Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-08
Stock Movements Disappointing to
Those Expecting a Rise.
AN EARLY BREAK IN SUGAR TRUST
Unexpected Decline in Reading
Railway Shares.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, October s-Saturday's IA
vorable predictions were only partially
verified in the action of today's stock
market The higher opening materialized.
but the remainder of the prophecy proved
disappointing. Instead of a continuation OF
the upward movement, realizing sales, as
sisted by room selling, resulted in a series
Of oppressed values. The non-appearance
of outside support discouraged the leaders
of last weeks advance. and the control of
the market again reverted to the profess
sional element.
An early break in Sugar to 81 IA, a re-
duction Of I "a per cent from the OPEN
ing. had a depressing influence on specu-
iatise sentiment. the liquidation in this
property was believed to have run Its
course for the present. Well-grounded fears
OF further manipulation from the inside
in the interest OF lower prices, had an ad
verse influence on the entire list. The
natural tendency of Sugar Is toward a
lower level, and can only be perverted from
It's true course by a series of ARTIFICIAL in
nuenoes, which cannot permanently prevail.
Chicago gas sold eX. dividend this morn
ing and was given good support at frac.
tlonal gains over first prices until traders
discovered supply of stop orders under
the market and promptly offered the stock
down. This maneuver was successfully exc
cuted as was attested by a reduction of
per cent in the selling price OF the stock.
Later trading restored the greater part OF
the loss, and some good buying was notice.
able by the brokers interested in last weeks
movement.
Readings action was directly at variance
with all the early forecasts the stock de-
Ginning In per cent in the face of an election
contest reported To be of sufficient moment
to materially increase its value The half
hearted approval OF the proposed reor-
sailization plan was the cause assigned for
the decline.
The several candidates for the presidency
OF TINS road may force prices up before the
week is out. but 1t would hardly be consid-
erei an indication of ability to make an
expensive effort for a doubtful honor
A well circulated story concerning the
consolidation of the Pacific Mail and the
occidental Steamship Compa aies with Geo
oould at the head Of the combination. re-
suited in gain Of IL per cent in the
price OF the former stock
Inc market for sterling and continental
bills was strong. with rates in advance of
those previously quoted. The receipts of
commercial bills, drawn largely against
cotton shipments. were above the average
this morning, but were quickly absorbed by
remltters. The absence Of bankers bills
was largely responsible for the firmness in
rates. The arbitrage business is too small
TO have any influence on rates.
The last hours business was dull and
generally substantially under opening prices
Pacific Mail shaded on fractionally on Presi-
dent HUntington's statement that there was
no reason for the early advance in the price
of this stock beyond the Endorsement OF the
company's financial policy. which has re-
suited in canceling almost the entire float
ing debt Continued weakness In Sugar
dUring the final trading had a depressing
influence on closing figures throughout the
list.