Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-19
Extensive Selling Of Sugar and To-
bacoo.
REST OF TEE LIST NOT AFFECTED
Discussing Another Probable Out
flow Of Gold.
GENERAL MARKET REPORTS

Special Dispatch to The Eve1i1s Star.
NEW YORK, August 19.-Extensive
liquidation in American Tobacco and Sugar
was the most significant feature of today's
stock market. but the stability of prices
elsewhere was not affected materially.
London was dull and shade under our
closing. hut as little is expected from that
center today's cables were not disappoint-
ing.
Upward of 100000 of the new govern
ment bonds recently sold in this market
for European account must be RENTED
for during the present week, and notwith-
standing an increased supply of security
bills it is feared some gold will have to be
shipped in settlement of this obligation.
Liberal sales of railroad securities have
been made in London recently but the
credits resulting therefrom may not be
available in time to prevent a further loss
Of gold during the week. Bankers familiar
with the varying phases Of the foreign ex-
change market are confident that no cause
for alarm will develop from the present
situation.
ural. and the movement will in all prob
ability cease in time to allow crop reports
and business prospects to have paramount
consideration in determining stock values
during the few remaining months of the
year.
The decline Of 81 per cent in the price of
American Tobacco during the early trading
this morning verified recent predictions as
to the natural tendency of this property.
AS On previous days. of the depression, the
only support noticeable came from the
short interest, as profits were reduced into
possession.
The business of the company. 1t is ex-
pected, will be seriously cut into by the
Independent manufacturers, who meet for
the purpose OF more complete organization
during the week. The manufacture of ci-
garetteS by an improved process will be
relied upon to destroy the monopoly now
enjoyed by the American company.
The street is uniformly bearish or the
latter property, but cautious trading is al
ways Unsuitable after a 70 per cent decline,
pending a moderate rally from low prices.
It is stated in explanation of this reduc-
tion that the grades in question have pre-
viously been selling higher than was war
ranted by relative comparison with the bal
ance of the companys products. 1t is
thought that lower prices for sugar would
be entirely consistent with the views Of the
management until the general market i'm
proves. at which time an advance in this
security would attract less hostile COM
ment from legislative bodies.
Manhattan recovered 1 per cent Of last
weeks losses, probably on the covering OF
the contracts, which forced the low prices
| incident to the publication of the last quar-
ter's earnings.
The best prices of the day. in many in
stances, were recorded during the after
noon, after the excitement in the indus
trials had subsidized somewhat. The trad
ing continues to come largely from profess
sional sources, the outside demand being
unimportant. Every opportunity for de-
pressing prices will be taken advantage of
during the supremacy Of this element in
speculation. but there is little likelihood Of
liquidation in the better class of securities.
The result of the days business was not
unsatisfactory, as, with the exception of
the active industrials, prices were gener-
ally strong.