The Washington times., 1901-09-17
MARKET CONDITIONS GOOD.
The Early Advances Retained
Throughout the Day.
Higher Prices for American stocks
From London-President RooEc-
vcIt's Statement and the End of
the steel Strike Favorable Factors.

NEW YORK, Sept. lion the resump-
tion of business this morning the deal
ings in the stock market were plainly
governed by several controlling influences.
Beyond question the most important was
the brief statement made by Mr.. Roose-
welt, just before formally taking the oath
of office as President-his simple and
loyal declaration that his aim and policy
as President would be to continue abso-
lutely unbroken the policy of President
Mckinley.
All day this declaration was the main
subject of conversation wherever men
gathered to discuss the financial situation
and outlook. The country has now been
told what it can count upon in the ad-
ministration of public affairs and the
country knows that it can rely absolutely
upon the word and the performance of its
new Chief Magistrate. Probably next in
order in point of Importance to Mr..
Roosevelt's utterances was the announce
ment, late on Saturday afternoon, of a
final settlement of the protracted strike
of the Amalgamated Association, which
has now been in progress for over two
months.
When this announcement was first
made its significance was overshadowed
by the interest taken in the situation at
Ruffalo. but today its Importance was
clearly realized. Then again, the very
extensive advances which were scored in
American stocks in London, prior to the
opening of the local board. naturally
played decided part in shaping senti-
ment. These advanccN extended from /
TO points throughout the American
quarter and the dealings in American
stocks were reported as being on a more
animated scale than for long time.
They were followed up also by exceed
ingiy heavy purchases here for foreign
account and the latter would doubtless
have been in still greater volume but for
the rapidity Of the advance in the local
market.
Still another encouraging influence was
Saturdays bank statement, which showed
the first considerable reduction in the
loan account in fortnight. There was
little change in sterling exchange condi-
tions, and the remainder of the days
routine was made up of the large traffic
returns submitted for various periods.
The usual monthly statement of the
country's foreign trade for August showed
an excess of exports of merchandise
amounting to s2i. 600 against ST. 200, 600
for the corresponding month of last year
100000, while exports increased less
than 100000
In view of the general circumstances
under which the market opened it was
not remarkable that a large number of
very extensive advances should have been
made right at the opening. but it was
particularly noteworthy that these were
exceedingly well retained, and in large
number of cases materially bettered with
the course of the session. Technically
considered, there was an active borrow
ing demand for stocks and an excellent
enquiry from commission houses, while
supporting orders were evident through
out the market. There seemed however,
to be little occasion for the introduction
of the latter. as the short interest pro-
ceeded from the opening precipitately to
reduce its commitments.
1t was apparently the case also that a
number of commission houses had elected
to close out their customers stocks dur
ing last weeks unsettled conditions, and
at all events many close observers of the
dealings thought they detected counter
transactions in todays dealings. 1nas-
much as the trading at large was gov
erned by commercial influences and the
market moved with more or less uniform
fly, it would appear hardly necessary to
particulariZe regarding special move
ments.
The railway hist furnished the bulk of
the dealings, but trading was very ac-
tive In all quarters.