Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-09-29
Professionalism Dominates the Stock
Market.
NET LOSSES THROUGHOUT TILE LIST
Sugar Continues Active on a De-
Ginning Scale.
GENERAL MARKET REPORTS
Special dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. September 2a.-Speculation
at the close Of the week presents no 0ery
encouraging indications of IMPROVEMENT
Legitimate trading has been displaced bv
the narrow operations of the professional
element. a fact which precludes an possi-
bility Of any substantial additions to
values. The liquidation of a line OF short
stock affords only momentary relief. as the
same stock is frequently resold by the same
inter ests at the higher level resulting from
the covering movement. This process hav-
ing proceeded without interruption during
the entire week. heightens the probability
that II will soon react upon the originstors
and force a general covering movement re-
sulting In an advance of several points
throughout the list. For this reason short
selling at the present low range OF values
involves considerable risk.
At the same time there is but one az
gressive element In the street, and prices
are advanced or depressed by the bears &C
cording to the exigencies OF their campaign.
Restored values will be but transitory while
the supremacy of the pessimists is so feebly
protested.
The best feature OF the present doubtful
situation is that having exhausted all OF
their cleverly conceived devices the bears
have not succeeded In forcing out any con-
siderable amount Of long stock. This natu-
rally confines the movement within the lin
It's OF the floating supply of borrowable
tent that additions must be made TO IL, and
al long holders refuse to liquidate the short
interest must. Rallies thus forced are no
indication Of permanent improvement and
are profitable only to the room element.
The covering movement at the close of
yesterdays business brought the same IN
terest to the front sellers this morn
ing. resulting in net losses throughout the
list. Burlington was depressed 3-4 per
cent; st. Paul. SIS and the other grangers
in lesser degree on moderate transactions.
Manhattan was the strongest feature of
the day, opening at an advance Of rs per
cent. and gaining an additional ga on the
purchase of a few hundred shares.
The volume of business was small and
inconsequential in other parts Of the rail-
way list.
Sugar was active on a declining scale all
support from the inside being withheld.
The room continues bearish on the prop
erty and predicts substantial concessions
from prevailing figures. In the face Of q
heavy decline sales or rallies continue to
reap profits for the venturesome.
Chicago Gas sold UP 5-s per cent at the
opening. reacted to first prices. and adj
vanced on later buying for a gain Of Is
per cent Chicago advices are not en-
couragfng on the prospects OF this company
for the immediate future, but no reliable
Information is obtainable. Distillers and
National Lead were steady on narrow trad
ing.
The bank statement reflects no signif-
cant changes in the weeks averages but is
somewhat better than seemed warranted by
early estimates. The detailed statement
follows: Reserve, Increased, ssl7, $50; loans,
decreased, 1855. 400: specie. increased. si4S-
100; legals increased, SS45. 400: deposits, de-
creased, $4,000. and circulation. increased,
1868, 800.