Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-16
Short Covering Today Caused an Ad-
vance in Stocks.
MARKET Was VERY IRREGULAR
There Was No Strong Sustaining
Demand to Help It.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star
NEW YORK. October 1G.-The course Of
prices in today's stock market indicated a
willingness on the part Of certain large in
terests to cover outstanding short con-
tracts. This change OF front by the local
professional element and some buying for
London account had a beneficial influence
on commission business In several in
stances advice to buy moderately on fur
Their recessions was substituted for last
weeks caution against new risks at this
time. An abundant Offering Of call money
at and 3i2 per cent was largely iustru-
mental in bringing about the change in
sentiment.
London's purchases Of bar gold In several
Of the continental markets and the tone
Of extensive confidence as to the financing
OF the war We're decidedly encouraging fac
tors in stock exchange circles. II IS To be
noted that the market rallied largely be-
cause Of the assistance from professional
sources and not from any pronounced ag-
gressiveness on the part Of the public or is
representatives. Public sentiment has
changed, but there Is no evidence of a de-
sire for hasty action. The stocks which
were most under pressure At the close Of
last week were selected again this morn
ing, but the selling was disappointing In its
result. The market stood the attack very
well. and once this fact was recognized the
Of the day. was inaugurated-
Brooklyn Rapid Transit was opened on.
but later advanced per cent under a good
demand from the room. Whatever may be
the basis first. the talk OF the street is
again very hopeful to the future Of this
property. There can be doubt that
tensive liquidation has been recorded. and
il the new owners of the stock are any
more desirable. for purposes OF manage
ment and development. than the old. the
present record Of the tape might be set
aside and these new, optimistic views
adopted The average trader, however, is
better fitted by temperament and has stand
ing with his bank for ventures IN which
the element Of faith is less necessary.
The Changers We're strong from a mixed
demand representing the cautious buying
Of commission houses and "A covering Of
sales made in anticipation of London's war
liquidation. The earnings Of these proper
ties, while comparing with an unusually
prosperous period one year ago. continue
to encourage buying from strictly Invest
ment circles. The lOw-priCed railway ISSUES
were not regular in their action. selling flp
and down under sudden changes In room
sentiment
The action of Southern Pacific was es-
pecially noticeable in this respect. large
blocks of stock changing hands around -;
and smaller ones a few fractions higher.
but without the usual result II improving
its level The extensive financial onpra
lions incident to the issuing Of The new
Southern Pacific stock for the readfust-
ment Of the Central Pacific were largely
responsible for the stocks action.
In the industrial group there were tho
same influences at work as those noted In
the railway department. Covering pur-
chases advanced Sugar. Tobacco and the
Steel stocks, but there was very little new
business in them. The depressing party
has lost confidence in its selling. and 70 this
extent at least speculative conditions have
improved.