Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-02
FINANCE AND TRADE
Higher Prices in London for Ameri-
can Stocks.
A MODERATE RALLY IN WALL STREET
Effect on Speculation Of the EIec-
tons.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October Am unwieldy
short interest and higher London prices
combined in producing a moderate rally In
todays stock market There were no indi-
cations Of a broadening speculative tenden-
cy and a traders rally is never prolonged
There is a good borrowing demand fer all
classes Of active stocks. and in the absence
Of liquidation covering becomes a neccSsi-
ty. The appearance Of any outside buying
would cause a sharp reaction in favor Of
improved values but there are few indica-
lions of awakening interest on the part Of
the non-professional element.
The November elections. In the opinion OF
several prominent operators whose far
sightedness is. in a great measure, respon-
sible for past success. will furnish the best
bull argument the street has had In many
months. The Intervening time will be &C.
cupied by traders in a repetition OF the pre-
vailing narrowness.
Sugar came promptly to the front as the
leading feature Of the days trading and as
usual, sacrificed value for prominence, add
ing a further reduction of liz per cent to
q very ona-sided record.
Owners of long stock are daily being
forced out of their holdings as the seeming
ly ceaseless decline continues. At today's
81 per cent reduction from the level reach
ed at the conclusion of the tariff debate,
there is no reaction sentiment. Short sales
are made with all the confidence of initial
transactions in a prospective decline. and
support, except from covering, is lacking
even from the irside.
The probable passage of a free sugar bill
early In the next session of Congress is
clearly the subject of much apprehension on
the part of the management The much
drea led and powerful manipulation from
the inside may suddenly stay the present
movement, but even this can hardly have
any permanent influence.
The short interest in Chicago Gas con-
tributed to a rise OF Is per cent in the
price Of that stock, and a similar interest
cent
In the railway list Burlington gained 1
per cent on covering. St Paul gained So
and Rock Island and Northwest each l-2
Nashville was not in sympathy with the
rest Of the list and lost - per cent on
room selling. Earnings and other small
news Items were generally satisfactory. but
attracted little comment
The market for foreign exchange was
steady on a fair volume Of business. The
supply or bills from the interior continues
good. but all offerings are quickly absorbed
by importers and other classes of remitters
The money market continues easy with
Tree offerings good the balance Of the year.
at per cent, and short time loans at per
cent.
The express movement of funds to the
south and west is good with encouraging
signs of increasing
The last hours business was Gull and
undressing. Sugar rallied slightly on
covering and reacted almost Immediately
on renewed selling by the room. The rail-
way list was neglected during the final
dealings, but continued steady Closing
hgnres rejected fractional gains in a ma
Jority Of instances.