Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-28
Bear Element in Control of New
York Stock Market.
VERY LITTLE SUSTAINING BUYING
Raid Began on Chicago Gas, Then
Reached Changers.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. Seotember 2S.-The infiu-
ence of higher London prices was clearly
reflected in a covering movement of mod
crate proportions during the opening hour
this morning. In consequence Of these
ieft-handed purchases prices were firmly
sustained during the forenoon Later the
absence of a. legitimate demand became
pronounced and the market receded under
renewed activity on the part of the re-
actionists.
The dih1culty in SUSTAINING; publ: inter-
est at the present level may be urged in
explanation of the markets slmos- wiling
decline. The superior organization is now
unquestionably that of The reactionist
party. Aggressive buying is lacking, and
On this account selling has become ex-
tiemely confident. Just how far the pres
ent one-siGedness will proceed is doubtful.
hut something more than scale buying is
essential to a permanent rally under en-
listing conditions
The Cuban situation is being exaggerated
out of all proportions to the facts but
those who act on prevailing rumors dis
play a conviction lamentably wanting
among those familiar with actual condi-
tons. With the friends of higher prices
IN no mood to profit by passing opportuu-
ties, 1t is not remarkable that the opposi-
ton should daily attract new converts.
A trio of professional traders are permit
ted to make tour of the room. offering
prices down at will, while. the recently
active interests stand idly by and prepare
statistics warranting general appreciation.
In many instances the figures SUBJ
mitted are wholly reliable. but there is
evident skepticism as to the present be-
ing the opporture moment for purchases.
There is nothing IN Wall street but an
exhausted demand to warrant depression,
a lie 10
liquidation of single share of the better
managed corporations.
The speculative kite had many tails on
the occasion of its recent flight and these
are now very justly being dropped. Merit
has not been exhausted, however. in a ma
jority of instances, and the belief prevails
in conservative circles that professionalism
viii shortly give way to renewed commits
sion buying. The situation at best is mixed
and feverish and should be permitted to
settle back to normal conditions.
The weakness in the market was inaug-
urated by liberal sales of Chicago Gas >
per cent decline in these shares having a
sympathetic influence the entire list
ROCK Island very naturally felt this in
iuence first, owing to the fact that .he
brokers recently active in these properties
have been active in both. This latter weak
ness in turn hurt the entire granger group
prices receding easily in all these shares
inc coal shares and some of the higher
priced specfalties were offered down with
satisfactory results. In Northern Pacific
much attention was given to the circuia-
ton of rumors rela tive to the declaration
of a dividend on the preferred stock At
the present rate of earnings this action
might safely be undertaken, but the first
few increases are scarcely equal TO the
double task of repairing previous deficits
and paying dividends. One or the other
condition must suffer. AS care has been
taken to limit the disbursement to late
in 1897 or early in 1898, it is perhaps safer
TO consider the last date as the more re-
liable