Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-08
Strong Opening in Stocks Followed by
Sharp Breaks.
SLIGHT RALLY At The CLOSE
Coal Shares and Changers Were
Objects of Attack.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch to The Evening star
NEW YORK. November S.-Tcday's stock
market was in many respects a duplication
OF last weeks unsatisfactory trading.
Prices opened at fractional advances and
were further advanced under a covering
OF short contracts, but with the cessation
of the demand practically all support van
ished.
Commission houses were rated among the
buyers of fractional lots. and for a time
the hope was entertained that the low
prices were attracting investment buying.
The conclusion was not well founded how
ever. and new selling was begun In which
the short account divided the responsibility
with actual liquidation.
As heretofore, the decline was. not the
outcome of new Developments. neither was
II attributable to positive arguments
against improvements. Fear and dstrust
OF what may happen continue to undermine
prices. and Congress is relied upon to COM
mt the overt act justifying the present
discounting movement.
The most pronounced weakness was re-
fected in the coal shares, in which declines
varying from = to q per cent were recorded
Unsatisfactory trade con ii;ioas made this
group particularly vulnerable. and the SELL
ing party had the added advantage of good
organization.
New Jersey Central and Delaware and
Hudson were most conspicuous in the de-
cline, the lower priced issues responding
with sympathetic recessions.
The Granger shares opened with notice.
able Improvement in their undertone, but
the failure to get decision In the Nebras-
ka freight rate case caused extreme weak
ness in Burlington and unsettled the entire
group. The decision i'm the Alabama case
against the commerce commission had a
beneficial effect because of its foreshadow-
ing the decision in the more important case
named above.
Prices advanced under covering upon the
announcement of this victory for the rail-
roads, but underlying sentiment failed TO
improve 10 any considerable degree.
The railroad list developed little rallying
power, and there is no indication of de-
sire to change the present downward ten
dency. the operators whose dealings are
of such proportions as TO give direction to
prices report no opposition to their CAM
palgn, and there would seem to be little
reason for abandoning such a profitable
course as the one now in force.
Developments in the Cuban situation are
most dreaded, and serious-mnded finan-
ciers no longer disguise their concern or
tbis point. With experienced interests on
posed to buying and the market wholly
within the control of the professional ele-
ment, the chances for a significant recov-
cry are not encouraging.
Earnings continue to come up to expecta-
ions. but. as usual, their effect was LOST i'm
the prevailing gloom.
The one encouraging feature of tb, si.,,
alton would seem to be the certain an
preach of a period Of dullness Should ac-
IlNity continue the present low level must
from the very nature of the forces at work
and the chaotic condition OF the financial
world, give way to even lower prices
american Sugar was weak under contin-
ued pressure in which the Hawaiian sugar
opposition and possible disappointment i'm
the Dutch sugar decision played important
parts.
The early decline in these shares extended
TO AZ per cent, and was not STAYED in the
slightest by favorable reports concerning
the health Of its president. This latter
fact is important Only so far as il indicates
the absurdity of attributirg its original
decline to any change in the health of its
first official.
During the first hour the market rallied
again on covering for gains varying from
10 per cent from the days low level