Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-21
Stocks Opened Active and Strong
but Broke at Close.
CHICAGO GAS Was A FEATURE
Rise Due to the Purchase of Sew
eraI Rival Companies.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, October 21.-Foreign houses
sold stock during the opening hour this
morning and traders helped the movement
by moderate offerings for both accounts
Gables reported a more hopeful speculative
outlook in Lordon, however. and the fail
ure of the Bank of England management
to advance the discount rate encouraged
confidence in geld exports to this side.
While the foreign financial interests do
not look with favor upon this loss of coin,
they fully recognize its significant bearing
on local stock values. The withdrawal of
toZ,Uoo was announced during the morning
and larger amounts are likely to be sent
out at an early date.
Rumors of a probable increase of ST.
2ooo0 in Burlingtons September earnings
had beneficial influence on the price of
the shares directly Interested as we'll as
upon the entire neighboring group.
The figures quoted are undoubtedly in
excess of the amount likely to be SHOWN
but the exact increase should be ample ar
gument against lower prices.
Similar evidences of increased business
are not hacking. and sentiment is conse-
quently more optimistic than otherwise
Notwithstanding confidence in future pros
perity is SO marked. the opinion prevails
that the foreward impetus will not become
pronounced until after the local elections.
Conservative interests have bought mod
VidteiS VI ldle, tnefe is no inclination
TO accumulate large amounts of securities
prior to the settlement of the more impor-
tant issues involved in the mayoralty con-
test.
The buying of American Sugar is. per-
haps, more confident than that apparent at
any other part of the list The reasons
for this accumulation are based on the div
ldend capacity of the property and the
prospects for further favorable develop
ments in relation to foreign competition.
The price was advanced easily during the
morning a trif1e over per cent, but re-
acted later i'm the day, during a general
realizing movement
Chicago Gas was marked up under de-
mand from the short interest, inspired by
the announcement that the control of the
rival companies had been purchased. The
price paid fer the new franchises is said
to have been s5.40O.oo0 While this sum is
hot large, as corporation deals 60
it seems to be a rather liberal contribu-
ton for the mere privilege of immunity
from attack. The old company can only be
benefited to the extent of getting rid of a
troublesome annoyance. and the dividend
capacity of the plant is not aided in the
slightest degree.
A rate war between the American Shirts
Company and the Independent distillers was
announced during the afternoon. but the
absolute lack of interest in the securities
OF the former company prevented any
marked demonstration on that account
During the final hour the market broke
sharply and in many instances the early
gains were entirely lost. Proit-taking by
these who bought during the depression
last week and professional selling were
responsible for this late reaction. The
market is likely to work back toward mar
row limits and again come under the in
f1uence of traders.
The ante-election period will be one of
doubt and small profits in both accounts.
Meanwhile, conditions throughout the coup-
try are likely to make for future good