Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-02
Stocks Take an Up-turn on Wall
Street Today.
STRONG DEMAND, SHORT COVERINGS
The Opening Strength Slightly
Broken by Realization Sales.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening star
NEW YORK. October 2.-Responding TO
the tenor Of foreign cables. the local stock
market opened at substantial advances
ever yesterdays final figures. The advance
invited some profit taking by traders. and
prices were temporarily held in check
The undertone was Enthusiastically strong
even in the presence of these selling or
ders. and a sharp rally was soon in fun
sway as the result of TINS discovery.
The covering OF short contrasts was es-
pecially conspicuous during the advance,
but buying decidedly superior in character
was also reflected. The impression at the
close of business was that the low level
established yesterday morning marked The
turning point of the decline
Londons buying is taken to indicate an
actual increase in the volume OF legitimate
business. Large blocks of St. Paul have
already been prepared for shipment to
London during the coming week and fur
Their transfers will be made as soon as M,
ccmpanys books are open
buylng OF this character must be taken
10 De among the best features of the pres
ent SITUATION In addition to the gold TO he
received from Europe during the present
month on account of purchases of bread
stufs some shipments on account of stock
purchases now seem probable. The larger
ures OF the market and are disposed TO as
sumo the active control of prices
Some of the buying, instead. today was
Tor tfe account of the Identical interests SO
freely credited with the summers advance
Houses that have been short of the market
Tor the last fortnight are now openly buy
ing back their stocks and advising a dis
continuance Of selling.
The Cuban situation has changed for the
better during the week and the yellow
fever scare has not increased materially
In Texas. especially, the quarantine has
been raised at many important points.
Earnings have been magnificent and
future prospects have rarely been brighter
IN this particular. Wall street has alb
sorbed the large hquidating sales within
an average radius of per cent, and con-
hdence In the underlying structure has in
creased.
The revival Of optimistic opinion seems
likely to continue until the period OF hest
fancy which may precede next months
election.
Should these elections turn out satisfac-
torfly the only menace to prices during
the year will likely come from the reas-
sembiing OF Congress. The factors which
should prompt appreciation are all visible
on the surface of the situation, with the
possible exception of the lack of harmony
In wheat and corn.
These features are thought TO be i'm
proving and may disappear almost any
day from the depleted fund OF bear argu-
ment.
The banks have lost $2,OO0,0O0 in lawful
money during the week. all in legal ten
ders. This reflection of the decrease In
the interior demand is more pronounced
than was generally expected. The loans
have been reduced s4.600.000 as the re-
suit of the liquidation of long stock held
by the banks for their Wall street clients.
The changes roted have reduced the de-
posts about s6.OO0000. and in consequence
the reserve Is not significantly curtailcd.
the total holdings being si5.55o.o0. This
iS In, Of ~.
hatteriEg prospects of its extension through
the medium of returning gold.