Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-14
Stocks Opened Higher in New York,
but Reacted.
BEARS WERE IN CONTR OIL
Buying Lacked Spirit and Was
Limited Besides.
GENERAL MARKET REPORTS


'7l'f''i i'islutti 10 Inc F-NtuIS Sidr.
NEW YORK. September 1.-THE London
securities markets were again strong this
morning. with Americans showing advances
of Il to Is per cent. the latter advance be-
Ing in Southern Pacific which was the
most prominent feature of the speculation
there. Business was somewhat restricted,
owing to the Jewish hoiiday-Yom Kippur
The Transvaal situation was reported as
growing more favorable daily.
In the local stock market opening prices
showed an advance over last nights clos
ing figures. due, no doubt, to the better
feeling over the money situation which
marked yesterdays late trading.
On this higher opening. however, Lon
don appeared to be the only moderate buy
err while the professional traders did the
most of the selling, the greater pressure
being noticeable in Brooklyn Rapid Transit
stock. which was sold down ~ points be-
fore receiving support, upon which rally
of a point occurred.
81 Paul was a leader in the early trading,
opening up 4, but on rumors that the divi-
dend would not be increased sold off near
~ d point, afterward rallying however to
opening figures On what looked like good
buying.
Tennessee Coal and Iron was another spe-
ciaity to react a point on the higher open
ing caused by realizing sales
Sugar fell IL at the start, but recovered
all of its loss
Colorado Fuel and most of the other iron
properties were strong and prices higher
American Tobacco opened up point high
er and scored u further advance of over a
point on rumor that the bull pool lately
at work In Tennessee Coal and Iron had
turned lhelr attention to this tobacco spe-
ci2!ty There was also some bullish talk
on Continental Tobacco common
What buying there was in the first hour
was generally ascribed to the covering of
shorts put out within the past few days
although most of the traders expected to
see a firmer market If money continued TO
loan at about & per cent
Any higher rate than this they argued
would weaken the market again. While
the traders, as rule, did not look for any
buying of the stock after the first hour
seemed to foreshadow such an event
After the noon hour a rather deterIn;n ned
attack was made by the bears on the gen.
eral list. and prices yielded 10 about the
lowest of the day in most instances The
excuse for the selling, however ap-
reared to be the rumor-Which was used in
the early dealings to dcpress the market
that st. Paul's dividend tate would not
be increased. The market seemed over
sensitive i'll regard to this matter as 1t is
Known that ST. Pauls earnings show large
increases over last year, and the question
OF increased dividends at this time would
m TO be q matter of policy rather than
q lack of funds.
in the late trading the market showed a
decided dropping tendency, and the proha-
bic solution for the decline is that the
larger bear operators covered very freely
yesterday and today and seemed willing to
put OUT new short contracts on the meager
buylng orders for the long account that
mas characterized the speculation TODAY