Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-15
FINANCE AND TRADE
Outlook for Upward Prices Based on
Renewed Prosperity.
MANIPULATION APPARENT IN TEE LIST
With No Outside Demand for Stocks
Speculation is Fictitious.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW. YORK, July 1.-THE manipula-
ton IN the industrial shares was resumed
promptly at the opening of today's stock
market, and trading in other departments
dwindled to small proportions In conse-
Quence. The coal shares were steady at
small fractional gains. but elsewhere in the
railroad list concessions were the rule
There was practically no new business. the
room determining values unassisted A
violent newspaper attack on Tennessee Coal
and Iron resulted in a sharp decline In the
stock Of that company. Opening at a re-
duction Of 1 per cent from closing figures
a further decline Of IA per cent was re-
corded during the first hour.
The bulk of the selling was attributed to
traders and the execution of stop orders.
Interests identified with the recent advance
are confident that the improved condition
of the iron trade and the incre1 sed earn.
ings incident thereto will insure the higher
level originally predicted. There is no
doubt that manipulation has been freely
employed in advancing the price of this
stock, but to call attention to 1t at this
time contributes nothing to the knowledge
OF the average trader, who has been fully
aware or the movement for weeks. The
absence of an outside demand for stocks
invariably results in the substitution of
an artificial Incentive to activity, and the
present professional trading affords abund-
ant evidences Of the fact.
The Industrial department has usrrped
the position created for the regularly listed
securities simply because interest in the
former Is never permitted to lag. The mo-
tive behind the movement is rarely consid-
cred; activity. no matter how artificial. al
ways attracting speculation, and the fact
that insiders make the money is usually an
afterthought. When earnings and balance
sheets are again employed as the real basis
for activity present methods will be effect
uaily disposed of. and more satisfactory re-
suits will follow.
Realizing sales In Sugar resulted in a
further decline in that property, but no
new developments were reported on which
to base the selling.
Refiners have but q few days supply Of
sugar on hand, and are confident that
brisk demand must soon set in as. the re-
ers. The in.pcrtations Of German sugar
are undoubtedly magnified in the interest
of SPECTATORS, as there Is no evidence of
large receipts from abroad The feeling
among well-informed operators Is that the
large interests are willing to depress prices
in the interest Of stock accumulation prior
to more active fall compaign.
Chicago Gas sold down on early sales
and was weak throughout the day on eau
tous selling by the room element. Distil-
lers was sold down on further evidences of
annoying litigation on the part of the for
mer owners of the property. Leather pre-
ferred sold down per cent as the result of
the recent attacks on the overcapitalization
of the property.
and unchanged in character. Fractional
concessions were reflected in the railway
list, and the industrials were irregular un-
der moderate covering transactions.