Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-04
FINANCE AND TRADE
New York Stock Market Stronger,
but Irregular.
LONDON WAS 4 BUYER TODAY
Earnings Continue to Be a Strong
Bull Argument.


Special Dispatch TO The Evening Star.
NEW YORK. October 4-The buoyancy
Of prices at the end of the week and the
favorable comments on the business situa-
ton in yesterdays press resulted in an
Increased mail inquiry for securities this
morning
London prices reflected uniform improve
n ent and some demand from that center
assisted the local market during the open-
ing hour.
The opening level, in consequence or
these factors, was substantially higher
than Saturdays closing. The bulk of he
momentum to the advance was inspir ed ~
an urgent demand from the short interest.
The impetuosity of this movement was
most conspicuous in the shares of Manhat-
tan.
The initial sale ot this property reflected
an advance of SIS per cent from the final
transaction at the close of the week, and
almost simultaneous purchases added .
per cent to opening figures. Selling Was
very naturally attracted by this sharp aa-
vance, and ols per cent of the gain WAS
conceded during the more rational trading
of the noon hour.
This instance affords another striking ex-
ample OF the present feverish condition OF
speculation. The recent trading in the
snort account was wholly in opposition to
natural condition S, outside of Wall street
Inc temporary but substantial success of
the declining movement was made pos
sloie by the over-boGght condition so plain
ly marked on the surface of the situation
a fort night ago.
Liquidation was justifiable upon the
recognition of this fact, but this process
mas strengthened rather than weakened the
main structure.
The short side of the market became
hazardous the moment liquidation ceased
ane especially SO when the principal sell
ers turned abruptly into purchasers on the
theory that further depression was sacri-
fetal If view of present earnings
The market therefore during the first half
or todays session reflected the abandon
inent OF one plan and the adoption of an
other. AS Is usual in sudden changes the
new enthusiasm carried prices up beyond
conservative limits and again invited new
profit taking.
The failure of prominent Cleveland firm
during the day aided the selling. in which
traders took an active part. The buying
throughout the day was superior to the
selling, and represented in considerable
volume the operations of at least one in
terest conspicuous in the summers ad-
vance.
Earnings from all sources were good, St
Paurs report of an increase of more than
slD.OfO for the fourth week in September
being especially noteworthy. This property
was selling during the greater part of the
day on a parity with Burlington. notwith-
standing it is quoted extra 3 per cent divi-
dend
Foreign buying is likely to be noted fire.
quently in these shares. Low priced issues
are again being forced into notice when
ever earnings will allow. The advance in
Pennsylvania is being cited as an argument
favorable to some of the more deserving
feeders of this company. The souther IN
roads are neglected to an extent by reason
OF the yellow fever, but this is the only adj
verse factor applicable to roads In that
section.
Sugar was active I'D over 10 the de-
c-sion Of the Treasury Department ex-
tending the application of the recent
Dutch sugar circular to the raw beet
product being especially favorable to the
local company. The entire market became
active toward the close of business, and
was noticeably irregular. The two sides
are likely to alternate frequently during
the balance of the week