Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-16
FINANCE AND TRADE
Better Tone to Stock Market
Today.
SHORTS SOUGHT COVER
GOOD BUYING OF THE ACTIVE
ISSUES.
London Was Also a Buyer ofsAmeri-
can Securities at an
Advance.
SHORTS SOUGHT COVER
Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 16-Amerfcan
shares In the London stock market today
showed advances over our closing prices OF
yesterday Of from u to per cent, and the
market there was fairly active Consols for
both accounts declined lie.
In the local market at the opening there
was a continuation Of the strength display
ed at the close Of yesterdays trading. Ini-
tial prices showed advances Of from one
quarter to five-eighths per cent in the gen.
eral list, Pennsylvania, Southern Pacific,
Union Pacific, the Erie issues, Reading, st.
Paul. Illinois Central, Manhattan and Met
ropolitan street railway all showing up
strong.
In the Industrial list American Sugar Re-
filming common and the United States Steel
issues showed the most strength. The for
mer has shown remarkable steadiness for
the past few days in the face of a rather
demoralized market. After going " per
cent higher this morning it quickly gained
Ia per cent more on buying by lower Wall
street interests and by short covering.
The United States steel stocks showed ad-
vances of IA and 3-S per cent at the start
for the preferred and common, respectively,
and subsequently gained further fraction
al advance on buying aScribed to the I'M
Gerwriting syndicate, which, as limited in
last Sundays papers, appears to be at work
again in the market. st. Paul and Pennsyl-
vania were the leaders in point Of strength
after the first few minutes Of trading, both
scoring good gains over the initial adj
vances.
Southern Pacific too, was well bought
and there were some rather heavy pur-
chases for the short account in this spe-
cialty.
Canadian Pacific rallied easily, its good
earnings attracting considerable semi-in-
vestment purchases
An easier tone was noticed in the call
loan money market due to the action Of the
h nj naN1r lpxv x,vbs
could not be called plentiful, there was.
nevertheless, a tendency toward more ease
in the monetary situation generally.
me venezuelan situation now appears to
be the most disturbing factor in the entire
market situation, matter which up to a
few days ago seemed to be almost entirely
eliminated, owing to the fact that our gov
eminent seemed to have clear under
standing with both Great Britain and Ger
many as to how far their allied movements
against Venezuela should extend, but this
situation does not now appear so clear, ow-
Ing to the severe measures already taken
by both the English and German command
ers and more especially by the latter.
1t can easily be seen how the whole at
fair becomes a very distinct disturbing fac
tor to the speculative mind. After the first
hours trading the market settled back
fractionally and became less active, but
this condition lasted only short WHILE
and before the noon hour was reached the
market took on renewed activity, and prices
advanced to above the best early gains.
This was especially noticeable in St.
Paul, Atchison, Pennsylvania Union Pa
ciic New York Central. Southern Pacific
and the local traction shares. Call rates at
this time were down to 81 per cent, as
against and 10 per cent yesterday.
Owing to the storms now prevailing
throughout this section of the country, wire
communications to New York were very
much interrupted Washington houses were
almost entirely cut off and there was great
delay elsewhere In executing orders for
out-of-town clients.
In the early afternoon the market became
very dull but prices held fairly steady.
Around the delivery hour on a renewal Of
short covering the market again showed an
inclination to advance, but there appeared
to be plenty of stock to supply these wants.
and It looked at that hour as II the advance
had gone far enough for the present under
existing conditions.