Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-17
FINANCE AND TRADE
Action Of Treasury Stimu-
lated Stock Buying.
END OF SUCH RELIEF
PROSPECT THAT LIQUIDATION
MUST SOON FOLLOW.
The High-Priced Investment Stocks
Were Leaders Of the
Market.
END OF SUCH RELIEF

Special Dispatch to The Evening Star.
NEW YORK, October 17-Official an
nouncement that the local government bond
syndicate would turn into the subtreasury
today 100000 fours of 1925 for $4,000, 600
and would add $6.OOOOOO tomorrow for
$9.OoO.OOO, inspired new buying in the stock
market The releasing of this $21. 900. 900
OF government money found prompt reflec-
ton in the loan market
Slxty-day loans were made at 8 per cent
and a commission Of y Of 1 per cent and
call loans ruled at and over until Mon
day. The banks have apparently lost some
thing less than $3.50 900 during the week,
and 1t Is hoped that there may be some
thing encouraging in tomorrow's bank
statement. The atmosphere is decidedly
more cheerful. but there Is danger Of over
doing. The banks have been relieved from
an awkward condition by series Of arti-
ncial devices which cannot be duplicated
The help given about exhausts the supply.
and liquidation Is Inevitable IL ill-adyfsed
enthusiasm Is permitted now
An encouraging development of the day
was the new buying In the United States
Steel issues. Both classes of stock respond
ed easily, and the street argued that this
action indicated sympathy with the advance
on the part OF the Morgan interests The
Independent steel shares acted we'll and
tennessee Coal and Iron was heard.
Inc western operators were aggressive in
Union Pacific. Missouri Pacific and St Paul
Inc advance in the latter ran up to ) per
cent. The buying of Missouri Pacific was
persistent. but long stock came out in vol
ume on the advance. The Gould party was
said to be accommodating Manhattan on a
considerable scale. Colorado and Southern
issues We're strong under vigorous de-
mand, and indications Of favorable devel-
oPments In that group were reported.
During the afternoon the most effective
buying centered in New York Central and
pennsylvania. These shares together with
certain less active investment issues were
thought to offer Inducements to the sellers
of government bonds
The Gates movement in Norfolk and
Western made the price of that stock cross
80 Realizing sales were rather large in
volume, and a decline of ~ per cent was
recorded from the best level Around 70
moved back to so. This movement Is
thought to be based upon something more
than the dividend prospect, and is said to
De the forerunner of important announce
mentS in the soft coal territory.
AS result of this suggestion there was a
sudden rush of buying in Chesapeake and
Ohio. Baltimore and Ohio and similar is
sues. The hard coal shares failed to make
much Roadway in the market merely hold
ing their own under cover of the general
strength Some talk of a holding companp
Tor this group was heard, but lacked the
sanction of substantial interests An effort
to ascribe the late strength Of Atchison to
buying for Pennsylvania interests was a
mere revival of year-old rumor, which
In spite Of its logical defense is empha tfcal-
ly denied in official circles.