Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-18
FINANCE AND TRADE
Short Covering and Good Buying
Advanced Sugar Stock.
SOUTHERN PACIFIC Was WEAK
Bank Statement Was Fairly
Satisfactory to Traders
GENERAL MARKET REPORTS

Special Dispatch 10 The Frcuing Star
NEW YORK. November Is To-Day,
stock market began With a ml-cd volume
Of commission house business. resulting in
some irregularity for time London sem
over a higher range Of prices. particularly
Tor the Baltimore and Ohio issues and iba
Pacific stocks The buying Of the frs
named property was said To be- good b,rf
the inside demand was helped by "A small
traders Following. which realized al ,.,er,
opportunity. Southern Pacific opened ilp
strong. but sold of Immediately Tor tho l,ss
OF fun point, the selling being purrly
speculative and representing both accounts
The prominence of a new set Of stocks
has temporarily detracted from the ad-
vance I'm southern Pacific and the banking
interest seems 10 be willing to couuteuaGce
the neglect
Covering of shorts in Sugar on a large
scale forced the price up sharply ana
brought in some rather significant new
business. The trade war which had come
TO be regarded as fixture In Wall street
gossip is now on the verge Of settlement
II Is said. This war has always been a
speculative excuse al best and the dis
continuance Of the periodical rumors viii
simply mean broader sprrLlaffon Of
larger scale Consolida ed Exchange brox-
ers were conspicucusly urgent in their buy
lrg, and were credited with the purchase
pI tht hlSNSSt-iDflCed stock
Manhattan and Brooklyn Rapid Transit
were Included in the early covering move
ment, both stocks responding easily to A
mixed professional demand.
The prospect for an improved bank state
ment were the real incentive to the new
buying. all the advance estimates figuring
our gains IN the more important items
Later developments showed these es,i-
mates TO have been fairly accurate bur the
effect of the statement was reduced some
What 10y realizing ON previous purchases
Inc pubic Is not Yet i'm the market cXcept
IN The Investment shares. and traders ara
IN control of prices. The outlook how
ever Is decidedly more encouraging than il
was at this time last week. The trea sury's
oiIer TO buy bonds should serve. To prayar,t
any serious concern over the immediate fu-
ture for call money
The banking community at least Is mora
sanguIne on this point and the borrov,.r,
must soon reflect similar confidence. The
weekly banking operations excluding lie
money paid out at the ~llbrr,aSrl, ~ ~.
count OF bond purchases have allowed Tho
associated banks To reduce heir tl,.,l,,ir nv
S2.4ffH2a. y gain of S4Sa. 100 i'm Lawful
money, all in legal tenders. is shown or
the week, the first gain in several weeks
The loans have been decreased - go .oo
anu the deposits are smaller by s. .Hi4 l,rl
ne lending Of money early In The VIZ l,r
foreign houses ana trust romuauf.s il -.
SpOnSble for the decraas Il. in Tho l.e,, -,
count as reported During "A single aav fha
nou-member Institutions loaned i'm rIe
street an amount equal 70 the total ,ya..lss.
contraction in loans
Facts Of this character demonstrate
again the Incompetence Of the bank stat
ment as reflection of monetary c5ndI-
lions. For speculative purposes the state
mtut has some value. but commercial In
tercSiS have Surer and better guides \,
the financial outlook. Two DAYS after t.ta
associated banks had reported a thrr,. mil
lion deficit In surplus reserve holdings rha
outside institutions loaned SSoooub0 at
rates varying from II To per cent
I"days bank statement preserves the
half-trIIth features Of its predecessors siura
hVe ana quarter millions paid out bv
government are not included in the ayr.
ages.