The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-16
STRENGTH In THE MARKET
Covering by the Shorts Causes
Some Sharp Rises.
The News From China. FOreshndow-
the Allies. and The Expectation of
Relaxation OF Money Conditions
Promote Upward Tendency.

NEW YORK. Aug. 15.-An influence
which was effective both in London ant
New York stock markets today was the
general tenor of the news from China
This seemed to foreshadow the early col
lapse OF the military opposition to the ad-
vance of the allied forces. and in conse-
quence, the early occupation by the latter
of the city of Pelin at least to the ex-
tent necessary for the relief of the be-
leaguered legations.
In addition the LONDON stock market
was strengthened by the expectations OF
a forthcoming monetary relaxation at that
point, owing TO the heavy gold receipts
added that thus far notwithstanding the
exports of gold from this side, there are
no indications of any consequent contrac-
ton in the local money market.
The local market opened strong in sym
pathy with the tendency of prices in Lon
don and with few novel developments OF
any consequence; and notwithstanding
occasional reactions and some appear
apces of irregularity. a decidedly firm
undertone was maintained throughout the
day. The dealings were again in large
volume in comparison with the records Of
the past few weeks. and there were few
quarters of the market that did not re-
ceive a fair amount OF attention.
The dealings here for foreign account,
while not In large volume, were almost
entirely on the buying side, and this cir
cumstance on account of the improvement
in local speculative sentiment was accorded
more attention than ii would otherwise
have received. The advance in the mar
ket has evidently made sufficient progress
to incite some outside interest, and mod
crate Increase in commission house opera
tions was reported. Apparently, also. the
sustained strength the market has shown
has finally proved disconcerting to the still
large short interest in various quarters,
and buying for this account was a feature
of the dealings, and the one mainly eff
fectiye in some sharper rises that occurred
with the course of the day.
OF actual news bearing upon particular
stocks or the movements In special groups,
there was very little. and even the ru-
mors instanced in connection with them
were wanting in novelty. The most pro-
nounced advances in the market were in
the anthracite coal group, where Jer-
sey Central was the leader; IN the grange.
shares where St Paul was conspicuous,
and in the local traction stocks, where the
bulk of interest was centred in Brooklyn
Rapid Transit Other noteworthy move
ments in the market took place in Con-
solidated Gas and Anaconda Mining.
In connection with the advance in the
latter stock il may be noted that there
was sharp recovery in the copper stocks,
beth in Boston and In London. and this
WAS reflected in increasing activity in the
copper shares dealt in on the local curb
market With the exception OF Sugar Re-
fning, wherein the fluctuations were ir-
regular and unusually limited. the indus-
trial quarter was steady, with renewed
strength appearing in the iron and steel
producing and manufacturing shares.