continues in session the
market is likely TO remain In unprofit-
able groove. and no new enterprises are
contemplated until the new administration
ot morstrates Is remedial ability. The
mere fact that certain securities are cheap
Is rot an argument for Immediate buying.
The probabilities are that they Will he
neither higher nor lower. in sny marked
degfee-t nul the country has more sub
stantial evidences OF tangible prosperity.
Holders of securities have become ac-
customed to waiting. and will not be forced
into liquidation by any demonstration of
the short interest. The narrowness OF the
market, while precluding a sustained ad-
vance. operates to a similar extent IN an
opposite direction.
Stocks sold are invariably difficult to re-
cover, except in special instances. and mod
crate profits have. for a considerable per
fod. been all that the short interest eN-
pected
The situation is one that had better he
left to the professional traders until natural
forces assert themselves and logical deduc-
tions again become possibility.
The unsatisfactory conditions I'm the iron
and steel trades have rafa a1 f,
values in nearby departments. A great in
dustry suffering from a combination Of in
ternal discord and an Indifferent market
must have a sympa thetic influence in all
classes of security values.
The dissolution of the pool In street rails
is beneficial to the consumer. and, conse
quently. cannot be regarded a wholly
unfortunate event.
The better market for wool and wool
fabrics and the large sale of print cloths
at Fall River during the week are factors
outweighing many of the adverse develop
ments of the last fortnight. Commercial
| reports are not in harmony with security
depreciation.
The diplomatic tension throughout Eu-
ro pc, incident to the Cretan uprising, while
a trife less pronounced. perhaps. is stll
a factor worthy of serious consideration.
Beyond the sentimental Influences of such a
condition this country's commodities and
securities not yet jeopardiZed by for
eign troubles of this country.
Manhattan's statement for the quarter
ending December 81 reflects a net increase
of S45.GSS and a considerable reduction in
cash on hand. The increase in earnings is
not satisfactory, in view of the fact that
the company has saved in interest more
than enough to make up the reported in
crease. The most favorable construction
of the figures puts the stock safely on n
per cent basis with a possible ! per cent
added with sufficient frequency TO make
il per cent stock The decline OF llr
per cent in price reflects the general
knowledge of the comrany's affairs
The bank statement shows a loss of over
S3,VD.bn in lawful money, entirely In legal
tenders. The demand for currency from
nearby points explains tie loss. Loans
have been increased S2S54.O00 showing a
demand for money In commercial circles.
The net result of all changes brings the
surplus reserve down to sal .63s. Do.