Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-06
Weak Opening in Stocks Followed by
Sharp Rally,
LEATHER LED TEE ADVANCE
Money Rates Were Irregular on
Strength of Bank Statement
GENERAL MARKET REPORTS

Special Dispatch 10 The Fv ming Star
NEW YORK. November CAS- was To
have been expected. the tendency OF the
early trading I'm today's stock market was
toward a lower level. The surprising fca-
ture of the trading. however. was the ex-
tremely moderate proportions OF the de-
ci1he. Good support was reflected at every
point of attack, and the end Of the first
hour saw liquidation halted and prices
moving upward again.
In Leather common the support was ex-
cepuonatiy strong. ana Saturdays mistake
OF Withdrawing it was not repeated
Southern Pacific was sold by traders
down to 4oi4, but recovered very promptly
for gain of Ia per cent The stocks
named were the active features Of the day
and brought the entire list into a syinpa-
thetic advance
Earnings We're good and every indication
points TO sustained improvement I'm this
particular.
high prices for materials may increase
maintenance expenses. but it is too early
to determine this point definitely. For tb,
present the roads are operating To the full
extent Of their capacity and the repairs he
gun after the first indication OF business
revival may serve to carry them safely
through the present period of high prtc.s
Tor commodities.
The money market was moderately ac-
1--WE, but rates did not fluctuate az widely
as seemed likely after bank statement
such a. that of last week During the
morning rates varied from to u ner cent
with liberal supply offering al the higher
rate ihe reduced reserve gives no con-
Germ 10 bankers, and IL Is confidently ex-
pected that before the thrty-iay period
eiapses comfortable surplus will be re-
nected There was some shifting of loans
today. but there was no confusion IN tna
process.
The character of the securities determiner
The facility for borrowing. Good collateral
Is not refused, and where degree of vaIus
Is considered the least desirable NAYS tba
highest interest. There is not the volume
money which prompts indiscrimnate opera
lions and the industrial department must
remain in its probationary state for a fur
ther period. Where dividends are being
earned and statements are made showing
the process, the market will not hesitate 10
move prices up to value
The prevailing confidence in the recently
dcJNe IoW-prlCed shares demonstrates this
TACT Today, with a confused money situa-
uon and a pending holiday over a doubtful
poNucal outlook. the lOw-priced stocks held
better than any.
or course, an experienced guardianship Is
added to the natural qualifications of this
Iroup, but the holding Of prices has not
been difficult.
London traded in upward of 1000 shares
of various stocks, selling mostly on tina
pank statement, but ell her offerings were
quickly takea.
During the final hour the market became
narrow, but retained all of It's earlier fea-
lures holding well in spite Of the duiln,ss
l he larger market interests predict salts
factory outcome of tomorrow's elections
ana bought stocks on this prospect Should
this view prove correct ard with the pros
pect for some Improvement in this bank
statement, new life may be given TO the
several manipuative projects underlying
the market. Leather was marked UP TO a
new high level late in the day. ana the
general list gained moderately under a
mixed dema ad.