Evening star., 1895-04-30
Various Causes Contribute to Depress
Prices.
PROFESSIONAL OPERATORS SELLING
Early Resumption of the Upward
Movement Expected.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. April 3O.-Uncertain.y as to
the outcome Of the negotiations in the
anthracite coal trade, doubt as to the rate
of the next dividend in Northwest and Q
general spreading of the reactionary senti-
ment forced concessions In all departments
of speculation this morning.
Sales Of long stock were quite general.
and the professional element ventured TO
put out moderate amounts on the short
side for a quick turn. The recent advance
in prices has been pretty evenly distrib-
uted and has extended beyond the point at
which a reaction might have set in with
out pre1udicing the movement. The profit
taking this morning will therefore result
in establishing a firmer basis for future
operations on the long side, and will not
materially delay the process.
The large following Of professional trad
ers has undoubtedly SO hampered the man
ipulative machinery in certain Of the epe-
cialties that prices were permitted to de-
cline foS the purpose Of forcing the imne-
diate exit of this undesirable following.
In sugar. for example. surface fndica-
tions clearly sustained this view. Realix-
ing sales were noticeable down to 1854 Q
decline Of IA per cent from the opening.
but buying on the decline, during the early
afternoon, forced the price well back to-
ward initial figures. The operators: Il the
plural expression be justified. who first nd
vanced the price Of this property, are un-
changed in their views as to the merits of
the property and predict much higher
prices after the present profit-taking has
Northwest declined 1 per cent under
selling for both accounts. as the result OF
unfavorable dividend forecasts based on
recent statements OF earnings. There can
be little doubt that the present per cent
rate will be reduced. perhaps TO per cent:
The balance OF the granger group declined
fractionally on only moderate volume
of business. The dullness OF The market at
the decline augurs well for an early re-
sumption of the upward movement The
coal stocks sold on on q fair volume OF
business, a decline Of / Ia per cent in
worthy. Readings representatives are
quoted as authority for the statement that
q per cent of the output will be mined by
that company, irrespective OF the action OF
competing lines.
The March statement Of earnings report
ed by the Southern Railway Company re-
fleets an increase OF $4,000 In net Tor that
month and a total increase for nine months
of $53OO0O. The new per cent bonds OF
the Manhattan railway to be issued for the
purpose Of redeeming the per cent bonds
January 1. 1890. were announced to have
been taken by Messrs. J. p. Morgan & Co,
and will be disposed Of in Europe. where
American securities are daily growing In
favor with conservative investors.
The market for sterlirg and continental
bills was steady On n very limited volume
of business. As the present situation In
this market IS satisfactory to the bond
s,rsfdfcs$e it is not likely that any change
will be made in rates.
The coal sales agents were said to be
willing to accept Lackawanna's r proposition
to restrict the May production to 20 per
cent Of the capacity. but this allotment
vas opposed in certain quarters. and
thought to be liable to change before the
Adjournment of today's meeting.
This proposition involves q question Of
rates, and it's treatment is therefore Inn
portant to the trade. Final trading was
only me oderately active and inclined to be
irregular.