Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-17
IN WALL STREET.
The Bears Generally Seem to Have the
Best of the Situation.


Best of the Situation.
Special Dispatch to The Evening Star.
NEW YORK, Oct. H-Today's market
opened irregular, but in the main strong on
covering by shorts. London's business has
fallen of. and has for the moment lost its
influence on speculation in the home mar
ket. Advantage was taken of the strength
at the opening to increase the short inter-
est. and considerable selling for that ac-
count was INDUCED in during the morning.
Washington advices are filed with gener-
alities and well worn platitudes that fur
nish no clue to the probable time or char
acter of the Senate's action on the silver
bill.
Trading in narrow and professional
market, such this is, with the dominant
force shrouded in mystery. is speculative
in the highest sense. The market, now
ever, looks oversold, and rally must fol-
low any attempt at covering. Stocks are
daily becoming more and more scarce, ana
the premiums advance in direct ratio TO the
decrease in supply.
Northern Pecific preferred loaned at a
premium of 1-l2S; Burlington, 1-Ci Erie
and Sugar, fiat; st. Paul. 1 per cent. and
1t is evident from these figures that a
break in prices must soon come or preclpi-
tate bear panic, within the limits of two
or three points.
The market for foreign exchange con-
| tinues duh. with no special demand for
bills Sterling rates were posted at 1873 LA
! 4S5 1-2 reduction OF IL per cent from
yesterday. Money is plenty at and 1-2
on call and per cent for time loans.
The clearing house statement today re-
, ports exchanges, S103 -6J,U-1; balances,
! Sc, ~, 1851. and the subtreasdry's debit bal
| ance, 81, 1O1, 40
The loan committee Cancelled $1S0,OOO ad-
| ditional certificates, and called $750O0O for
, tomorrow, reducing outstanding total to
| Sc, 900. Organized manipulation i'll Sugar
and DiStillers keeps those SpecialtleS In the
/ front rank of speculation, and at well
| sustained advance. Distillers responds east
| ly to the efforts of its friends, and advanced
| in the first hour to "a, a gain of per cent,
| reacted to opening fguresand again moved
| up for gain of 3-4 of a point.
| Outside Of the specialties the bears seem
| to have much the better of the situation.
! Burlington declined So per cent to n SIS.
| big Four" was weak at a reduction of IL
| per cent to 80 1-2. Hooking Valley lost l
! per cent to 10 1-2. Missouri Pacific declined
| Is to 20 7-S. Reading was weakened by
a bear attack and surrendered 3-S per cent
! to Is. Rock Island was also a bear mark
and lost "a per cent to 50 ga.
In the industrial list General Electric re-
acted on small sales to 43 IA loss Of per
cent Chicago Gas lost l IA per cent to
| 5S Ia, and Cordage sold down to "a IL, a
| point and a half below the opening.
Business during the afternoon fell off in
volume and the market looked heavy, with
| out any news of sufficient Importance to
give it character or stimulate activity.
selling movement started in the last
hour by brokers for a prominent bear oper-
ator resulted in a shading or in prices
throughout the list. No reason was assigned
! for the attack, but the movement was en-
couraged by the easy yielding Of prices.
The closing was dull g the decline, with the
weight of argument for the present in favor
of the shorts.