Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-10
FINANCE AND TRADE
Good Gains in Several of the Stand
ard Stocks,
IMPROVEMENT IN THE CHANGERS
Sugar and Peoples Gas Also Slightly
Higher.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 10.-Opening prices
in today'S stock market reflected a tendency
toward lower prices, due to the almost
unanimous belief that the money market
must be given another fortnight to settle
down to a normal basis. London sent over
few buying orders, and prices at that
center were about at parity with the local
closing last night. quotable concession
in interest rates in the foreign markets
and the prospect of an easy settlement to-
morrow had a beneficial influence on spec
ulative sentiment Traders sold stocks for
time. however, and in one or two in
stances there were evidences of discourage
ment on the part of commission houses.
The market was allowed to drift for a
time, but later in the day the several influ
entail ciiques were given an opportunity to
rally their specialties and force a moderate
covering of short accounts. This incentive
was supplied by the governments decision
10 anticipate interest on its debt, thereby
releasing several millions of dollars and
heiplng TO that extent the present money
stringency.
Any device for employing the Idle treas
ury surplus is welcome, but with such ali
opportunity for buying up the bonds them
selves the expedient of anticipating inter
est seems to be only half measure which
can only have temporary effect.
The government treasury might we'll in
vest In its own obligations and permit the
puD1c to use the accumulated funds while
the wave OF prosperity lasts. Such action
would be entirely creditable, and new
loan, if needed. would have a free field and
an enthusiastic demand.
second incident of some influence on
sentiment was reported effort to end the
existing gas war and permit a profitable
operation OF all the corporations concerned.
Nothing very definite was to be had on this
point, but sentiment was momentarily i'm
proved w h1le the market fails to hold a
given position for any considerable length
or time It is noticeable that declines in
Variably produce dullness.
The short interest has the money mar
ket Tor an argument in favor of depression,
while the actual owners of stock rely upon
the condition of the country to triumph
over local banking conditions. The owner
OF stocks is more likely to borrow money
for his commercial needs than to sell his
holdings. in which he has every confidence
Tor the same purpose. Wall street had al
most exclusive use of the country borrow
able funds for a time but now the owners
OF the money are employing it CONNER
cally. Such employment during the pres
ent era of prosperity must eventually re-
suit in return of money in abundant
supply.
If this argument should prove faulty
then many of the most experienced man
ayers in the street are building upon sand
Advances of substantial proportions were
recorded in Peoples Gas the Grangers
sugar ana Tobacco. Southern Pacific de-
cliheu about l per cent during the morn
ing, out reSained its loss later in the day
Nashville and the south and southwestern
ROADS We're given good support The steel
STOCKS acted well and increased confidence
In the belief that the market would rally
Win Hall the efforts needed to force a de-