Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-01
London Holiday and Near Elections
Make a Dull, Market.
PRICES WERE WELL MAINTAINED
Increased Earnings Prevented Any.
thing Like Bear Aggressions.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.


NEW YORK. November 1.-The London
holiday and the tightening of speculative
liabilities over tomorrow's elections re-
duced the volume of business to minimum
proportions this morning. Notwithstanding
the restricted nature of the days opera
lions. prices were, In the main, well sup
ported. The impression is gaining ground
that foreign selling has about run its
course. and that the balances at the last
settlement must be paid in coin. This. in
flow of gold. while net overly large, indi-
Gates early predictions as to the certainty
of London's paying IN coin for every dol
lar OF obligation contracted in our security
markets.
This prospect is, consequently. one of the
encouraging features of the present finan-
cial situation.
There is fair-sized short interest in the
market, and shrewd observers incline to
the opinion that such a position is con-
trary to the weight of argument.
Earnings are satisfactory and in some
instances unprecedented. This factor of
itself is far from having been discounted.
politics postponing its complete reflection in
prices.
This latter obstacle will be removed to-
morrow, and IL any surprises are recorded
they are more likely to be favorable than
otherwise.
Burlngtons strength during the morning
was due entirely to arguments of this
Cildi dCtSI. tndt tHt elecllOnS
have been discounted. last weeks enormous
increase in earnings was thought to insure
a wider appreciation of improving value.
The entire granger list was steady, in SYM
pathy with the property named.
The failure to get decision on the Ne
braska maximum freight rate case resulted
in some profit taking, but this disappoint-
ment has become more or less habitual and
the sales were not significant
The purchase of the Union Pacific by the
reorganization syndicate for s53, 52S, 532 had
little influence on the stock.
The covering of short sales during the
early morning was followed by an advance
of Ia per cent, 1 per cent of which was
conceded upon the official confirmation of
the sale. The extra money involved i'm this
purchase continues to cause uneasiness
among shareholders, who, from years of
experience with reorganization projects,
are fearful lest the shares will sell under
the actual amount contributed for rehabili-
tation.
the original bid was conceded to have
some value, but the reasoning on this
point has been revolutionized to some ex-
tent.
will in all likelihood be decided within the
next ten days, and the stock of the Ameri-
can company is already rejecting the I'M
certainty of the outcome.
Unless some of the larger buyers are in
error this decision will not detract from
present prices. With 10 per cent penalty
added to tariff sales by reason of the dis
SulSed export bounty paid by Holland the
foreign product will have little chance for
successful competition with the domestic
monopoly.
The trading at the close of the day was
wholly professional in character and rep
resented dealings in contracts and not
actual stocks. There is no pressure to
sell long stock and from this fact alone
remarkable developments are possible once
some positive incentive is injected into
the routine daily events.