Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-25
FINANCE AND TRADE.
Stocks Were Stronger Under
Easier Money.
AID FROM TREASURY
CONSERVATIVE HOUSES DEPRE-
CATE ACTIVE MARKET.
Fear That Over-Speculation Might
Have Disastrous Effect in
the Future.
AID FROM TREASURY
Special Dispatch to'The Evening Star.

Special Dispatch to'The Evening Star.
NEW YORK, September 25-Opening
prices this morning reflected further i'm
provement, and the undertone of the mar
ket hardened noticeabay. Relief measures
on the part of the federal treasury were
considered certain, and the prospects for
an easier money market found reflection in
stock prices. London was a buyer of some
10000 shares and there was a new demand
from commission houses. During the morn
ing call loans were made at 20 per cent,
but later per cent was the quoted rate.
A new cause for stringency in today's
market was a payment of s11, 100000 on ac-
count of the United States Realty Com
banks were concerned in this payment, but
the money will shortly be reloaned. The
afternoon announcement that the Secretary
OF the Treasury would anticipate interest
up to June. 19E}, made the basis of a
rally in the market. The amount of money
to be released in this way will be about
$20OOO.O0O.
The action of the department does not
meet with unanimous approval. since it is
one Of the most transient forms of relief
yet devised Hitherto January and July
have been awkward periods from perfectly
natural causes. and the governments I'M
locking of its hoard was depended upon to
help the banks in meeting the private de-
mand.
For two such periods the treasury is now
willing to advance money. leaving the COM
ing Of the yearly and half-yearly settle
mentS without aid. With an active money
market assured for the balance of the year
this form Of relief suggests troublesome
fortnight prior to January /. The attempt
to start the market up at this time cannot
be regarded wise, since to buy back all
the stocks sold means to undo all that was
remedial in the weeks liquidation of loans.
During the afternoon the volume of bus!-
ness fell off decidedly, and this action was
generally regarded desirable. If the
speculation can be checked for say two
weeks the combination of good earnings
and good crops may give the market some
thing definite and substantial to go upon.
The banks are seeking to so control the
situation as to come safely out Of the bog
into which they allowed themselves TO be
ways the case, the calling Of the loans dur
ing the last two days will mean new bank
ing connections for many of the younger
brokerage firms. Until the new conditions
are tried the market may well proceed with
caution
Today's rally was we'll distributed over
the active list, and was not wholly due to
shortening. The buying of Erie was
called good, and seemed to be accumula-
ton for an important interest. The pool
in the Gould shares again supported those
issues, and Manhattan was especially fav-
ored in the new buying.
The Pacific stocks reflected a steadier
tone and the high-priced investment shares
went into stronger hands. The industrial
department was supported, the steel stocks
in particular showing signs of an Inside
demand. Business fell off during the last
hour and net changes were irregular.