Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-20
FINANCE AND TRADE
Stocks Opened Strong Despite
Bearish News.
LONDON SOLD FREELY
GATES PARTY FORCED UP BALTI-
MORE AND OHIO.
General Market, However, Was Apa-
thetic-Some Renewed Interest
in Steel Stocks.
Special Dfspatch to The Evening Star.

special DISPATCH to The Evening Star.
NEW YORK, October 2O-The local stock
market completely dlsregarded the lower
prices in London and opened at Irregular
advances under pool buying. Foreign
houses sold some % 600 shares of various
. issues and local commission houses had al
most no new business. The tendency was
Enthusiastically in the direction of a quiet
market. The western element bid up Balti-
more and Ohio, but instead of stampeding
the street the performance was scarcely
commented upon
st. Paul was also advanced. but in this in
stance the western men were permitted to
trade among themselves. the street idly
looking on. Norfolk and Western, a prop
erty with merit, showed some trading not
wholly western in character although
Gates brokers were conspicuous
The Gould shares were steady as the result
of revival of the greater Gould project.
but public interest was passive again even
In the presence of glowing accounts of the
advantages to accrue from a transconti-
mental line.
Inc coal stocks were heavy simply be-
cause there was no good reason for imme-
d1ate buying. In Reading the control was
thought to have been determined and inter-
est III the property Waned in consequence
Inc street expects prompt resumption of
anthracite mining. and is confident that
the convention now in progress will be
harmonious. There is some doubt about
the wisdom of advancing the coal stocks
upon the immediate result of the conyeu-
ton. and the street neglects them in con-
sequence.
me steel stocks were steady and reflect
ed some inside buying, which encoura ged
the belief that the Morgan interests favored
a steady, If not an advancing, market
one OF the theories of the room is that the
market will be held in check until after
next months elections. A rapid advance
now might mean lower prices just at the
critical period in the congressional cam
pa1gn, whereas the market probably be
carried over that period If the banks are
not forced to advance rates or to shift
loans
The money situation stands out promi-
nently now that the coal strike has been
practically eliminated as factor. The call
loan rate varied from 61a to per cent dur
ing the day, the demand having fallen off
materially The anticipation of interest by
the government amounted to over s., 0O0. OO0
which added to the proceeds of land sales
Will figure largely in this weeks bank
statement.
In order to give these payments the
greatest prominence the banks do not care
TO let the loan account advance Numerous
corporation payments are to be made within
the next thirty days, and after them come
the January demands
With an active demand for money in
slght the banks will do well to insist upon
pause in the speculative markets
The interests now heavily long Of stocks
Will continue to try and make a market for
them. however, and sudden advances and
spectacular movements may be expected
most any time.
Conservative houses continue TO advise
patience and think that ready money will
insure bargain purchases at a later date