Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-31
Weakness in London Stocks Re-
feotedl In New York,
PRICES \ RALLIED LATER IN DAY
Money Rates Reached as High as
30t Per Cent.
GENERAL MARKET REPORTS

| Special Dispatch to The Evening Star.
NEW YORK, October 31.-The alarm in
| spired in the foreign markets by the re-
verses to the British in the Transvaai re-
suited In some rather free selling of the
international list during the early trading
This morning Stocks sold at widely differ.
ing prices during the confusion incident to
more or less excited opening, the loca
money situation being added to the de-
pressing influences of the first hour.
money was bid UP to 80 per cent early in
the day. and a further shifting of loans
was IN progress. to the great detriment of
STOCK Improvement. Complex as the money
situation undoubtedly is, there is most
pronounced confidence in the future of the
market, especially among the more infuen.
tial interests
There can be no doubt that the interests
possessing the capacity for making and a.
rectins important financial movements are
ANXIOUS to have prices advance. In pas
slVe way this fact has been In evidence
Tor weeks, but 1t was only last week that
| an open acknowledgment of such a desire
was made. Today the City Bank openly
loaned money in the street for the first
tiine recently, and the action was imme-
d1ately construed to be another declara-
ton or the position of the strongest inter-
ests behind the market.
Ihe attitude of this bank last spring, 1t
VIII 10 remembered, was a most potent In
nuence in the market, since its collateral
loans and Its estimate of loan values were
Items Of almost supreme speculative infu-
ence. The transactions of this institution
reached TO such significance that they be-
came pattern for the downtown COM
mun1ty. When liquidation was discovered
to be the only effective remedy for over
trading, this bank and its protege began a
more careful scrutiny of collateralS and
finally was credited with applying the curb
to the industrial recklessneSs of the first
half Of the year
While the industrial shares were again
under pressure from the short interest the
sending in of money from this source was
taken to be the serving of notice that some-
where around present price value had be-
gun to show. Accordingly, the unusual
spectacle OF sharp advance in the indus
trial stocks followed a 80 per cent money
market. In addition to this unusual fea-
ture was the reversal of positions on the
part OF the market for money and that for
securities.
AS the recovery proceeded the money
rate receded. so that, after a 9 per cent
rally in some Of the Steel stocks, money
was offered and loaned at per cent 1t
1t more than probable that the short in
terest did most, If not all. the more impor-
tant buying simply because money should
work easier after the first of the month
advance.
The new money offered in the street was
likely offered for, the very purpose of halt
ing the decline and reducing the short in
terest.
The railroad stocks were well bought dur
Ing the low prices Of the first hour, and the
rally in them was never apparently forced
All of the fow-prced shares held well after
the opening weakness, and many of them
gained full point during the afternoon
rally. The, strength of government bonds
was taken as an indication that banks were
contemplating an increase In circulation
The South African difficulty will be re-
hected during a, part Of each day in the
local market. but there is a fair prospect
Of increasing breadth in the market for the
better managed issues