Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-01
FINANCE AND TRADE
Organized Attack on the Industrial
Stocks
TIE RAILWAY GROUPVAS NEGLECTED
No Apprehension of Gold Ex
ports.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK, July 1.--SpecuIation in rail-
way shares was restricted this morning as
the result of sn organized attack on the
Industrial issues, which terminated in SUBJ
stantial declir es from the low level of last
week. The manipulation in Chicago Gas
assisted by a moderate covering move
ment, forced the price up to g. from which
point 1t steadily receded under liberal Of
ferings for decline of IL per cent.
Sugar during this period had been forced
down per cent to 1O5 and American To-
bacco was selling at 1O7 I-2, a net loss of
per cent from initial figures. The declines
in each instai.ce met with almost no re-
sistance and were the result of a few min
utes' constant hammering.
Liquidation was less pronounced than
last week, the movement being principally
In the interest of the short account. Real
izirg that the supply of long stock coming
out was out of all proportion to the de-
cline the room inaugurated a covering
movement In which all Of the early losses
were recovered and in some instances, nota-
bly, sugar and tobacco. liberal net gains
were recorded.
At the advance the entire group became
dull under rumors that Q second attack
on values would be made later in the day.
The railway group was to some extent
neglected during the activity in the special
ties, but reflected strong resisting power,
which encouraged conservative buying in
the belief that higher prices will follow the
cessation Of hostilities in the neighboring
group. Arbitrage houses bought moderately
for London account and reported a grow
ing demand at that center for the better
class American Investments
Fears Of gold exports have been abandon
ed by the best informed, as the synd.cate's
contract to prevent an outflow OF gold
prior to October Is considered to have been
an important part of the consideration In
nDt,fr a,,t vr-tt h ft,a ayyryV ont
This obligation. IL reduced to money
value would have brought the selling price
of the entire loan up to the figures which
dissatisfied politicians claim should have
been demanded by the treasury. Trade re-
ports continue favorable, and railroad Off
Gals are confident of increased earnings
during the coming months of the year.
The holiday on Thursday will tend to
curtaii the volume of business, but il prices
are supported during the Gullness incident
to the season any resumption of activity
will in all probability be in the direction Of
higher prices.
The trading during the afternoon was de-
cidedly improved In character, the best
prices of the day being those recorded dur
ing the final hour of business. The inn
provement during this period was preced-
ed by purchases to cover outstanding con-
tracts in the industrials Sugar advancing
per cent from the low level of the morn
ing. The railway issues were advanced for
encouraging fractional gains. and the op-
ttmistic element in speculation was again
represented by commission buying. While
sentiment at the close was still somewhat
mixed on the outlook. last weeks record
was not considered liable to publication.