Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-10-01
The Coalers Occupying the Central
Point of Interest.
FOREIGN EXCHANGE Is EASIER
Effect of Erie and Reading Re-
organization.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 1.-The undertone
of speculation was somewhat improved,
from an optimistic standpoint, this morn
irg, bit restricted volume of business
continues to thwart the general desire for
higher prices. Facts are decidedly more
encouraging, but capital persistently re-
fuses to adopt the arguments deducted
therefrom. The market responds easily
to any demand and stubbornly contests the
manipulation fer the decline, but the re-
suit Is mel ely an Improbable equilibrium.
The advance in the price of coal and the
fact that large holder of Lackawanna
has been offered a price considerably in ex.
cess of the one now prevailing, for his en-
tire holdings. gives color to the heretofore
vague rumors that an important transac-
ton was pending. the ultimate outcome of
which is relied upon TO improve the whole
speculative situation.
The anthracite coal trade will in all prob
ability dominate sentiment for some time
to come. and the prospect of some favor
able developments in the near future
augurs well for the character Of the next
active market.
The market for foreign exchange was
easier In tone throughout the day. and
without the assistance of gold bills. The
pressure Of bills of the latter description,
drawn against coin shipments, has repeat
edly been responsible for the only tendency
toward weakness in this market, but to-
days recession was entirely due to an in
creased supply Of commercial drawings.
principally against cotton and grain.
1t is encouraging to note that the export
price of the commodities named is in ex-
cess of that prevailing a year ago.
The reorganization of Erie and Reading
will have a strorg bearing On the ex
change market and should supply all the
az comnodations that are likely to be de-
manded for month rs to come and perma-
nently check a rising exchange rate.
There are several foreign enterprises I'M
der consideration which, il indications are
not misleading, will shortly make avail
able many millions of dollars worth of
exchange and force the gold question en-
tirely out of the main situation.
There may be demand for coin for GER
ain purposes incident to the financial
operation of European governments, but
lower exchange rates on this side may be
relied upon to force disccntinuance OF
this process, as in the case of individuals.
Chicago Gas was advanced on the nom
appearance of a rival gas ordinance at last
nights session of the council, the short in
terest of yesterday being credited with the
bulk of today's Improvement. The indus
trial list generally was fractionally i'm
proved, buying being somewhat more lib
eral than of late.
In the railway list the coal shares were
the features at substantial gains over OPEN
ing prices, the high-priced members of the
group scoring the greater advance. The
Changers We're fractionally improved under
a fair demand, and the less active features
held well in spite of the dizziness.
The result of the days trading and the
disposition of the street to overcome the
lethargy of the last fortnight, evidenced
by the later operations are certainly dis
however defective an argument they may be
for increased values.