Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-09-09
Favorable Reports of President Tend
to Steady Stocks.
TONE WAS VERY STRONG TODAY
Big Financial Interests Ready to
Sustain Prices.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. September 9.-The hopeful
tone of Buffalo dispatches and increasing
confidence In the Presidents chances for
recovery resulted In strong speculative
undertone this morning. Early London
cables reported gains extending to 8 per
cent by comparison with Saturdays clos
ing level. and foreign houses traded in up
ward Of $1,000 shares. mostly purchases.
The local short interest covered freely
and the supporting interest found the
effort to sustain prices less one-sided than
on Saturday. Commission houses had a
considerable volume of selling orders. but
there was no haste to let go of the better
class Of stocks. The rise in prices which
prevailed after the noon hour represented
such liberal regaining of Saturdays loss
that 1t was regarded as an OVERRIDING of the
effort to support the market.
Conservative interests were inclined to
the view that even the most sanguine belief
in the Presidents recovery would not JUS
tify such a liberal discounting of the event.
While he is sick at all conditions cannot
be regarded as being worthy Of the same
confidence as before the shooting.
The clearing house committee met at an
early hour and perfected the plan for pre-
venting any disastrous attack on prices.
The leading banks are prepared to lend up
ward of $4,000, 600 should it become neces-
sary to ward off money panic. Early IN
the day the rate was kept at per cent,
the plan being to reduce the rate later
rather than advance 1t.
This program was carried out success
fully, most Of the active lending being done
at 5 per cent, and later after most houses
had been supplied, the rate was dropped to
3k per cent. Had the per cent rate pre-
vailed gold shipments would have prob
ably set in upon large scale before the
end of the week. There was an opinion in
certain circles that the high rate had been
agreed upon solely for the purpose OF at
tracing gold
ing interests at that center expected only
the usual return movement of gold this
season instead of the general inflow pre-
dicted on this side.
The prospects for the treasury buying
bonds or otherwise coming to the relief of
the market are considered good, but the
hope is expressed that this need will not
be necessary.
velopments were protective and that no
intention of doing worse than preventing
unwarranted selling existed.
The carrying up Of prices today was
helped largely by the covering Of short
contracts and some favorable dividend
rumors. The strength of st. Paul, which
was one of the features of the day, was
credited to rumors of an increased divi-
no doubt Of the companys ability to in
crease its rate. but the question Of policy
has been a mooted one Of late.
The time is in sense opportune for some
such favorable development but to increase
the rate just at this juncture would con-
fuse the action with numerous artificial
schemes for holding the market
The smelters' meeting on Wednesday is
awaited with considerable interest, in the
hope that dividend may be declared upon
the common stock Of that company. Such
action Is regarded as doubtful, but the
property is known to have earned a sub
stantial dividend on this issue.
The market was especially strong dur
ing the last hour under a good speculative
demand. Public interest was not material
ly increased, but the buying was decidedly
effective In spite of it's character.