Evening star., 1901-09-10
Stocks Were Firmer on Strength of
Presidents Improvement.
GOVERNMENT TO BUY BONDS
This Will Ease Up the Financial
Situation.
g.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, September 10.-The stock
market opened strong and generally above
the closing level OF last night. The foreign
markets all reflected confidence In Ameri-
can securities, but the demand fell on
slightly,
The news OF the Presidents progress
was all encouraging. and the financial
community was decidedly, cheerful in con-
sequence. The influence Of the bulletins
from the bedside Of the distinguished pa
tient was decidedly helpful to prices. but
routine developments were also encourag-
ing.
The announcement that the treasury had
invited offerings OF IN tbe
market. The first effect of the announce
ment was to attract an increased buying
demand to such stocks as have recently
beer leaders in 1he sou,hsrn paee
Union Pacific and the Erie issues changed
hands at advancing prices. All OF the Is
sues named responded easily to the new
demand and gave no evidence OF concern
on any Of the doubtful points Of the situa-
ton.
The hope that the government crop re-
port, to be issued later in the day. would
show some signs of Improvement since the
August report encouraged better demand
for the western railway shares. All OF the
reports of earnings issued during the day
showed gains over the same period last
year, and these exhibits were factors or no
little significance.
/ The money market was sustained around
A and per cent. but there was no evidence
Of any hesitancy to make loans and buyers
were not restricted in their movements by
fears Of a money furry. There were sew
eral periods of profit-taking during the day.
but the market took all such sales willing
ly and rallied to higher prices after each
setback. The trading during the first hour
was positively buOyant and the market
seemed to be in full upward swing.
While prices advanced readily, and while
assurances were given that the underlying
condition fully warranted the movement.
commission houses were not wholly in SYM
pathy with the movement. Wall street has
no precedent for such a market. and the
novelty Of the advance has deferred many
outside operators from joining the move
ment.
Orders to buy at limits under the market
have been numerous and now there Is
fear that prices will get away without ma
terial reaction. The desire to go with the
tide is on the increase and the market may
yet work into an advance solely upon the
assurances that things are all favorable.
The leading bankers are doing all that can
possibly be done to encourage confidence,
and these efforts are decidedly successful.
Toward the close Of last week the mar
ket. outside of a few specialties, seemed to
be in a halting mood. Since that time an
attempt has been made on the life or the
chief executive, and the bank reserves are
S20,OO00OO smaller than they were one
year ago, but the market has become
strong and active. The reason is clear.
The strongest men in the world Of finance
are in control Of the situation. and are
actual owners Of bulk Of the stocks.
The panic Of the small man, the margin
operator and the gambler does not spread
into such circles. The spectacle is unusual,
but it exists, and fighting the wishes Of
such interests has thus far been expen-
sive.
Rumors from Pittsburg that the steel
strike had been settled helped to advance
prices during the closing hour.