Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-09-24
FINANCE AND TRADE
Short Covering Caused Temporary
Rally in Stocks This Morning.
WERE DULL AND WEAK AT CLOSE
London Bought Some Railway
Shares on This Side.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK. September 2i-American
railway shares in the London market this
morning displayed some irregularity. prices
ranging UP and down within N per cent
Americans. in common with other shares In
that market. reflected absence of operators
on account of the celebration of the Jewish
New Year. Consols for money were lie per
cent higher while home rails were steady.
A large number of stocks We're traded in.
but the volume of business was light.
The local stock market In the early deal
ings, like that of London. was irregular.
Most of the active issues, however, at the
start showed advances over the close of
Saturday. and there was some covering OF
the short sales made at the end of last
week This covering movement was helped
a little by buying from the other side and
by some picking up Of the stocks that had
suffered most in the weak spells last week
by some good people on this side.
The steel stocks showed "a little more
strength at the start; the hard coalers
also, on the reported settlement of the
amalgamated wage scale, which is expect
ed to start $1,000 men TO work, and rumors
that coal operators expected number of
lection of the militia.
Tennessee Coal and Iron stock opened up
" point, quickly rallied a point and then.
on what looked like renewed Hquidating
sales, sold down to o5l4, a loss OF IN points
from the opening. Sugar opened up \. ad-
vanced another 4. then sold off to 113as,
loss of 7s from the opening. Brooklyn Rap
Id Transit opened at 30 and acted weak
from the start, the recent tips to buy this
specially seeming to have opened up
vulnerable bull pool account.
The stock lost two points soon after
opening on quite active trading. There
was some liquidation in some of the bigger
railroads. notably Illinois Central and
Pennsylvania. 1t looked like keen drive
at prices in the first hour, and then the
tone changed for the better and rally, on
covering and a little good buying, ensued.
The rally that came after the first hour
of business, and due principally to the COW
ering of short contracts, carried prices up
from y to per cent above the early low
figures and lasted up to the noon hour.
when the market became dull and mac
tive and prices were allowed to shade off
a little.
In the afternoon trading the market had
another setback, helped along by the an
nouncement of the suspension of Egbert
Mills. He has been member of the stock
exchange since May, 1899 The selling out
of his contracts on the exchange under
the rule" had a dispiriting effect upon the
traders who had bought this morning for a
rally.
Chicago gas stock was heavy on the an
nouncement that the city council would in
troduce a resolution forbidding further ex-
tension of mains until the gas companies
consented TO a gas rate of - cents.
Hard coaers were a little steadier in tone
in the afternoon trading. and it was noticed
that all the Jersey Central stock offered
was absorbed by good people. This gave
rise to a renewal Of the Joint control story.
Londons purchases here after the close
of that market had the effect af holding the
international stocks steady. Americans in
London closed the curb firm and at
the best prices Of the day on arbitrage sup
port Other markets closed steady. The
Paris bourse was dull, while Berlins bourse
was firm.
1t was thought a consequence of the
heavy covering in the market this morning
that more stocks will be returned In the
loan crowd tonight than for a long time
previously.
The closing down of the Reading col
1ieries at Shenandoah, which occurred last
week, 1t is stated, has shut off enough sup
ply OF coal from the eastern markets to
make either the use of bituminous coal i'm
peratiye or shutdown of manufactures
certain. This condition. while it may i'm
prove the bituminous markets, is likely TO
embarrass outside industries TO such an ex-
tent as to make some solution of the an
thracite coal strike imperative.
The little Improvement in Tennessee Coal
and Iron in the early dealings was on an
expected meeting to be held by the di-
rectOrs of that company today to take some
action on the dividend. but later in the day
1t was stated that the directors were TO
meet to consider contracts and not to take
any action on the dividend. Last Septem-
Der this speciality sold at 126-today's low
price was 53l4. or a decline of 72a. points.
The movement of gold from the Bank of
England TO Germany, together with the
heavy interior demands for currency at
New York, strengthens the conviction that
higher money rates are inevitable. Call
money rates today were quoted 1a.a2 per
cent, with loans at the latter figure