Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-01
Stocks Opened Irregularly,
but Stifened at Close.
COALERS THE FEATURE
LONDON SOLD SHARES RATHER
FREELY.
Belief That Treasury's Action VIII
Not Permanently Help Finan-
cial Situation.
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 1.-The opening
prices In today's stock market were decid-
eddy irregular, as the result of the confu-
sion growing out Of the developments of
the last few days. London sent over a
lower range of prices and out Of $4,000
shares traded in by that center 10000 shares
were sales.
Rumors Of coal strike developments were
numerous. but. as usual, very vague. The
street seemed to think that a resumption of
mining would be announced within week,
and the buying of the coal stocks was cred
tied to inside interests. This group Of stocks
made prompt response to the buying. but
it is hardly fair to assume that the buying
was all for strong interests.
The pressure being brought to bear upon
all interested in the present contention be-
tween the employer and the employed may
force truce and permit coal to move free
ly to market. So far as official utterances
go, however, the operators are still opposed
to any concessions.
Reading issues were advanced sharply in
spite of the fact that Pennsylvania, through
Baltimore and Ohio, holds all the stock of
that road necessary to make 1t the domi-
nant influence in its management.
Erie was well taken by houses previous
ly active in the accumulation of these
shares. but the street hears that many
brokers sold out customers stocks and
were buying them back during the last
two DAYS. The coal stocks having a ready
market were freely sold In this way.
The high-priced shares were forced back
easily also, and here again the reason was
the same, clients refused to sell and brokers
did so at their own risk. Getting back these
stocks has helped to rally the entire mar
ket. The real friends of the stock market
do not approve of the revival Of activity and
higher prices.
There are reasons for fearing that the
Treasury's relief will be less substantial
than at first supposed. and there is grave
doubt OF that portion Of the plan which pro-
vides for an acceptance Of other than gov
eminent bonds as a guarantee against de-
posits.
1t Is to be remembered that the Secre-
tary's action was intended to relieve a try
Ing financial condition and not to encourage
stock speculation. Any big demand for
stocks growing out of the relief measures
will Immediately restore all of the unfavor-
able bank symptoms, and as the treasury
has, perhaps strained a point already no
second call for help can be needed in that
quarter.
The market will need support for some
ten days more in order to counteract the
strain on the banks, and the larger inter-
ests may be expected to check any I'M
wholesome speculation during that period
There are plenty Of stocks for sale. and
every item of good news may bring out
two shares under cover Of the buying of
one. Strong features will have neighbors
less strong and the day Of loan liquidation
has not passed merely because call money
is again under 10 per cent.
Time loans are hard to get yet and many
brokers are willing to pay well for the
privilege Of being carried over the first of
the year.
A big market would be mistake, and it
Is hoped that the recent lesson will prevent
its being made.
The meeting Of the coal miners in Wash
ington to confer with the President on Fri
day next leads the street to expect some
counter move on the part of the operators
GOOD judges EXPECT developments to be
rapid during the next few days..