Evening star., 1895-07-19
FINANCE AND TRADE
Speculation on Wall Street is Irreg-
ular Today.
SUGAR PURCHASES LITERALLY MADE
Foreign Exchange Still a Subject
of Concern.
ENERAL MARK EFT NEWS

Special Dispatch to The Evening Star.
NEW YORK, July 19.-Speculation was
somewhat irregular this morning under a
very limited volume of business, all of
which was professional. The railroad list
occupied a position of secondary import
ance, owing to tho absence of any sig
nificant developments in that department.
The granger shares were barely steady
under realizing sales, and the coal stocks
declined fractionaly for want of support.
The market for sterling and continental
bills was steady, at IA per cent reduc-
ton from yesterdays rates. The demand
was increased slightly at the decline, and
no gold was taken for export by banking
houses. Commercial houses were reported
to have engaged something over $l,C00G0C
for shipment tomorrow. but the reduced
rates for bills may prevent the use of the
coin. There is nothing in the present out
flow to cause alarm. the margin OF profit
Is too small to encourage engagements eN-
cept for actual business purposes, and needs
Of this character will soon be fully sup
piled.
Sugar was again the feature of the day
on liberal purchases up to Ill. gain of
per cent from the opening. At the advance
sales for both accounts resulted in a sharp
decline OF Ia per cent, ard subsequent
trading became extremely erratic. The in
creasing demand for stocking-up purposes
was again pronounced this morning. and
unusual activity was reported at all dis
tributins agencies. The action of the stock
clearly indicates contention and the alb
sence of harmony on the part of specula-
tive leaders. The violent fluctuations of
the early morning indicated decided con-
fict of opinion, and the effort to further
depress the stock has not been abandoned.
The situation, however, contains little en-
couragement for short selling beyond the
limits of a traders reaction.
Chicago Gas was active under purchases
attributed to an operator prominent in the
management of the property prior to the
advent of the Standard Oil party. After an
advance Of 4 per cent the room attacked
the stock and the price was depressed to
initial figures. At the present level the
inclination to purchaseN stock in anticipa-
tfon of forced covering movement Is not
surprising. but actual conditions are uninl-
proved. The company continues to distrib-
ute its product on a remunerative basis
and sooner or later value will triumph over
all other considerations. In the meantime
the aid of the courts may be asked TO de-
termne just what the rights of stockhoid-
ers are. Earnings reported during the day
were favorable, and satisfaction is express
ed at the probability of continued increas-
es. Louisville and Nashville reflected an
increase of 500, 135 for the second week of
the month, and Southern for the same
period an increase of $33,O12. The South
ern roads, except such as reflect the
troubles in the coal region, indicate
steadily increasing business, which justfies
the existing prejudice in some quarters for
the securities of that section.
The trading of the last hour was un-
changed either as regards the volume of
the business transacted or the character of
the transactions. Notwithstanding the de-
cline in sterling rates the gold withdrawn
from the subtreasury will go out by tomor-
rows steamers. The houses exporting the
20 hnn n inf orlia act fhn
part of syndicate banks, on the OCCASION of
the next demand. The general speculative
situation. while void of interest for the
present, is likely to gather strength during
this period of dullness, which will contrib
ute to the success of the anticipated up
ward movement in the early fall