Evening star., 1895-08-29
FINANCE AND TRADE
London Continues to Sell to Realize
Profits.
DEPRESSING EFFECT ON PRICES
Encouraging Reports of Railway
Earnings.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August 29.-Continued real
iZing by Londcn resulted in a somewhat
lower opening in the local market this
morning. but the depression. as usual of
late. was only momentary. The foreign
operators in our securities. following the
arguments of a somewhat hostile foreign
press, are .,ot disposed to carry stocks for
any long period, especially after substan-
tial profit has accrued.
The purchases made by London earlier
in the eek which were not applied to The
liquidation Of the short account, reflect a
profit around the prevailing level and 1t is
therefore net surprising that the sales for
that side shall exceed the purchases. Mean
time, however. local sentiment continues
decidedly confident and all offerings find a
ready market not materially under the best
prices recently recorded.
The market for foreign exchange ad-
vanced slightly again this morning. the
scarcity Of bills continuing with no indicA-
ton of al. Immediate increase in the sup
ply. Considerably over a million gold was
engaged for export during the day, but the
deposit of Sl,500.OO0 by the syndicate banks
will fully cover the treasury's loss.
The announcement that gold would be
shipped resulted in establishing a hesitat-
ing market but the prompt action of the
syndicate soon restored confidence in this
The reports of earnings continue encour-
aging and crop adyices emphasize previous
estimates of an enormous and profitable
CROP The Granger shares We're gener ally
steady. although further pcofit-taking was
noticeable from time to time throughout
the day. The lower priced stocks of merit.
In which no important advances have been
recorded. are attracting the attention Of
conservative operators. who have patience
to wait for substantial profit where the
element of risk is reduced. 1t is not inn
possible that an entirely new set of Sc
curities will shortly be introduced as spec
ulative favoriteS.
Tennessee Coal and Iron was con-
spicuouS feature of todays trading at an
advance of IL per cent, due to indications
Of an enlarged business and increased
profits. The company will extend its field
of operations. it is said, and has already
undertaken certain contracts which will
insure a protTacted and unusually busy
season. Sugar was active, at an advance
Of 211 per cent, due to tie improvement in
the foreign market for the raw product.
The advance was materially aided by the
covering of short stock recently sold on
the professional raids, which were relied
upon to force the price back to par. If a
prolonged bear campaign Is to be under
taken In this stock it is not likely to be
inaugurated until after the next dividend
has been declared, as the postponement of
the campaign until that time will accom-
plish all that is expected of it; namely, an
opportunity to accumulate cheap stock and
Congress
American Tobacco was weak on liberal
sales for both long and short account. Il
Is currently believed that the larger inside
interests have been sellers of the stock for
several days past, and that the street has
gone long of these discarded holdings.
Realizing this situation and believing that
the Independent company will do more
harm to the profits of the trust than has
generally been admitted, long stock was
freely sold, and round amount of short
contracts substituted.
The coal situation which Is being eagerly
watched for some surprising and favorable
developments. continues unchanged SO far
as surface indications are concerned. Ne
gotiations have not been abandoned but
the element Of finality is entirely lacking
1t Is probable that the evening UP Of con-
tracts at the close of the week will force
some concessions throughout the active list,
but such an occurrence will do no harm
The tendency of prices is upward and
must continue sc until the character OF
speculative news changes from it's present
tenor. Higher prices are generally desired
by the present leaders in the street. and no
opportunity will be passed over in the ef-
fort to accomplish his end