Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-06-09
Strong Bear Raid on the Stock
Market Today.
SUGAR AND CHANGERS ATTACKED
Belief That Lower Prices Will
Invite Buying.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

special dispatch to The Evening Star.
NEW YORK, June 9-Fractional i'm
| provement in the London market and a
moderate demand from that center result
ed in a steady speculative undertone dur
ing the early trading this morning. The
extensive realizing of the last few days,
and the possibility that stocks have gone
into weaker hands are factors worthy Of
consideration at this time. The dominant
speculative interest has openly sold in more
or less liberal volume the shares which
ten days ago were noted among the spe-
cialties, and comprising. principally, the
grangers and American Sugar.
The selling of the last named property
was especially aggressive today, more than
; 3 per cent being conceded in the progress.
The volume of the selling during the week
indicates very clearly that an experienced
| speculative following is operating in the
interest OF lower prices. AS is usual at
such times, all arguments are made to ap-
| ply to the prevailing tendency.
speculative turn of 10 per cert in the
| snort account lacks but a few points of con-
summation, and there Is general belief
| that the transaction will be completed.
The securities of the American Spirits
Company have taken prominent position
In the trading, new diStillers' combna-
ton being about completed from wni, I'll
material benefits to the company are to be
derived. The speculative, well as the
| commercial, feature of the transaction is In
which has already had liberal experience
| in such undertakings.
The partial successes of the past are now
considered as being likely to insure certain
and satisfactory results. An advance of
per cent in Consolidated Gas was one of
the features Of the morning and gave rise
to further runners of the completion of the
gas consolidation. Later in the day a
semi-official denial of these statements
caused some concessions from top prices
American Tobacco was active and higher
during the morning the result of salts
faction with the new revenue clause and
with general trade prospects. Should the
main situation continue to be harmonious,
there is every prospect of further activity
IN this property.
With the exception of certain specially
favored shares the tone of the general mar
ket was decidedly heavy during the after
noon, and professional selling became es-
pecldlly confident.
In certain of the more conservative cir
cies there is a tendency TO regard the war
prospect as having been already discount
Ct. and that the market should react suffi-
cinetly to bring new buying into the situa-
ton IN antfcipat ton of the war giving away
TO routine developments.
From the nature of the recent scllinr
hoWeFSc, there is no reason To- supDSSiny
that sooc news from the war centers will
DE allowed to pass over without some
demonstration in the market
The idea that contemplated action is
equal to the completed thing has perhaps
been ovardone, and the market now lacks
incentive, but sooner CT later the necessary
impetus is certain to appear. Earnings are
eitirely satisfactory in most instances, AMI
IN pOrtant extensions and combinations are
urder considera ton in order that revenues
nay be still further Increased As pre-
V!oGsly pointed out the new demand is
likely TO appear in a new group of stocks
There are many issues which still lack "A
liberal percentage of last years top level.
and should at least equal their 1897 record