Evening star., 1901-09-16
Stocks Were Strong in New York and
London.
BUYING FROM TIE OTHER SIDE
towards the Close Dizziness Be-
came the Rule
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, September 16-American
railway shares in the London stock mar
ket today were extremely strong and busi-
ness was very active. Prices showed ad-
vances ranging from 1is to per cent over
New fork's closing prices Friday.
In the local stock market sharp advances
were shown at the opening, in response to
the important gains recorded from London
Foreign houses were liberal buyers in this
market-orders from the other side aggre-
eating at least 1250O0 shares. a large part
or which was said to be for actual pur-
chases, outside of arbitrage business
This buying. coupled with purchases by
brokers' usually acting for ]. P. Morgan Il
Co, and the exhibition OF general conf
dence by the financial community. gave
vigor to the speculation and led to the COW
ering Of short contracts on large scale.
The greatest advances, reaching or ex-
ceeding per cent. were scored In the first
few minutes of the dealings by Rock Is
land, st. Paul. Missouri Pacific. Atchison,
preferred; Baltimore and Ohio, Erie, sec
ond preferred: Pennsylvania railroad. Man.
haitian, Amalgamated Copper, Sugar Re-
filming and the United States Steel stocks.
Other advances averaged about per cent.
After the first twenty minutes of activ-
fty prof1t-taking sales set I'm and there
through
out the list but nothing that resembled
weakness. however, was noted, with the
exception OF Amalgamated Copper which
after opening at 100 to 10S, against 1O57s
on Friday last. Immediately sold down be-
low 107. but at this decline supporting or
ders appeared and another rally In the
stock occurred, carrying the price back to
the opening figure. Union Pacific and
strength in the second half hour, and st.
Paul maintained figures near It's maxi
mum advance.
The market just before noon experienced
another strong rally on the announcement
from Washington that the Secretary of the
treasury would anticipate October interest
payments. amounting to 81, 100. 600, without
rebate, and that If the necessity arose he
would also pay out at once the SIS 900 600
pension money that would regularly be dis
burSed next week
The Immediate monetary outlook, in con-
sequence of Secretary Cages action. has
improved decidedly, as the amount in
volved In the payment Of October interest
becomes effective Immediately by pay
ments of the money over the subtreasury
counter. Then, too, the retention in the
banks of money collected for payments OF
internal revenue will likely cause the banks
this week and next to show net gain
from the subtreasury operations on that
account alone. The first rate for call
money today was at per cent, at which
figures $3,O0O,0O0 was Immediately loaned
by representative of the associated
banks
1t was argued, too, that it would not take
much buying by London to precipitate i'm
ports of gold to this country. In govern
ment bonds, the new AS were 1 per cent
higher Railroad bonds were strong. The
market up to 2 o'clock held very well and
some excellent buying was reported around
the noon hour.
After the delivery hour the general mar
ket eased off some in natural way. Activ
ity, however, was lacking, as there ap-
tn lC
Money at this time was offered at per
cent. The stock exchange will be closed on
Thursday, September 10, the day Of the
funeral of the late President