Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-08
Strong Opening Followed by Sharp
Break in Stocks.
MANHATTAN OBJECT OF ATTACK
Leather Also Suffered a Loss of
Ten Points.
GENERAL MARKET REPORTS
speei.l Dispatch to The Ev.nlng Star.


NEW YORK. November S.-With the ex-
ception of few advances in the special
ties, the opening of today's stock market
was but little better than Mondays closing
parity. The elections were so nearly in
line with the more conservative predictions
that the returns failed to inspire any new
business. Realizing sales were more nu-
merous than the new demand and the best
prices were recorded first. Encouraged by
the rather commonplace action of the mar
ket traders were disposed to offer down
prices in the hope of forcing liquidation on
a considerable scale.
Leather common was attacked rather Wig
orously and depressed from 40 to 80 before
encountering any particularly good de-
nand, even from the short interest. Long
stock was sold freely on the decline. and
the manipulation hitherto resorted to in
order to hold prices was not employed.
A second disturbing Influence was the
publication of Manhattan's annual report
for the year ending September 30. The
net result shows a deficit after charges
and dividends of s24O,36o against last year s
surplus of $4S, lob. The stock was sold
freely on this statement and was depressed
about per cent before attracting any
noticeable demand.
Southern Pacific and Pacific Mail were
strongly bought lDr Il urne, the latter aG-
Vancing on the double prospect of favorable
dividend action next week and the taking
up of subsidy bill early in the new year
The agitation of the latter project, ii is be
ieved, will add materially to the specula-
tive value of the stock In Southern Pa
ci1c the volume of business was large, and
gave rise to extremely optimistic predic-
lions for the future.
Federal Steel and American Steel and
Wire were taken up by a new speculative
clique and would have acquitted themselves
very credftaby in more regular market.
The early demand for both issues was
good and was based largely on the earn
ings of the present quarter. The activity
IN the iron trade has resulted in a large
volume of surplus earnings for the COM
mon stocks, and the directors are expected
to make a liberal distribution of them once
the legal impeachment is removed
The october statement of Tennessee Coal
and Iron is expected to run ahead of pre-
v1ous estimates and the companys net sur
plus should be increased to about 500 900
rms showing is one of the most remark
able developments of the years business
revival
Standard Oil directors declared the regu-
lar quarterly dividend of 5 per cent and 10
per cent extra This development had no
influence on the general market, but is in
lerestlhg as a public admission of enormous
earnings.
American sugar was strong during the Pc
Rod OF strength in the general market, but
latter yielded to the depressing tactics of
the room
During the final hour a second attack on
Manhattan resulted in lowering prices in
all parts of the list. Southern Pacific
which had been held stubbornly at ~ ali
uay, proke this limit slightly, under in
creased offerings
The irregular trading was finally dis
placed by realizing on scale which forced
net losses for the day in all active issues