Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-18
General Advance in Price of Stocks
in New York Today.
LED BY AMERICAN SUGAR
The Market, However, is in the
Hands of Professionals.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 1S.-Higher prices
in London and n moderate local demand
combined to establish a strong opening in
iodays stock market. Traders were dis
posed to cover short sales, and few pur-
chases of long stock were also credited TO
the same professional interest. The vol
ume OF business was extremely narrow.
however, the absence of pressure to sell
and the limited demand resulting in fire.
cuent periods of absolute inactivity.
The rdiifcad list was well sustained, as
the result of the gratifying prospects for
increased earnings. Burlington is relied
upon 20 show an increase of more than
s6oo,0o0 in the gross for September. In or
der TO do this the total gross earnings must
be S4.oU6oo0 for the month, and would
eclipse the famous 1882 period Increases
a. this season, as frequently mentioned
are compared with the pre-electiou sta-na-
ticn OF last year, and therefore may be
larger relatively than the returns FOR the
wihteS months. When the 1892 reports are
eAceedeu. however, compariS must be
taken to indicate material gains over per-
fectly normal periods.
10 be wholly reliable, therefore earnings
should be compared with a season hot in
any way influenced by the political apifa-
tion OF the money problem.
In many instances present returns are
better than at any time in the history of
the roads, and important strides in the
business community must be conceded
conditions which add value to securities
are consequently encouraging but the re-
Election of such conditions i'm the stock
market Is delayed by reason OF defects IN
the methods recently employed to attract
public interest. Buying by influential in
tefests is reported from time to time, but
there Is no organization for that purpose
Inc professional room trader has been
fn ltnf
have been forced to accept his terms by
reason OF exhausted margins. Ten per cent
declines have been forced in the railroad
list, and the industrals have receded in
some instances nearly four times that per-
centage
This sethaS X it is argued is as substan-
tai as can s-fely be accomplished through
the medium of short selling and the liquida-
ton Of marginal holdings. The disposition
to buy does not necessarily follow immedi-
ately upon the recognition CT the risk in
selling, and for this reason prevailing opin-
ion favors a waiting and narrow market.
An advance of 2la per cent in American
Sugar was the feature of the days bust
ness. The buying of these shares came
largely from the operator credited with
the midsummer rise. The treasury's de-
cision on the Holland export bounty law is
thought to be but few days off, and in
dications point strongly TO countervailing
duty on all Dutch sugars. Such an an
nouncement would undoubtedly find refiec-
ton in sharp advance in the Sugar is
sues, as the company's monopoly on the
trade would be considerably increased.
The best prices of the day were made
during the afternoon, the market holding
well, in spite of the lack of interest. The
dismissal of the stock jobbing suits against
Manhattan was announced during the day
but had little influence on the price of that
stock.
Some disappointment was shown at the
further postponement of the Nebraska
maximum freight rate decision.
Should this decision sustain the position
OF the railroads. and the impression is gem
eral that it will, a sharp advance in the
market is likely. Under existing conditions
some developments of a positive character
are necessary to activity.