Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-08
FINANCE AND TRADE
Stocks Were Stronger at the
Opening.
INVESTMENT BUYING
PROFIT TAKING LATER FORCED
LOWER PRICES.
Strength in Coal Shares Led to Belief
That Settlement Ia
Near.
INVESTMENT BUYING
ecial Dispatch to The Evening Star.

Special DISPATCH to The Evening Star.
NEW YORK. October s.-Sentiment was
decidedly improved I'm today's stock market
and prices rallied in all departments. While
the news items Of the day were generally
favorable. the real incentive to the buying
seemed to be the professional recognition
OF the fact that the market had been tenn
porarily oversold
1t was learned from sources In position
to know that the liquidation of the last two
days was mainly for the account of a sin
gle speculative interest. At the low level
there was good buying by interests who
nave practically been out of the market
Tor months. Buying for cash In the invest
ment group was taken as an indication of
a closer relationship between market price
and market value.
The buying of Atchison, Union Pacific
Pennsylvania, New York Central and SINH
lar issues came from conservative houses
and was regarded as merely the beginning
of a rational accumulation of stocks The
western party has been selling for several
days and New York is preparing to resume
leadership. The money situation will not
admit of big market, but an improving
situation seems assured If the right men
are allowed to handle the price movement
1hC puy tHS OL the coal STOCKS was
garded as a significant feature OF the day,
and rumors Of strike settlement during the
present week were freely circulated. Just
what basis existed for such confidence did
not appear, but Reading was taken in
round amounts. and Erie was picked up
quietly In whatever amounts came out.
Delaware and Hudson rallied with difficulty,
long stock coming out, and the demand
showing preference for the cheaper coal
issues.
The buying of the coal stocks is entirely
too persistent to be based merely upon sup
porting orders, and the street expects inn
portant development in that group later on
Canadian Pacific rallied under London
and Montreal buying, although the sharp
decline In the 500 issues of late had de-
tracted somewhat from Canadian enthu-
siasm.
The steel shares were strong as the re-
suit of splendid earnings and the indus
trial list as whole was trife better. in
sympathy with the recovery elsewhere in
the market. Some disappointment followed
the announcement that the American Car
and Foundry directors had failed to in
crease the dividend on the common stock
of that company.
The traction shares rallied easily and
Manhattan again gave evidence of pool
buying. This stock, and all the Gould
group, We're helped by the announcement
that Mr.. Sage was improving and that his
Wall street affairs had been arranged so as
to avoid a market scare should unfavorable
symptoms develop.
Profit taking during the last hour forced
some concessions from the days best prices,
but the market was thought to have acted
we'll under the days mixed dealings. An
active trading would be logical for a time
with sudden changes OF position on the part
Of the room element. Leading interests
wait to see loans further contracted, but
they are giving attention to plans which
will admit of this result without seriously
depreciating prices.