Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-09
FINANCE AND TRADE
Sugar Continues to Seek a Lower
Level.
EFFECT OF TEE REFINERIES CLOSING
An Advance Predicted in Chicago
Gas.
GENERAL MARKET REPORTS
'pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 9-Early London
cables rejecting a weakness in the market
for American securities, had a depressing
influence on local trading. which was
heightened by q continuation of the pyro-
technics In Sugar. The influence of the
manipulation in the latter stock is superior
to the combined effort Of all other specu-
latiye factors. The daily gravitation to-
ward a lower level, without any indication
Of resistance. encourages short selling in
other stocks, which are likely to sell on in
sympathy with the decided weakness in
Sugar. The price Of refined sugar is likely
to establish a new record for cheapnese
within the next few days in consequence
Of the oversupply and the cancellation Of all
trade agreements as to price. The closing
OF the refneries and the determination of
the management to rescue the company
from its undesirable position as a legisla-
tive target will, without doubt, result in a
further reduction in value.
The sentiment of the street is aggressive
ly bearish, and all sorts of figures are
quoted as the limit of the decline. Should
those nearest the present market price be
reached short selling will not prove profit
able.
trading, but reacted and became steady
around opening figures. Now that political
jobbery has been In a measure obliterated
from the affairs Of this company gradual
advance in price is predicted. Bay State
Gas, the recent acquisition to the Industrial
group, promises to adhere strictly to the
erratic qualifications for admission into that
department. Opening at "a. a per cent re-
ducticn followed the marketing Of a few
hundred shares, and on small purchases an
advance Of "a per cent was recorded.
In the railway list. ST. Paul and Nashville
each stock losing 1-S per cent on moderate
dealings. Reading was weak at a reduction
Of 5-S per cent, the street inclining to the
opinion that the election contest has been
over-estimated as a factor favoring an ad-
vance. A revival of rumors regarding the
serious inroads likely to be made in Man
hattan's revenues as a result Of surface
competition Resulted in loss Of 1 per cent
in the price of that stock. Fractional re-
auctions In values were recorded elsewhere,
but were not significant
The market for foreign exchange contin-
ues firm, with rates slightly in advance OF
those prevailing yesterday. The market is
controlled largely by bankers, who are short
OF bills in anticipation of reduced rates re-
sulting from an increased supply of cotton
drawings. The extent Of this business has
undoubtedly been over-estimated, and the
purchases OF bills against short sales keeps
prices steady. The low rates for money Is
another influence In the direction of higher
rates. as the demand for funds abroad con-
tinues good and makes foreign balances
profitable. The bears prediction of early
gold exports Is not considered probable BY
bankers. as a substantial advance In rates
must first intervene.
The las. hours trading was largely pro-
fessional in character. and therefore only
ing figures final prices. In the main, were
fractionally lower.