Evening star., 1900-09-27
FINANCE AND TRADE:
Rally i1 Stocks Due to Strike Settle
. 1pent Rumors.
UNION, PAClFlC'S Big EARNINGS
Most Of the Advances Were Due
s.
to Short Covering.
GENERAL. MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, September a. The
rally recorded at the close OF yester-
The rally recorded at the close of yester-
days business was resumed this morning
as the result. of confident predictions as to
the early ending Of the coal strike. The
short interest covered freely In all parts OF
the list. but the buying was almost wholly
speculative and suggested no new business.
The selling party had become discouraged
with the failure to inspire substantial liqui-
dation and were easily forced to cover on
the strike news.
The advance Of 4 per cent In Jersey Cen
trail. coupled with less substantial gains In
Reading. Delaware and Hudson and other
coal properties, resulted in better prices for
all the railroad issues.
Union Pacific August earnings attracted
what was. perhaps. the most significant de-
mand to be found in the market. The price
rallied easily and the buying was more than
ordinarily confident. An increase OF 1898 500
In net earnings Is an encouraging exhibit
just at this time. when the public mind was
prepared to receive decreases or merely
nominal gains.
The reaction produced by Northern Pa
ctfc's report was overcome by the showing
OF the first-named property The Granger
shares participated in the advance. the en-
tire investment list showing recoyeries-
In the industrial department the same
covering movement added to yesterday 8
prices, the Traction and Steel stocks and
Sugar rejecting demand against previous
sales.
While the days trading was Influenced
largely by the: encouraging prospect for a
compromise of the coal strike. and while
such action would unquestionably strength
en- conditions. the market can scarcely ad-
vance beyond the limits Of a rally at this
time
r1n %rfl~1
comprehensive FORM on the side of politics.
The railroads might lose money and divi-
dends might have been threatened In a
prolonged struggle, but this result would
have been local to considerable degree.
The attendant advance in rates to the con-
sumer was the thing suggesting the great
est evil, since the consumer and the voter
being identical might have forced the cpl
sode to the front in politics.
The settlement Of the strike may take the
coal properties out of politics. but the
doubtful features of the campaign have
been emphasized. and the stock markets
main influence will be founded on the for
tunes Of the contending factions in the
political contest. The street was inclined
to the view today, however, that no con-
siderable liquidation threatened the market.
but that CONSERVATISM would stand in the
way of an aggressive sustained advance.
The movement of money away from this
center causes little concern. but the move
ment Is to be expected to continue for an
other fortnight. and cannot be considered
an argumen fof buying, no matter what it
may lack as an Incentive to sell.
The general market Is stronger than
usual in the presence of such uncertainties,
and can be- relied upon to proceed deliber-
ately and without disastrous haste in
whichever direction pending developments
suggest. Rallies should not be regarded
as fixtures. however, nor declines as the
forerunners of panicsf There is more value
In the standard American railroads than
ever before, and current prices do not fully
reflect 1t III every instance.