Evening star., 1895-06-13
Opening Prices Reflected Advances
Which Subsequently Improved.
THE COAL STOCKS MARKED UP
Grangers All Strong at Further
Higher Figures.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, June 13.-Opening prices
this morning reflected advances varying
from II to l 3-S per cent. and were sub
stantially improved by subsequent trading
London's prices improved moderately over
night, and local arbitrage houses were
purchasers of small amounts. The volume
of business being transacted through COM
mission houses indicates a broadening spec
ulative tendency and is an important con-
tribution to the permanancy of the present
movement. The raid prices which
characterized the final trading in yester-
days market was profitable only to those
who left no contracts outstanding after
the close of business. The movement was
so thoroughly inconsistent with the pre-
Yafling sentiment of the street that its
breyity occasioned no surprise among the
more prudent operators. Underlying spec
ulatiVe conditions have at time during
the upward movement heen more rcaSsrr-
ing than at present, and the short side of
the market Is a singularly Inappropriate
position to be occupied b., any but the
professional trader who is satisfied with u
quick turn.
The coal stocks, about which sentiment
mas OF late been considerably divided, but
which were nevertheless largely oversold
were advanced during the day on covering
by the room. Reading was marked UP
o-S per cent on purchases of round
amounts. and Jersey Central, on a smaller
-
The nervousness of the short interest in
these properties resulted more from the
general tendency of the market than from
any significant improvement in trade con-
ditions.
The grangers were all strong at further
advances. inspired by an almost unani-
nous belief in increased revenues resulting
from successful harvest. Tennessee Coal
and Iron sold off on realizing and some
selling under stop orders, but purchasers
We're not lacking at the decline.
The industrial group attracted unusual
attention by reason of the large volume of
business accorded the several stocks COM
prising the group and the liberal advances
recorded in the more active issues. The
passage of the revised frontage bill by both
houses of the Illinois legislature, and the
report that the new bill is approved by the
governor and will probably receive his in
dorSement, caused some good buying of
Chicago Cas- which eliminated in 3 per
cent advance over initial figures.
Inere is said to be a possibility of pass
ing the consolidation bill before adjourn
ment also, which aided the advance
Sugar was in good demand throughout
the day, traders regarding the recovery of
its dividend as being among the reasonable
certaintfes of the times. 1t is more than
probable that the refined product will be
advanced in the near future, as the de-
nand from the trade promises to be the
largest in the company's history.
DlStfllerS was advanced for a moderate
gain in spite of the fact that the decision
of the lower court, declaring the trust
illegal, was today sustained by the higher
court, before which the subject was argued
Ihere Is large outstanding short interest
in this property, and opinion as to the
outcome is about evenly divided
The trading of the last hour was fairly
active and prices generally reached their
highest level during this period.