Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-10
FINANCE AND TRADE
Little Speculation in Railway Shares
Reported.
GOLD EXPORTING MOVEMENT LIKELY
Sugar Continues to Dominate the
Situation.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, October IO.-The destruction
of wires by last nights storm, the celebra-
tion of the Hebrew holiday and possibilities
of gold exports by Saturdays steamers re-
duced speculation in railway shares almost
to a minimum this morning. The foreign
exchange market opened strong, with rates
from 1-32 to lilo above those prevailing
yesterday, and considering the narrow mar
gin of profit on which transactions of the
character are conducted a further fractional
advance would result I'm an actual shipment
of coin. Early cables reflected slight re-
action I'm discount rates in the principal
European money centers, and this may have
a favorable influence on the local market.
Rates were nearly per cent in advance of
today's quotations at the time of the last
export movement, but under present con-
ditions bankers claim a small fractional
profit. The receipts of bills drawn against
cotton shipments are said to be above the
average for this season of the year. but are
not capable of supplying the demand.
The covering of short contracts and the
inability to loan motley profitably are there
fore justly assigned the responsibility for
existing conditions. Call money is album
dant at l per cent, and some loans under
this rate are reported Time money is also
plentiful on the borrowers terms Europe
is buying no stocks, and consequently the
arbitrage business is not significant In
dicaticns therefore strongly favor a gold
exporting movement within the next few
days. and surely during the year. Con-
servative judges are not concerned at the
outlook, and believe that while a temporary
advantage may be given the bears should
present fears be realized, the discounting of
the November elections will be a more than
competent cornter irritant.
The industrials were fairly active, but
not tremendously so. Sugar continues to
dominate the speculative situation, but va
ried the recent decline by a 3 Ii per cent
advance, under the leadership of a small
pool organized to take quick profits at the
expense of the short interest.
The downward course H. likely TO be re-
sumed at any moment, as no level recently
recorded is sufficiently low for the purposes
of the manipulating interest. This stock will
probably be the first to discount the results
of the forthcoming elections. but the neces-
sary data cannot be collected at this early
date During the next ten days the polit-
ical horoscope may reveal the desired ad-
vance information
In the regular list the changes for the
day were only fractional The grangers
profited from IA to rs per cent under a
favorable Interpretation Of the government
crop report. but attracted only light trad
ing. Nashville was barely steady under
room selling, and the balance Of the list was
too duh to record noteworthy changes.
The last hours business reelected the lack
of interest SO conspicuous throughout the
morning, and resulted in leaving prices
but slightly changed from last nights clos
ing, except In Sugar and Chicago Gas and
the lower-priced industrials named above.