Evening star., 1900-10-04
Short Covering in Tennessee Coal
and Iron Shares.
THERE WAS some BUYING OF SUGAR
Short Interest in Gas Stock Also
Forced to Cover.
GENERAL MARKET REPORTS
peciai Dispatch TO The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 4-Speculative SEN
timent was. In the main, favorable to high
er prices this morning, but the net results
for the day show two distinct price move
ments Realizing predominated In certain
issues. while the covering OF short contracts
characterized the dealings In others.
In yesterdays market Tennessee Coal and
Iron and Sugar were the weak features and
today they were in urgent demand against
yesterdays sales.
The meeting of the directors of the for
mer company was made the subject of
much idle gossip, all OF which found refec-
ton In the price of the stock. One rumor
predicted the declaration of the regular 2
| per cent dividend and the price of the stock
advanced suddenly to 5s. The immediate
circulation of less favorable reports started
the decline again, but there was an in
creased caution in the selling movement.
since the action of the directors may have
been already discounted.
In Sugar the buying was wholly profess
sional and inspired by the belief that the
general market was too strong to admit
of an uninterrupted decline. The pool in
this stock bought round amounts in order
to force the advance.
Peoples Gas was advanced under a spfr-
tied demand from the political short inter-
est in Chicago. The immediate demand
was inspired by rumors of an early settle
ment with the Ogden company and the end
ing Of the rate war
This movement resulted in general buy
ing movement from the west, the short
interest in the Steel stocks covering freely.
The local traction shares, including Man
haitian, were bought in anticipation of an
immediate movement against the short in
tereSt- Recent attacks OF these shares
have resulted in creating a following too
large for safety.
The leaders of the decline consequently
dread the penalty of OVERRIDING and have
begun to Tighten their responsibilities Com
mission houses had some buying orders in
the Pacific shares and the grangers An
advance of l per cent in Texas Pacific re-
suited in the usual rumors of an early
movement looking to a substantial increase
in price. The Vanderbilt Big Four alliance
was reflected by some activity in the leased
or guaranteed issues of the latter.
In all parts of the market there were eff
forts to take up the neglected issues and
force some activity and Improvement in
price This feature of the situation is not
Wholly desirable, since il reflects a batting
or the market in the hope of forcing the
public to trade in advance of a settlement
OF the questions responsible for the absence
of the public The elections are five weeks
ahead and the time is entirely too long to
insure against accidents. Deliberation and
discrimination have never. perhaps, been
OF more value than at present.
A too free rein at this juncture can only
cripple the pace later in the season. For
this reason conservative banking interests
admit the favorable prospect, but enjoin
caution. Buying declines is the only at
titude sanctioned by such interests. The
coal shares were irregular during the after
noon under the continued delay in adjust
Ing the strike. Money was steady to firm,
but was not a factor. The Bank of Eng
lands refusal to advance its rate of dis
count was favorable development In the
foreign money markets.
Tennessee Coal and Iron declared regular
dividend of per cent.