Evening star., 1897-02-10
FINANCE AND TRADE
Cretan Disturbances Deterrent Factor
in Speculation,
EFFECT OF CHICAGO ADVlCES
Fears of Trouble in the joint
Traffic Association.
GENERAL MARKET REPORTS

Special Dispatch to Tho Evening Star.
NEW YORK. February l0.-Lower prices
i'm London. attributable to the Crete dis
turbances. were again a deterrent factor in
the local security market. The regular
fcrtnightly settlement was reported 10 he
progI essing favcrably. but the market for
American rails was distinctly heavy during
the greater part of the day. ST. Paufs re-
port of earnings for the first week i'm Feb
ruary showing a gain of $6,-1 by COM
pariscn with the same period one year
ago
The comparison is especially gratifying
in view of the fact that the 1896 period vas
an exceptionally good one.
The action on Burlington's dividend to-
ward the close of the present week seems
destined to be somewhat comprehensive in
its effects. Should the old rate be main
tanned. and indications argue that # will
be. large short interest would be forced
out under competing bids. Such action
would. in all reasonable probability. inspire
a general liquidation of short contracts.
The elimination of the short interest
would be beneficial to prices for the time
Deirg. but the usual difficulty IN iinding
purchasers at the advance would sooner or
later attract new selling for the same ac-
count Unsatisfactory conditions in the
coal trade at eastern points were reflected
by roticeably weak tone in the market
business in this group of stocks was small
the declines being limited in consequence
chicago advices were uniformly pessi-
ufstic. Fears OF trouble in the Joint traffic
association inspired sales throughout the
department directly concerned The evi-
dent hostility of the Illinois legislature TO
the corporations of that state has added
to the general lack of confidence at that
center. Any significant demand from the
short Interest would invite extensive west
ern covering.
The Industrial shares continue to mon
opolsze attention. the more important de-
velopments OF the near future being of
special interest to such enterprises. Ameri-
can Sugar. by reason Of its many tangible
evidences OF prosperity, is especially liable
to legislative attention of a discouraging
nature. In consequence of continued evil
dences of the fact. efforts to depress It's
price were again feature OF the early
trading.
After establishing a new low level by
forcing fractional decline from first
prices. an advance OF IL per cent was re-
corded.
Tobacco and leather were sympathetic
with sugar throughout the day, but on a
smaller scale.
Professionalism is the greatest influence
operating against sustained Improvement
in the present market. The daily opera
tions reflect merely the interchanging OF
securities by the always committed room
element Slight deviations from the euu;-
librium attract a following which, for an
hour or two at time, give special direction
to the general markets.
Small profits quickly taken and the
opposite account seized upon as a means of
proflting by the reaction There is no scri-
Gus doubt that the market would respond
easily to aggressiveness in the long ac-
count but the amount of inquiry necessary
its advent until some date subsequent 20
March 1.