Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-26
FINANCE AND TRADE
Decidedly Bullish Tone to
Stock Market.
P RICES ADVANCED
ST. PAUL WAS THE LEADING
FEATURE.
Improvement Was Credited to the Ae-
ton Of the Treasury
Department.
P RICES ADVANCED

Special Dispatch to The Evening Star.
NEW YORK, September 28.-Encouraged
by the evidences OF an intention to relieve
the money market by releasing government
funds, prices were generally firm In to-
days stock market. London sent over a
higher range Of prices and there was some
buying for foreign. account. Commission
houses did some buying around the noon
hour and an air Of renewed confidence pre-
vailed on all sides. The advance In prices
was more sentimental than substantial
since the proposed relief to the market Is
largely experimental.
During the morning the treasury's policy
OF anticipating interest was uniformly
characterized as a halfway measure ana
one totally inadequate to the needs Of the
situation. The announcement of a willing
ness to buy bonds was more business-like.
but even this operation is hampered by
the purchase price fixed. Up to this time
the most reassuring thing done by the de-
parment Is to pledge It's support to the
banks in all sections Of the country, and
to stand by them in protecting public in
terests. This declared policy Is reiied upon
to expand into something of practical bene-
fit.
The estimates of this weeks money OPP
erations indicate loss of 81. JOO,O 600 In cash
Dy the clearing mousse DankS SINCE tDlS
duction of available cash is shown 1t fol-
lows that tomorrow's bank statement can
only be made encouraging by substantial
decrease In loans and deposits. If the re-
serve Is to be regained these two Items
must be the medium. Money today loaned
at IL to Is per cent. but the street argued
that as these loans went over until Monday
the rate was not excessive.
So relieved was the general tension that
In a few instances some rather bold pool
trading was resumed. Missouri Pacific and
Manhattan were taken in hand by the
Gould following, and made substantial
gains. Under cover of this strength there
was some distribution Of other pool issues.
The Standard OIL buying Of st. Paul was
resumed, and that stock for time was the
leader Of the entire market.
Rumors of rights to shareholders to refnl-
burse the treasury for improvements were
freely circulated, and while not officially
The prospect for ending the Nashville cpl
sode by exercising the option on the control
of the property some time around October
l had favorable influence on the price Of
that stock.
The fact that no security company will
be formed at this time was not an influence
since 1t Is the policy OF the leading flnan-
ciers to await decision In the Northern
terprises OF similar character.
There was some good buying OF Baltimore
and Ohio. the price OF the stock ex-rights
stocks were firm under a demand largely
speculative.
An important speculative interest falling
to realize on Reading before the competi-
tive buying ceased Is now Thought to be
trying to advance the price for selling pur-
poses.
Erie was strong under a good demand,
and Ontario and Western rallied easily.
Rumors Of new efforts to adjust the strike
were heard. but lacked reliable authorship.
In the Industrial list an advance in Ma
tional Lead was feature, closer relations
with the Linseed OIL Company being as
signed as O. reason for the demand
The Steel Stocks were steady and there
was an improved tone throughout the in
dustrial department
The volume of business decreased toward
the close OF the day. but the market re-
f1ected q steady undertone