Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-13
FINANCE AND TRADE
Speculation in Railway Shares Was
Perfunctory.
OPENING FIGURES THE SAME ASCIOSTNG
Manhattan the Most Conspicuous
Stock of the Day.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening star.
NEW YORK, October Speculation In
railway shares this morning was profess
sional. perfuactory and proHtless. Opening
figures in many Instances were duplicated
in the final trading and where changes did
occur they were. with one exception. repre-
sented by extremely small fractions. The
short interest has been reduced within the
last forty-eight hours without any apparent
influence on the character OF the trading or
general speculative conditions. The In
creased supply OF borrowgtle stock may
suit in a renewal OF bear tactics during the
coming week.
Manhattan was the most conspicuous fea-
ture OF the days trading. by reason Of con-
tinued weakness under rumors OF de-
creased earnings. large selling order
was detected by traders. and the stock
offered down on its attempted execution.
During the first hour the stock declined
Ia per cent from the opening TO lI2 L.
rallied I per cent and closed at AZ per
cent reduction from top figures.
The report soon to be made by the COM
pany will show. it is said. that the cable
roads have made serious inroads on the
revenues OF the company to an extent jus
ufyfng the decline. Other surface roads
now nearing completion will contribute 20
a reduction in the traffic OF Manhattan.
The selling has thus far been traced to no
significant quarter and friends Of the prop
erty are confident OF Its ability to do a
profitable business in spite of increased
competition IL is not unlikely that the
lowest price for the stock will precede the
publication OF earnings above mentioned
Sugar sold UP "a per cent from the open
ing, but reacted I per cent on a continue
ton of the selling noticed at the close OF
yesterdays business Insiders were rather
free sellers at yesterdays advance and indi-
cations justify a return TO the original
theory Of a further reduction in the Interest
of the secret purposes of those in charge OF
the ma nipulatiOn.
Traders detected some selling Of Chicago
Gas by brokers usually in the employ OF the
controlling interest, and forced the price
down "a per cent. Bay State Gas opened
on 3-4 per cent sold down I Ia and rallied
1 SIS on a fair volume OF business
The foreign exchange market has been
prominent factor in the wees business as
a result of a steadily increasing firmness
I'm the face OF liberal offerings Of cotton
bills.
The strength is attributed 20 a desire on
the part OF bankers 10 cover sales made in
expectation of liberal reduction in rates
and TO the payment Of sterling loans. At
the close of yesterdays business a relaNa-
recorded. Some gold may go out next week.
but IL is not likely TO attract much atten-
ton.
The bank statement reflects n gain of
nearly I,s5p.b0 in lawful money. which.
with the resulting increase in deposits. are
the only changes of special significance.
The statement in detail shows: Reserve
Increased. 81 .S6,315: loans decreased. Si0a.-
900: specie increased, $685.. So: legals in
creased Sl.nJDoOD; deposits increa sod, 81
3i1, 100, and circulation increased, sal, Tn