Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-02
Strong Opening in Stocks, Followed
by Decentralization.
TIGHT MONEY The CAUSE
Later There Was Recovery, FOL-
lowed Again by Dizziness.
GEN ERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, October Am advance in
the London private discount rate To a., per
cent due to the efforts of Russia Germany
and the United States to secure gold ut
mat center, resulted in lower prices for all
STOCK issues this morning. In the American
department the declines varied from II to
i12 per cent This condition resulted in an
uncertain opening on this side, but sales
were promptly met with supporting orders
by the several ciques
The irregularity Of the first few minutes
of trading gave way to a steady undertone.
and in some instances sharp recoveries
were recorded.
Conditions were not such as to warrant
aggressive buying, and the entire market
returned to Its natural. receding tendency
determined drive was made a Sugar. In
the hope of forcing liquidation in other
parts of the list The stock mentioned de-
clined B per cent under persistent offerings,
and no particular effort was made to
change the current of the sales This fact
bears out the view that the inside interests
We're not averse to longer prices for their
speciality.
In Tennessee Coal and Iron the opening
price was 1897. as compared with 116 the
hnal sale on Thursday. sharp recovery
of per cent was recorded on the purchase
of few hundred shares of stock. the stock
becoming neglected al the advance.
The Traction stocks were spoken of with
much favor. but there was no aggressive
buying of them for the reason that their
merit above the prevailing level is manipu-
lative and the present 10 per cent money
market does not favor too open manipula-
ton.
Hints at a mysterious movement in
Brooklyn Rapid Transit came from the
same sources which heralded the recent de-
cline in those shares Some SupertitipnS
regard for these utterances may be de-
tected at times, but the pool in the stock
is too experienced to force an advance
under conditions which suggest inaction in
all departments.
The market receives every day further
evidences of prosperity in all commercial
enterprises, but the receipt of such infor-
nation at a time of tight money and de-
pleted bank reserves can only result in
adding to the long list of items which are
temporarily out of harmony with the
Value is increasing, but prices can only
keep pace with value by an expansion of
loans. Loans do not expand when money is
above the legal rate. Banks are reducing
their liabilities and are working cautiously
out of a stua ton which at one time seemed
likely to force its own readjustment
through the medium of collapse. The pro-
cess is one insuring greater safety for the
security markets, but for the time being a
period of waiting must be expected. All
that is going on now is for good, and later
in the month the benefits should become
apparent in prices.
Gold imports are expected on a large
scale, a return of money from the interior
is confidently predicted and carrying
charges are expected to disappear as a
deterrent influence. Earnings are all that
they should be, and there is no indication
OF any setback in them. Iron and steel con-
Germs doing a big business. The coal
situGtio already shows evidence of
important operation looking to its better
ment. The cotton movement is to be In
cluded as a factor of more than usual sig
rifcance Money is out of the banks now,
or at best is a transient guest, but the
reasons for this are al Indicative of pros
perity and suggest future profits on a
large scale