Evening star., 1895-06-10
FINANCE AND TRADE
Opening Prices Bid Up on London
Advices.
GOVERNMENT CROP REPORTS EFFECT
Rumors Regarding Reorganization
of Reading.
GENERAL MARKET REPORTS
Special Dispatch TO Tie Evening Star.

Special Dispatch to Tie Evening Star.
NEW YORK, June 10.-As the result of
encouraging advances In the London mar
ket local operators bid up opening prices
from Ia TO rs per cent this morning and
forced some covering of last weeks short
contracts. The reduced supply of specu-
latire holdings abroad and the low rates
for carrying TO the new account have in
spired an increased demand for the favor
lite international issues. The government
crop report, TO be issued this afternoon,
will have an immediate influence for good
on both the local and foreign market, un-
less present predictions of its nature are
erroneous. 1t is expected to modify the
recent reports of crop damage, especially
to wheat, and to Indicate the probabilities
of a large corn crop. The latter expecta-
ton was responsible for the advance in
Burlington, both accounts being repre-
scented in the buying of this stock
The market was for the most part domi-
rated by the professional trading element,
but the continued inability to force sales of
long stock has given rise to a marked in
clination to abandon efforts on the short
side. An advancing market would attract
an outside demand just at this time, owing
to the fact that many of the doubtful fea-
tUres of the situation have been removed.
The return of Mr.. Morgan from Europe
Wednesday will likely be followed by i'm
pcrtant developments in the reorganization
of Reading and Erie, as it is practically
certain that the rehabilitation of the former
property will be undertaken by this gentle
man in spite of statements to the contrary.
The executive committee of Western Union
will meet tomorrow and recommend the
declaration of the usual quarterly dividend
of Ia per cent in the stock of that COM
pany, and Manhattan's directors are ex-
pected to announce the usual quarterly
disbursement of 1ia per cent on their stock.
demand Tennessee Coal
was continued this morning, the price of
the stock advancing 3-4 per cent in con-
sequence. Sugar opened strong, at an ad-
vance of y per cent, but sold off ir1medi-
ately to III is on the marketing of a
small block of stock
At this point purchasers ware abundant
and the price worked back to lis, but, as
usual, the stock was for sale at this price
and a reaction followed
The recent backing and filling which has
characterized all the transactions in this
stock has occasioned considerable doubt
as to the intentions of the manipulating
interest, but the most reasonable construc-
ton is that stock accumulation is the chief
desire of those responsible for these er-
ratio actions.
The consolidation BILL in which Chicago
Gas is particularly interested, will become
a law unless vetoed by the governor of
Illinois today or tomorrow. The law ap-
plies to all corporations, but the gas COM
pan:es are directly concerned, owing to the
fact that their consolidation has been the
subject of enormous expenditures resulting
from the Attorney Generals persistent eff
forts 20 declare such consolidation an open
violation OF the antitrust laws of that
state.
Should veto result an effort is already
on foot to pass the law by the necessary
vote of the legislature, but this effort is
not looked upon as likely to prove success
ful.
The trading of the last hour was dull.
but, in the main, strong at small fractional
gains.