Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-08-29
FINANCE AND TRADE
Continued Short Covering Sustained
Prices Of Stocks Again.
BEAR ATTACK 4 FAILURE
The News From China Taken as
F avorable Feature.

Special Dispatch to The Evening Star.

Special Dispatch to The Evening star
NEW YORK. August "a further COW
ering Of short contracts added something to
prices this morning and gave q steady I'M
dertone to dull and uninteresting market.
The absence Of aggressive selling disclosed
lack Of liquidation. and prices either adj
vanced or became stationary London re-
ported moderate gains at that center, and
some little business was done for foreign
account
More hopeful views concerning the Chi
nese and South African situations were re-
sponsible for the change In foreign senti-
ment. Locally the market was wholly pro-
fessional. and commission houses were dis
posed to regard the improvement as being
due solely to the covering Of short sales
The Immediate course of prices depends en-
t1rely upon the decision Of the professional
element In choosing accounts What ap-
peared to be q determined and weIl-planned
attack on prices has given away to evil
dences OF mistrust as to the wisdom of
such a course. Accordingly the stocks sold
earlier in the week are now being repur-
chased. The prospects for determined lead
ershfp revert to the same discouraging con-
ditfon of a month ago.
Much interest centerS the coal trade
and In the roads getting the bulk of the an
thracfte tonnage. The prospect OF sending
coal to Europe In sufficient volume to give
ehio SouhtIy the HrSt place IN the export
trade has revived interest both in and out
OF Wall street In the coal properties In
addition to the hesitating condition OF the
general market there is the fear OF strike
In pennsylvania to detract from the full
significance of an Increased export business
In addition TO the evil effect of such a strike
on market values there are political fea-
lures involved which do not make for en-
enlargement. The coal stocks are almost
assured of a conspicuous place In the stock
market. however. and any Improvement in
general conditions should find them well in
the foreground.
st. Paul's earnings for July, showing a
decrease OF $l64, Isl In gross and an in
crease OF $21 .O32 In net, made little impress
sion on the price Of that stock. The Gran
ger issues. as a class, gained fractionalIy
but the buying was not especially good in
character. Atchison was advanced by
pool interests In its earnings and less is
heard OF the damage to corn along the
company's lines. The Pacific issues gained
traction under mixed buying of moderate
volume.
The industrial list was irregular and not
active. The selling of Sugar has ceased
for a time and some covering made a
market for all offerings without material
change in the price. The traction shares
showed signs of support, and they were
moderately steady in consequence The
steel stocks are much discussed as the
probable leaders of an important market
movement later on. The ability to show
good dividends earned in spite of over
capitalization and the demoralized condi-
non OF the trade has made some specula-
tive friends for these properties Some
good buying of American Steel and Wire
was noticed during the day, as the result
OF report that the company has earned
per cent on both classes Of its stock