Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-09
Slight Improvement in Some of the
Industrial Stocks,
MANIPULAqIVE TONE 10 MARKET
Money is Settling Down Near the
Legal Rate Again.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

!
NEW YORK. October 9-Slightly higher
prices in London encouraged some buying
| In the local market this morning, but the
volume of business was too small to be
significant. Traders were disappointed with
| last weeks efforts to force liauidation and
We're willing to operate in the opposite ac-
count had the market responded properly.
opeclal Issues were advanced from time to
time, but this process had the effect of de-
'ractlng from the interest in the general
| list and of frightening the dullness
Inc steel stocks We're taken UP early in
the day, and under the influence of mixed
buying responded easily for substantial
gains An advance of nearly 3 per cent in
American Steel and Wire attracted atten-
ton because of the fact that the firm which
| executed the bulk of the selling orders on
| the midsummer decline was most active
IN the buying today. This group of stocks
has been neglected of late notwithstand-
| ing the daily statements of almost phe-
nomenal prosperity.
one explanation of the movement sup-
sests Itself to the average observer who
puts aside the ordinary presumption of the
Skeptlcal that manipulation is the RESPONSE
Ole cause. This explanation is based on
money market conditions. With the first indi-
cation OF tightening market stocks Of this
class lead In the adverse discrimina ton
The properties were untried, specula ton
mad been fostered under the influence of
misleading statements relative to dividends
ahu fluctuations were too wide to be salts
factory to holder of collateral. Loans were
e!ther called or discouraged and weak
holders We're forced out. The money mar
ket worked Its way up to 40 per cent and
IS now returning by erratic stages to the
legal rate. The steel stocks now in loans
are consequently well protected or they
would not have survived
More is known of them than formerly
ana thelr earnings are on scale out of all
proportion to their market price; hence
when the market turns these should be
Wen TO the fore. This is the argument of
the optimists. and is worthy of considera-
tlon. Traders were inclined to the op:nion
that the steel stocks were made strong in
order to facilitate selling elsewhere
Nashville was conSpcuouslv strong at
times, and in this respect was in marked
contrast to some of it's neighbors The
southern issues held as well as any in the
market. however, and there was some in
clination to buy them for future rather
than for Immediate results
Expected developments in connection
with the well-known ambitions of the Sea-
board Air Line add peculiar interest to
a ana so southern il railway situation The
granger issues We're irregular and void
or any real significance, Atchson being
sold on a reported falling off in business
Que to disappointing grain movement
pnclal deniais of the report were prompt.
out, IN a measure, unnecessary, since trad
ers had the market to themselves and pre-
ferred the risk on the short side
Inc Leather SHARES were made active by
the interest In charge of the reorganiza-
tlon. Ihere was some realizing In Tobacco
by recent buyers, and the new interest in
BROOKLYN Rapid Transit seemed to be en-
couraging sales in their speciality.
Money loaned from to IL per cent. but,
with gold coming from San Francisco and
Cuba and with the S2,oo0 900 taken in Lon
don last week now available the condf-
ton or the local banks should improve.