Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-30
FINANCE AND TRADE
The Coal Stocks Continue to Be the
Center of Interest.
EFFECT OF CUTTING SUGAR RATES
When the Pool Begins to Unload
Its Holdings.
GENERAL MARKET REPORTS
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. October 30.--The sentiment
Of the trading element favored rally a.
the opening Of today's stock market, but
all efforts in that direction were nullified by
| the liquidatio Of long holdings. particularly
in the coalers. There is no improvement ir
Ihe character Of speculation. the bulk OF
which is purely professional. and the supply
Of bull material is at an extremely low ebb
The anti-election rally so confidently pre-
dicted a short while ago is no longer con
sidered as likely. There Is a large short in
terest in the market however, and improved
values at the expense Of the bears would
reward any aggressive buying. This was
clearly indicated by the rooms tendency tt
bid up prices on every attempt to cover dur
ing the day. The coal situation has moth
ing in 1t on which a theory for higher prices
can be constructed, the short interest only
excepted.
Jersey Central sold up IL per cent in
the first five minutes trading. but yielded
easily to liberal sales for both accounts
Until a reduction of per cent was reached
Buying at the decline forced the price
back to initial figures Delaware and Hud-
son sold off at the start, but rallied later
for gain of 2 per cent. Reading was
bought by Philadelphia on what was re-
garded as a satisfactory Endorsement Of the
reorganization plan and the public ad-
vantages that would accrue from rate
war on original companies. The dissatisfied
element among the junior security holders
will probably be identified with the fuctua-
items in the market price Of this property
before long.
Manhattan and Lake Shore each gained
1 IA per cent on moderate transactions by
the room.
The Changers were improved from IL to
"a per cent on covering. but attracted only
a small volume of business.
Sugar sold up 81 per cent after a weak
opening and was fairly well supported
around first prices. High grade sugars
were reduced Is per cent this morning and
low grades 1-16 in order to bring the
trusts prices down to the level established
by individual refneries not included in the
trust. At this reduction, which Is the Sec
ond since Saturday, every sale entails a
small loss to the refner.
The trade Is overstocked. and the bargain
rates now quoted fail to attract an in.
creased business. The strength of the
stock under the circumstances can be as
signed to but one cause. namely, manipula-
ton. The bull pool Is heavily loaded with
stock, the liquidation of which will be the
signal for sharp decline, probably to the
lowest point Of the year.
Chicago Gas was strong at an advance OF
3-4 per cent. The balance Of the industrials
were too dull to record any significant
changes.
The market for foreign exchange opened
strong. with rates slightly in advance OF
those quoted yesterday. The usual liberal
supply Of commercial bills was reported.
but the demand from remitters quickly alb
sorbed all offerings. Bankers say that
every effort is being made to prevent gold
shipments later in the week.
The last hours trading was active and
irregular Sugar sold down on quick sales
Of large amounts and looked weak at the
decline. The closing Of refineries for the
balance of the year. in consequence Of an
Improbable business. was the cause Of the
break. The net result Of the days bust
ness was favorable to prices In most in
stances.