Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-10
FINANCE AND TRADE
The Reaction in Prices Continues in
Wall Street.
IMPROVEMENT Is EXPECTED IN SUGAR
A Combination Said to Be After
Chicago Gas.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, December 1O.-The rcac-
tionary sentiment prevailing on Saturday
was again pronounced among the trading
element this morning, lower prices result
ing a matter of course. London was
practically out of the local trading, owing
to the insignifcance of the commissions
from that side. The coal stocks were weak
on limited volume of business, the bulk
of which was attracted by Jersey Central
at decline of IA per cent from opening
figures. Reading and the higher-priced
members of this group were barely steady
at fractional concessions from first prices.
Erie was sold down "a per cent on the re-
vival Of assessment rumors, and Lake
Shore declined l IA per cent on sales ag-
gregatng only few hundred shares The
narrowness Of the market Is directly re-
sponsible for today's concessions, as there
We're no adverse changes in general specU-
lative conditions. The reduced short inter
est and the absence Of any special outside
demand encouraged the resumption of
short selling by the room element
Conservative judges favor purchases on
all reactions for the present, as the specu-
lative outlook is regarded as a trifie more
promising than of late.
Sugar was opened off 5-S per cent to
80 1-2, but was Immediately advanced on
liberal purchases by brokers, generally
credited with the execution of inside
Gers. The advance was successfully COLI
tinued up to 49, at which price the sellers
outnumbered the buyers, a decline of 1 IL
per cent resulting before an equilibrium
was reached. The majority of the stock
marketed at the advance is believed to
have been that purchased earlier in the
day, with an added amount for the short
account. Refined sugars were reduced this
morning, the action being Interpreted as
an indication of the management's unwil
UDgneSS
stock.
The street is decidedly bulllsh on the
ultimate outcome but is inclined to the be-
lief that the lack of a sufficient amount
Of stOcx will result in a forced decline for
accommodating purposes.
Chicago Gas was advanced 3-4 per cent
on early trading. but sold down to OPEN
ing figures i'm sympathy with the later
tendency Of the market. 1t is rumored
that a strong combination of capitalists are
quietly taking all offerings of this stock
with the view of marking up the price for
handsome profit in the near future The
pool in question is known to have made
arrangements for an abundant supply of
available funds and are thoroughly IA
miliar with the process OF making under
takings of this character profitable The
balance of the industrials were dull and
steady around closing figures.
The market for sterling and continental
bills opened strong and higher, with rates
about equal to the advance last reported.
Foreign houses having been sellers of
stocks for several days past. are now in
the market as purchasers of bills, the sup
ply of which Is extremely small.
Gold shipments are probable during the
week, but no amount can be named with
any degree of certainty at this early date.
The afternoons stock operations were
similar in character to those of the morn
ing. A lack of harmony among the larger
interests in sugar was reported. which is
likely to delay any advance for the present
IL not encourage a movement In the oppo-
site direction. Large blocks of stock, pre-
sumably for long account, were marketed
during the day, traders generally taking
profits In anticipation of buying back their
holdings at a lower figure.
The activity in sugar naturally detracted
from the popularity of the slow-going
railway list, which was dull and In the
main fractionally under opening prices.
Opinions at the close Of business were
conflicting to the immediate course Of
prices, the action of tndustrials being
likely to control values for the present in
all departments.