Evening star., 1896-10-02
Decline Of Wheat Expected to Attract
Foreign Gold.
VARIETY OF REPORTS as TO SUGAR
Rumored Formation Of a European
Trust Denied.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, October 2.-Opening prices
this morning were fractionally higher than
those recorded at the close of yesterdays
business. but subsequently yielded to pro-
fessional selling. London again bought
moderately, but the volume of local bust
ness was too small to exert a marked in
fuence on values. The decline in wheat
was favorably construed, owing to its prob
able influence in stimulating a renewal of
gold imports by increasing the export
movement of grain. In a majority of the
more active speculative issues manpula-
ton was manifestly superior to routine de-
velopments. st. Paul. for example, was
opened at an advance and freely sold down
to Y.
At this price supporting orders were ap-
parent, but only fractional advance was
necessary to demonstrate the superiority
of the selling. reaction OF one per cent
resulted from the marketing of consid-
cradle supply Of stock.
Manhattan was advanced sharply. on the
customary rumors of increasing earnings
and the prospects of consolidation. Con-
servative and usually reliable judges do
not regard the latter contingency as
probability of the immediate future. A
two per cent advance was easily accom-
plished, on a relatively small volume OF
business. but sales for both accounts forced
a reaction of l per cent. The decline was
prevented from proceeding further by mod
crate purchases for the account of the
manipulative interest.
The supply of borrowable stock would in
dicate the presence of !" very small short
interest in the market, but the facilities Of
fered for delivering short cales fail to in
SpTe aggresSVeneSs in that directon.
Sentiment is perhaps trif1e more reaction
airy than heretofore, put only TO the extent
of profit taking and the establishment Of a
clfn low cd
advance Of Y per cent in posted rates for
| foreign exchange was announced during
the morning, but this condition Is generally
| regarded as being due to special and prob
ably rot permanent causes The conditions
| of the local money market were not ma
| terially changed from yesterday.
| Sugar attracted considerable attention by
reason of it's continued indeciSion ana the
variety of reports circulated on the subject
of trade conditions The denial of the ru-
| NOR relative to the creation OF a strong
| European trust and the reopening of the
Philadelphia refinerieS failed to encourage
any considerable demand for the stock.
| Evidence of an internal conflict OF opinion
| is not lacking. and pending more decided
action, the trading in this property is likely
| to be confined largely to inside interests
The political phase of the speculative
situation is likely to become a more pro-
rolnced factor in the market as the date OF
| the election approaches. Opinion is di-
| vided as to the probable effect of this in
creaSing influence. DullneSS may be sub
| stituted for reaction should the forecasts
| continue favorable to a sound money tri.
| umph, but the wisdom of a continued ad.
| vance is demonstrated from political
| standpoint only. Conservative views, blend
| mg finance and politics in due proportion
| favor reaction during the next fortnight
| to he followed by another outburst of con
| tidence Immediately preceding the election
This action, it is thought, might influence
| the vote of those likely to vacillate between
| the two money standards until after the
( opening Of the polls. The present doubt is
| largely one of policy, and does not indicate
| ary serious setback in values.