Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-07-11
FINANCE AND TRADE
London's Higher Prices Stop Decline
In Stocks.
HOPEFUL TONEOF WESTERN DISPATCHES
New England Literally Bought by
Traders.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September lathe unin-
terrupted decline OF the past two DAVIS was
In measure stayed this morning by high-
er prices in London and the more hopeful
tone Of western dispatches Foreign houses
were moderate buyers in the early trading,
furnishing practically all OF the assistance
given the room element in its effort to force
a rally. Initial figures reflected gains over
night varying nom Ii to rs per cent, and
In the railway list mede further fractional
gains as the day progressed. New england
was literally bought by traders and gained
L 1-2 per cent IN consequence THE Changers
were strong at gains varying from la to l-2
per cent. but attracted only small amount
of business. a..t a. l-s d., .-.-t
Manhattan was substantially improved ON
good investment demand. Whics is sufii-
ciently large TO prevent any serious loss
In the market value of this property. Good
Judges OF the present situation are very
favorably impressed with The company's
future prospects.
The sentiment of the street is some wh IT
mixed, but clearly reflects = -prepander-
ance of opinion in favor of a further re-
duction in values before any sustained
period of improvement sets in.
The industrials being entirely unincum-
nered by the great financial problems, on
the correct and speedy solution of which
the country's prosperity depends, are nat
urally attracting the most attention al
present. In shis group there is little doubt
tnat the earnings are satisfactory, even
though an unknown quantity. Traders
nave but one thing to consider namely
the VIII Oh the inside interests. Once that
Is determined the immediate course OF the
stock can be told with a remarkable de-
gree OF certainty f-
In the case Of Sugar. as has been repeat
edly pointed out the best interests OF the
company can be served by reducing the
price Of the stock. Such action would lend
color TO the arguments. tending TO prove
the company's inability to continue divi-
dends at the old rate under the harsh pro-
visions of the new tariff. Then, too, con-
siderable long stock has been marketed
from the inside at higher prices, which
would gladly be bought back from 3 70 10
per cent under present figures. The pa
thence Of these sold-out interests is likely TO
be rewarded IL surface indications have any
merit
Chicago Gas opened strong at an advance
Of rs per cent and sold down Immediately
Is per cent on short sales. Later, on
sharp covering. the price was bid up slight
ly in advance Of the opening and given
good support.
Ditsiliers sold on on the announcement
that the decision In the quo warranto pro-
ceedings brought by the attorney general
1 per cent was mostly made up during the
day by covering and moderate buying for
long account The balance Of this group
was without special feature.
The market for foreign exchange was
barely steady, with rates slightly under
those of yesterday. The supply of COM
mercial bills is unimproved by the increased
drawings against cotton futures.
The last hours business was dull and ir-
regular. railway shares showing fractional
dustrials were barely steady and slightly
below the opening.