Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-23
New York Stocks Opened Strong, but
Broke Later in Day.
TO SPANISH War NEWS
Professional Bear Operator Led At
tack on American Sugar.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. September 23.-An i'm
proved undertone in the foreign security
market had a beneficial influence on prices
during the opening hour this morning. An
advance of 1-2 per cent in the Bank of
Englands discount rate had been generally
discounted and prices were not influenced
thereby.
The sharp recovery in yesterdays local
market created a favorable impression
abroad and inspired some buying at that
center. Gold to the amount of s2,J00.0o0 is
now in transit to this country from both
England and France. and this fact has re-
vived confidence in continued Improvement
in values.
A reduction of y per cent in sterling rates
indicates further imports in the rear
future, a small profit is now reflected in
the transaction. In addition TO this refiec
ton OF our export trade. earnings from all
sources were unusually favorable.
Burlington's report for August is the SUBJ
ject of considerable speculation, but re-
liable reports put the Gross Increase at
SI50.0OO and the net a: SJ00,000.
AS the result of the confidence in these
figures some exceptional good buying of
the stock was noticeable.
Missouri Pacific, Reading and Northern
Pacific were reported to have splendid re-
substantially in consequence The Reading
issues and the coal group generally were
In better demand than at any time of re-
cent date.
to reflect an improving fall business from
now on, and ii Is a well-known fact that
arrangements for a market demonstration.
upon the announcement of the details, are
already completed.
Earnings are so uniformly favorable shat
the selection of few instances is scarcely
warranted, except for the fact that the
newest reports to this effect invite new
buying.
Good management and prosperity are CO.
incidents in almost every part of the finan-
cial world Selling movements are not en-
couraged by outside conditions. but the
professional Wall street element will be
permitted to make the customary demon
STATIONS.
A sharp decline in prices around delivery
hour today reflects the extreme credulity of
the latter class Of traders.
Spanish war rumors, entirely nfoEaded,
invited selling by the entire professional
clique. The real reason for this setback
seems to have originated in a sharp at
tack on Sugar conducted by a prominent
bear trader. The stock had been advanced
during the morning on liberal purchases
against short sales, and the first decline
merely reflected the exhausted demand.
The more substantial decline during the
final hour was the result Of concerted
selling movement ard the entire market
was unsettled for a time
AS previously stated, the market is no
longer one-sided. and advances and de-
clines likely to figure, with equal
prominence, in the daily record of sales.
The developments of the past week have
created a feyerish situation. but the I'M
dertone has not been impaired.
The crop movement. the cotton traffic
soon to begin on a large scale, activity at
iron furnaces, particularly in the south
returning gold and legitimate factors of
this character are not likely 10 he long
restricted to merely local application. A
more general application must be attended
with better results