The evening world. [volume] (New York, N.Y.) 1887-1931, 1893-11-29
BIC INVESTMENT DEMAND.
II Enables Bulls to Keep Up
Stock Prices.
New England and western Union
Features OF the Day.

Under the influence of higher quota
tons from London, the stock market
here opened strong and higher. The bull
ardor was somewhat checked by a sud
den slump In Sugar from 81 to 81 rs.
The proposed reduction of the duty on
refined sugar makes this stock n target
for the bears. and they are talking con-
fidently Of further decline, regardless
Of what the general market may do.
Burlington & Quincy Is another favor
lite of the short sellers. and declined
from 81 3-S to 81 L.. Outside of the
shares named speculation was charac-
terzed by very strong tone. ard higher
prices were the rule.
The brisk investment demand for first
class bonds and stocks acts as Il power
ful lever, and the bears find 1t a great
stumbling block
The fact that progress Is making tow
ards a reorganization Of the Union Pa
CihC has a favorable Influence on West
ern and Southwestern properties. So
| long as there was prospect OF disin-
tegi alton OF this vast system the market
was menaCed andthere was little dispo-
sition to trade on the bull side OF a
number OF stocks.
American sugar preferred declined to
81, Ia General Electric 1 to 49,, and
vanced IA to 81 a. Chicago Gas "a
tillers "a to q as. General Electric 3-4 to
Lead preferred to 50, New England IS
| to 30 a. and Western Union 3-8 to so rs
The lack of activity In the stock mar
| its strength. Chicago Gas moved up on
n vague rumor that the next dividend
will be paid in cash instead OF scrip. and
the stock made good leader
| New England and Western Union were
| features. Both scored materially higher
fgures. and were in good demand.
| The Changers were not as strong as
the rest. more particularly Burlington
& Quincy, but there was an Impression
that this stock was being kept down for
the purpose Of enabling Shorts in other
parts OF the list to cover UP.
There were rlrmors Of an impending
settlement between the Rock Island
Company and the Minneapolis and st.
Louis Committee. The former Is large
pany. and II settlement Is made will
receive SUM equal to big dividend
on the stock.
Money was easy at l a 1l-e per cent
| mercantile paper sells at 3 81 a J..
per cent, and the supply Offering Is by
no means large.
Foreign exchange Is strong. Rates OF
discount have hardened on the Continent.
and consequently there is an increased
demand for money on London, which In
turn is drawing upon New York. Com
mercial bills are in light supply; Bank;
| ers 60-days sold at 4S3 IA 4S3 H. and
sight at I.s3 "a a 4s6.
Stocks were strong until after deliy
cry hour under the leadership of Chi
caBo Gas and Western Union. The
former got up to 6s, and the latter tc
81 1-2.
Towards the close. however. Sugar
dropped to 81 l-2. and there was a pres
sure to sell right through the list, tbs
lowest figures of the day being touched
| In a number OF instances.
The sales of stocks were 23s. 200 shares
In the unlisted department $500 share:
| OF Sugar and 100 Lead were traded in.
The statement OF the New ork, New
, Haven &. Hartford for the quarter endec
| Sept. 30 shows total net income OF 81.
49, l6l. an increase OF Si57,5S2. Surplus
after fixed charges was STOOLS a de-
crease OF S2266 Cash on hand. 1929.
| 3Ii. and profit and loss surplus ST, l09, Ole
The Erie directors met to-day and or
ganized by electing the following officers
John King, President; +. b. Thomas
First Nice-President: George H. Val.
liant, Second Vice-President: Andrew
Donaldson. Third Vice President A. r
Marlborough. Secretary: Edward White
Treasurer, and James A. Buchanan, At
torney.