Evening star., 1895-09-16
FINANCE AND TRADE
A Successful Bear Raid in the Early
Hours.
TEEN THE BULLS TOOK THEIR TURN
Continued Scarcity of Bills of Ex.
change.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The F., ening Star
NEW YORK, September l6-The ac-
cumulation of large volume of selling
orders over Sunday resulted in forcing a
sharp decline from an irregular opening in
this mornings stock market London's
early prices We're fractionally improved,
the impression obtaining abroad that last
weeks decline had proceeded far enough.
AT the conclusion of the first hours husi-
ness the trading became more settled, and
fair buying demand from the room es-
tahlished an improved level of values The
outside demand was not visibiy improved,
owing, no doubt, to the unsettled condition
Oh the foreign exchange market and the
cornict OF authority on the outcome of ex-
1sting conditions.
Foreign bankers report somewhat
easier tone for exchange, and q moderate
concession in actual rates was posted. The
continued scarcity of all classes of bills
was responsible for the enea cement of
Si'ooo,o0o gold for export Tomorrow and
VIII PROBABLY result in further Withdrawals
as the week progresses. 1t is not con-
sioered likely that last weeks shipments
VIII pe equaled, but at this early date all
estimates are unreliable The tendency of
Ine money market is unquestionably in the
direction of higher interest rates, and this
fact may soon bring about concessions IN
the foreign exchange market
Inc demand for money from interior
points continues and the local demand has
so tar increased as to warrant the belief
IN the early resumption of profitable loan
business -
The Granger shares. which attracted the
pulk or last weeks realizing sales were
advanced moderately during the day on a
good volume of buying for both accounts
Inc recent depreciation in the values of
thls group has been instrumental in dis
posing OF an unwieldy following of weak
in sla
the top level was never desirable
Ihe next upward movement will result
from puying of substantial character
which will consider merit and not senti.
ment and will consequently have fewe.
weak features
An advance in the rates for several class.
es or refined sugars resulted in a liberal
buyfng movement in American sugar tn
cover outstanding short contracts. the
price advancing steadily for a 2 per cent
gain. The trading in this property, as else
largely professional
Tennessee Coal and Iron sold of 1 Ia
per cent during the first hours business.
D 9ut subsequently recovered the entire loss,
Inc buying of this stock at the decline al
ior the accounts Of those best able to
Judge of its value
Distillers was weak under room selling. a
decllne OF 1-2 per cent being easily ef.
The trading Of the final hour was un.
Changed in character, although trif1e less
active and with noticeable disposition I'd
realize moderately on early purchases.
The situation presents no new features
from last week. and until some radical
changes in the gold situation are ans
nounced a traders market is the most ia
be expected in the immediate future
There is little disposition to put out an
extensive short line at the present level
the prevailing belief being that the greater
profit is the long side of the market.
Advantage will be taken of all reactions
to accumulate stock in anticipation Of
sharp rally upon the return of the public ID
speculation. The period Of doubt now pre{
vailing will culminate, in all probability
during the next ten days,