Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-27
FINANCE AND TRADE
Prospect of Dear Money Causes
Short Selling.
Big BULL INTERESTS Az WORK
VanderblIts and STANDARD Oil Agents
in the Market.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star
NEW YORK. October 27.-Tho earlytrad-
| ing this morning seemed TO indicate a ten
dency toward caution on the part Of the
room and the commission houses had only
small orders during the first hour London
sent over rather encouraging reports and
| later bought moderate amounts Of the low
priced issues. Some preliminary figuring
on tomorrow's bank statement resulted in
discouraging a general demand. because OF
| a probable loss in cash.
The weeks operations in stocks are eX-
pected to show in the loan account. and
any material extension of the borrowers
liabilities cannot be taken as a wholly de-
| sirable development at this time. The
money market gave evidence Of renewed
vigilance on the part of the banks the rate
being advanced partly as a protective
measure and partly because of a willing
ness on the part OF the borrower to pay
well for his accommodation.
Ihe prevailing belief as to the character
OF the winters money market Is that the
supply Will be abundant. hut at rates some
what higher than the average during the
recent active speculation. The idea that
new commitments should be discouraged
by the banks pending a more abundant
supply OF funds from out-of-town sources
is not shared by some Of the most infiu-
entail cliques In the street. As an evidence
or this, the active accumulation Of the low
priced railway shares may be cited.
Standard Oh and Vanderbilt brokers have
been active for several days. and at the
end of the week the Gould properties have
come rapidly to the front under n good
demand. The buying of this class of stocks
has extended to 5000 and 10 coo share lots
on single order and for a single indi-
ViduaL Such transactions are not made
without the full knowledge OF how they
are to be financed.
Buying by millionaire interests frequent
ly If not always, precedes a general de-
Irand, In the speculative sense, and Il Is
largely for this reason that commission
houses have orders under the market"
representing a very considerable outside
demand
The general business situation is encour-
aging to the fullest degree and dearer
money is one of the incidents Of such prop
erty.
Railroad values are being improved along
with the industries which flourish along
their lines, and buyers of securities NAV
have to pay more for the funds needed 10
buy them than heretofore, when prosperity
was merely prospective. Wall street dis
counted much of the commercial revival in
advance Of the commercial demand for
money.
Now there is competition in the money
market and the manufacturer and the
stock operator both see a profitable means
OF employing idle funds The one having
the most viii get the Accommodation and
1t is quite likely that the legal rate Will
cease 10 De d novelty during the further
progress OF Improvement, either in or out
of Wall street. All rates were bid UP
sharply during the afternoon, and traders
sold the market in consequence, some real
izing being induced at the close OF the week
as was to have been expected
After the serength Of the early afternoon
the market relapsed into dullness and
closed under irregular mixed trading by
the room. The industrial shares were fea-
lures Of secondary Importance an ad-
vance In Tennessee Coal and Iron and the
disappointment over the fact that routine
matters only were discussed by the az
rectors Of Consolidated Gas being the only
developments in that group