Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-09-28
Speculative Situation Shows No
Signs of Improvement.
BEARS WORKING IN A NARROW RADIUS
Gratifying Statement Of Increased
Pennsylvania Earnings.
MARKET REPORTS


Special Dispatch TO The Evening Star.
NEW YORK, September 2s.-The ter
mination of a moderate covering movement
in the Changers at the opening of today's
stock market deprived the entire active list
of its only visible means Of support. The
general situation shows no signs of immedi-
ate improvement and the point of resistance
is seemingly as remote as when the cam
paign against values was inaugurated. one
stock after another is selected for hammer
ing, and the only difficulty thus far has been
in the selection. Once the security is identi-
fled the reaction is assured The bears
however, are working I'm a narrow radius,
and while that radius represents nearly all
the market worthy OF the name there are
other securities which could effectually with
stand all attacks If earnings and bright
prospects are considered. The report of
earnings made by the Pennsylvania system
for last month shows a handsome increase
over the same period of last year and an
excess of nearly 100000 over August 1S.2
Other eastern roads are expected to furnish
satisfactory reports for the balance of the
year and should soon elicit some support
from the local bull element
The western situation is not improved
materially by later intelligence, and all
additional evidence has a tendency to sup
port the present attitude Of the bears. All
things col sidered, stocks are likely to work
around in a narrow and irregular groove
until the present short interest Is iqui-
dated.
Prior to the happening OF this event
lower prices than those recorded today are
probable A broader market would mean a
higher one, but professionalism is too firmly
irtrenched to be easily overthrown.
Burlington freely sold by prominent
bear operators for loss of IL per cent,
and ST. Paul. on similar selling. lost per
cent. The latter stock has held remark
ably well in the face Of severe drives else
where in the Granger group. but activity
on the short side has merely been delayed
and not overlooked. Rock Island and
Northwest each lost i-2 per cent on moder-
ate Transactions. Western Union was de-
pressed Is per cent on room selling.
Sugar was depressed 1-2 per cent on
early trading to as La decline of twenty
six points from the high figures following
the legislative triumph a few weeks ago.
Inside interests show no signs OF disap
prevail at the uninterrupted decline. 1t will
be utilized next December convincing
proof of the lack of protection given the
trust under the new schedule.
Chicago Gas was freely sold by certain
! inside interests for loss of = IL per cent.
Traders soon detected the source of the
selling and contributed to the decline
General Electric lost ! IS per cent In
sympathy with the industrial inac,ion.
Disfillers was improved fractionally for
no special reason. the mystery surround
ms the company is as yet unexplained.
The weekly report of the associated
banks will show a loss of about Sf,pU6p
to the banks through subtreasury opera
tions. The demand for currency from the
south and west continues. the teIefraphic
transfer of money to New Orleans being
largely responsible for the above loss.
Prices were slightly improved during the
figures generally reflected net losses for the
day