Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-01
FINANCE AND TRADE
Prices Fractionally Higher at the
Opening.
VOLUME OF BUSINESS WAS NOT LARGE
Sugar Was the Feature of the List
Today.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November 1.-Prices were
fractionally higher at the opening Of to-
days stock market as the result of a pro-
fessional covering movement. The short
interest in the coalers and grangers Is
still large, and Indications point to its be-
ing reduced prior to the resumption of ac-
tivity on that side Of the market. The
volume Of business was not large and the
character Of trading unchanged. Lacka-
wanna, Delaware and Hudson and Jersey
Central each gained l per cent and Read
ing gained IA on moderate trading. Phil
adelphia houses are largely responsible Tor
the recent strength in the latter stock,
believing that the reorganization plan VIII
eventually prove successful and that this
property will be benefited by the recent
decision of the sales agents In the mat
ter of tonnage.
No immediate liquidation in these stocks
is looked for, the rapidity of the decline
demanding a substantial recovery before
long holdings can be forced out by bear
selling.
Northwest regained 1 per cent of yes
terday's loss on buying by the room ele-
ment. The selling of this stock has been
traced to the same interests which engineer
ed the drive at the coalers last week. The
latter movement has met with more re-
sistance however, and is not likely to ex-
tend to such substantial results.
Sugar was the feature of the list selling
up 2 per cent in the face of decidedly ad-
verse trade conditions. The buying was
attributed to the pool in the property, which
is heavily loaded with stock and Is seeking
a market to sell out on. reduction of 1-S
per cent in high grade and 1-16 in low
grade sugar was announced during the
morning, making the third reduction in
the last few days. The selling of sugar to
the trade at prevailing prices reflects loss
estimated to be between 20 and 80 cents a
hav oil Thn DDS nran In hn rlrsiln Of hn
stock under the circumstances reflects the
artificial support now given the property
by pool managers. Inside interests, except
for purposes of manipulation. are not and
will not be purchasers around these prices.
The balance of the industrials were strong
on a limited volume of business. Next
Tuesdays elections are responsible In a
81 eat measure for the change In specula-
tive sentiment, but the interest in that
event is superior to the desire to promote
activity. The sentimental influence of the
elections, coupled with the nervousness of
the shorts, may force prices up still fur
of business must improve before any pro-
lcnged upward movement will obtain.
The London holiday did away with all
arbitrage business in today's foreign ex-
change market, but i'm spite of the dizziness
the tone was firm at yesterdays quota
tions. The supply of commercial bills was
good, but there is no perceptible falling
off In the demand from remitters. No gold
has been taken for export and none is likely
to go out during the week unless exchange
becomes active.
The last hours business was dull and
without significant feature. Prices were ir-
regular, but in the main strong under con-
unued covering by room shorts. Bull
points sugar were freely circulated by
pool brokers and served to keep the price
of that speciality firm.
NEW YORK, Wall street, 1 p.m.-The
announcements of the death of the car
fell fiat upon the stock exchange. and the
market, which was strong at the time, con-
tinued its upward course. The interna-
.tional stocks were particularly firm and
the event caused not the slightest furry
on the 0Dchange.