Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-03
FINANCE AND TRADE
Coal Stocks Raided by the Bear
Spectators.
QUITE A DROP IN JERSEY CENTRAL
Influence Of the Coming Elections
on Business.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November 3-Opening prices
were irregular this morning and the volume
Of business extremely small The evening
up of traders contracts was responsible for
the few alterations i'm values.
In order to facilitate this process certain
stocks, notably the coalers, were raided by
the bear contingent with satisfactory re-
suits. Stop orders in Jersey Central as
sisted a well-devised selling movement i'm
forcing a reduction of 2a per cent from
initial figures Delaware and Hudson was
depressed Ia per cent on similar efforts. and
Reading was barely steady in sympathy.
The liquidation of long holdings in this
class of stocks during the week encourages
4 belief in lower prices I'm the near future.
Tie scahcity of borrowable stock alone in
terrupted the first downward movement,
and nov that this difficulty has been, In a
measure. overcome by the covering of short
contracts, the bears are confident that
renewal Of hostilities would force out
enough long stock to make the campaign
succes sful.
The condition of the trade has not i'm
proved during the week, and the prospects
for a profitable season are not encouraging.
Tuesdays elections a=e deterrent influence
at present, and will prevent any important
trading Monday The larger operators
predict lower prices In all parts of the list
after the enthusiasm over the result of the
elections subsidies. The essential quality OF
a bull market. namely, the cooperation of
the nonprofesisonal element, Is lacking in
the present situation.
The shorts are sufficiently numerous TO
be forced into covering movement, IL
prices were bid up materially, but II Is ex-
tremely doubtful IL they could be forced
into purchasing stocks for long account
except for a turn. The gradual improve
ment in general business conditions Is
visible in variety OF enterprises. but until
II becomes more pronounced and Is re-
fiected by increased earnings the present
level of values will likely be used as the
standard OF merit, Improvement OF de-
preston following the character of. future
developments.
The decision in the German sugar bounty
case had ho effect on the price of American
Sugar this morning, although the recent
strength had been ascribed to prospects of
a favorable judicial opinion. After a frac-
tional decline at the opening the price was
advanced 5-S per cent, largely on msnipula-
ton by pool brokers' There has been some
conspicuous short selling of this stock dur
ing the last few days, but the artificial sup
port previously mentioned prevents any CON-
cession in price.
Chicago Gas sold up fractionally on small
transactions. and elsewhere no important
changes were recorded.
The bank statement reflects loss OF
$45S, 1900 in Law full money, and an increase
Of over a million dollars in loans. This
latter item is encouraging, as indicating a
demand for funds by merchants. The diff
ference between the increase in loans and
the loss in cash holdings equals the increase
in deposits. which results in small de-
crease in reserve. The statement in detail
follows: Reserve, decreased, $500, Cos; loans,
increased. 81. 800; specie. decreased. $1l,-
creased. $so9. 700, and circulation. decreased.
$l01 800