The Washington times., 1894-10-18
CHANGERS MOST PROMINENT
General Covering of Shorts and Some
Buying for Long Accounts.
SPECULATION FAIRLY ACTIVE
Baltimore and Ohio Broke Six Per Cent. on
Announcement Of a Reduction in the
semi-annual Dividend-Sugar Trading In
dulged in by the Clique on the Inside.

NEW YORK, Oct. 17.-Speculation on the
Stock Exchange to-day was fairly active. but
the movement of prices was irregular and the
trading unsettled In character. Aftera weak
opening. due TO heavy London market for
American securities and to an accumulation
of selling orders for the foreign account, the
market became firm on the reduction In the
rates for sterling exchange, and In eonse-
quent improbabiity of further shipments Of
gold in the future.
There was general covering Of shorts and
some buying for the long account. which re-
suited in an upw ard movement that reached
its height about noon, and in which the
Grangers were most prominent Of the active
list. After midday the dealings became light
in volume, but the market was well held up
to about O'Clock, except Cor Baltimore and
Ohio. which broke 6 per cent. to 68 on the
announcement that the semi-annual dividend
had been reduced from ~ to 2 per cent.
This action had an unfayorable effect on the
rest of the list, and during the last hour
prices sagged off without any pressure 10 sell
but by reason of the absence OF buyers. and
the market closed weak, with the majority Of
the stocks dealt in from 4 to 12l per cent
higher than at the close Yesterday. while In
the case Of Toledo and Ohio Central gain OF
per cent. was made on purchase Of 100
shares.
The other important advances are: New
Jersey Central, 1S5; Tobacco preferred, 10; ;
Canada Southern, IL; Northwestern, 11s;
Michigan Central and Pacific Mail, l; New
York Central, % Delaware and Hudson and
Manhattan, "a Rock Island, Chicago Gas,
Denver and Rio Grande, ,..Cordage and To-
bacco common, %; and Burlington and
Quincy. Louisville and Nashville. Lake Shore,
New England and Hooking Valley, Il.
The specialties received more attention than
usual and were in the main heavy, some
/, material declines being established in this
group, notably 2$[ in Central Pacific on sales
! Of coo shares of long stock, put out by reason
! Of the action of the London security holders
Of the company; 2 in Adams Express on
the sales of hundred share lot, disposed Of
probably on account Of the loss sustained by
| the company through the recent train rob-
berry; IL in Bay State Gas. II in Lake Erie
and Western, and per cent. in do. preferred,
| Delaware, Lackawanna, and Western and
| Wheeling and Lake Erie preferred.
The only active stock which shows decline
| on the day is Sugar, the loss being only &
| per cent; this stock was actively dealt but
the trading is credited to the inside clique,
| with perhaps small following from among
| the room traders. No news was current
affecting the company, and the movement Of
the shares was mechanical, a sort Of sse-saw
| arrangement. the high point being 8TIE. and
the low mark s65s, the closing being nearly
| midway between these figures.
Baltimore and Ohio opened at 73, a decline
Of l per cent. from the closing figures OF
| yesterday, and when the announcement was
made Of the reduction in the rate Of dividend,
| the stock broke per cent. additional to 6S,
recovering TO 69Jz and closing at 6s1S. net
loss of 5J5 per cent sale of 100 shares seller
sixty was made at 81. The total sales Of the
stock were only 100 shares