Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-08
FINANCE AND TRADE
Stock Market Dull, but Prices Were
Strong.
CHICAGO GAS The FEATURE
Other Stocks Moved Along in
Sympathy With II.
GENERAL MARKET REPORTS

Special Dispatch &c The Evening STAR
NEW YORK. October s.-Dul,ness and an
undertone Of strength were the chief char
acteristics of today's stock market. The
latter condition was augmented to a con-
siderable degree by the covering of short
contracts. The influence OF the dullness is
SO pronounced that activity in one prop
erty gives character to the entire market
AS on previous days OF the week Chi
cago Gas attracted the bulk of the BUSH
pess. and during its early weakness the
entire market was disposed to be SYM
pathetic. After declining 1 per cent, on
selling largely professional. a sharp rise of
per cent followed the result of a de-
nand from the room. During this move
ment the entire market rallied sharply on
limited volume of business
AT the improved level dulness again
interviewed. and previous claims of disinter-
estedness on the part OF the larger inter-
ests were fully sustained. The develop
ments of the day were entirely routine in
Character. but were uniformly favorable.
The Bank of England released f4ao,0 in
gold for shipment TO the United States. in
addition to the amounts previously re-
ported The total amount of gold in tran
sit from England and France exclusive of
the above amount. is S;.3ooesi This in
ward movement of gold is the subject of
unanimous approval i'll financial circles,
but as its return was extensively heralded
some weeks ago the actual influx has been
literally discounted.
Earnings likewise are fulfilling expecta-
tons, and the publication of figures is used
only as an argument for retaining present
holdings and not TO increase them. The
momentum has been reduced but the for
ward movement is not generally regarded
as a completed event The delay in arous-
10 II he 64flN no
suits last summer Is not, however, de stinei
TO absolute breVity.
During the enthusiasm Of midsummer. 1t
was fashionable 70 handle only large fig
ures IN measuring :he Improvement in
earnings ard general business An in
crease certain to be s.i-yO.UN was put down
as S5oo.O0. and disappointment in the lat
ter amount caused sales of speculative
holdings. even though he actual gain eN-
ceeded the former estimate. This unwar-
ran.ed expansion of facts has made it diff
ficult. at the end of a phenomenal rise to
find new buyers for stocks.
Large holders are out of the market so
far as speculative holdings are concerned.
and the public TO get out must sac,
rifice their securities to a limited
degree With this condition directly
On the surface of the situation waiting and
possible reactions seem certain. There
may be no serious decline, and probably
will not be. but the market cannot pro-
coed one way entirely, and the advance. it
is evident does not find unanimous APP
proyal in the past. The railroad shares
all held well during the day, but retiected
covering as in other instances.
Burlington has been Offset to an extent
by fears of new legslation &c remedy the
legal defects in the law sought to be sus-
tanned. AS the joint traffic case, cons!d-
erably mere sweeping in its effects. is to he
heard at the present session of the court
all railroad rate cases have a particular
interest and application at this time.
The general list. including the low-priced
shares, was moderately steady throughout
the gay London buying is relied upon to
revive interest in the cheap issues of we'll
managed corporations. The market as a
whole offers small inducements to extern
siye new undertakings