Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-14
FINANCE AND TRADE
Stock Market Opened Weak and
Lower, But Quickly Recovered.
SEVERAL new HIGH LEVELS MADE
Granger Shares Were the Features
of the Buying.
GENERAL MARKET REPORTS

Special Dispatch to TIE E,eniie Star
NEW YORK. September l4-Concertei
efforts to depress prices were momcntarily
successful during the opening hours this
morning, but the buying toward the close
OF that period was decidedly superior to
the selling.
Recognizing this fact. the interests which
sold Yesterday suddenly changed front and
again became aggressive in the long ac-
count. Prices were advanced I'm all depart
ments from to 3 per cent, and in many
instances the figures were the best We;
recorded
Northwestern crossed 130 Omaha was
advanced to 50. Union Pacific to ~ 3-s ana
Consolidated Gas to 222Is. In all of these
properties the high prices were entirely
new.
The granger shares as a class were given
excellent support and reflected buying
equal in character to any of previous date.
Enormous earnings are known to exist
and shrewd buyers are getting in ahead OF
the official announcements.
The entire speculative situation seemed
to have been Improved by yesterdays
liquidation, and new confidence exists on
all sides.
The buying OF New York Central. Canad,
Southern and stocks of this character was
extremely significant because of the con-
sentative houses identified with the larger
purchases. Relatively prices are high. but
in many instances merit is far from the
exhaustion point.
While the advance was in progress In
almost all directions certain factors slight
ly uncer the surface were not wholly sat
isfactory. The cabinet meeting for ex-
ample. developed nothing SO thoroughly
favorable to Union Pacific as the price
of the stock would Indicate, yet the msnip-
ulation was made to reflect probable ulti-
mate results.
The failure to take a positive stand on
the Interpretation of the 22d section of the
tarin bill was also a disappointment, but
even the issues directly interested were
made to shar. in the general Improvement
on the theory that the clause in question
speaks positively against Canadian rail-
roads and steamships and for American
interests in corporations of like character.
Pacific Mail and Northern Pacific were
neld firmly in the hope of an early decision
confirming what seemed to be the patent
intent of the clause.
During the early afternoon the volume
OF business fell OFF slightly. particularly in
southern securities on reports Of delayed
traffic in the yellow fever section.
Illinois Central and Southern were both
directly concerned with the new Develop
n.ents, but beyond profit taking to a mod
crate degree, no selling was noticeable in
either.
The earnings of Illinois Central entitle
II to be considered one of the best ; Per
cent dividend payers in the list yet the
entire Valley branch of its road is quar-
aEtined an and around Greenville, Miss.
The southern and southwestern roads are
believed to be in position for substantial
rises, once the scare in that section is
passed. Meanwhile, roads in no way con-
oerned with the fever must be looked to to
sustain prices. There is nothing even in
the fever situation. sufficiently bad to de-
press prices beyond the customary limits
of a traders reaction.