The age-herald., 1900-11-04
BEARS COVERED
 THEIR CONTRACTS Constituted Entire Business of Stock Exchange Session PRICES TOOK UPWARD TURN Shorts Were Disposed to Wait Until After the Election Political Parade
 Diverted Attention-The Tone
 at the Close Was Easy
PRICES TOOK UPWARD TURN

New York November 3.-The attention of stock exchange brokers was largely di- verted to the political parade today and business was almost entirely confined to the closing up of the contracts over Sunday or until after the election. The bears were disposed to cover evidently, as prices nov ed upward for the most part.
 Inspired statements regarding the heavy earnings shown from operations of some of the great steel corporations, and the report that a large contract in South Africa had been secured by the Press Steel Car Com pany helped the latter stock to the extent of three points, and other members of the group 1 to 11a. There was an urgent de- mand from short interest in sugar. and some of the New York public utilities shot up buoyantly. In the railroad list gains were smaller but general Louisville sold in small quantity at 19s over last nights level and only a few other railroad stocks gained much as d point. Just before the close prices han on shortly on profit-taking which was conspicuous in Sugar and Brook lyn Transit The tone was easy at the end.
 Sentiment was not much discomposed by yesterdays furry in--the call loan money market, as 1t was attributed in part to lne cOnulllOnS WQlcn 0aQS the manipulation effective are felt to be temporarily and the quick weakening of sterling exchange yesterday in response to the rise in money gave confidence that any requirement. for money would draw addi- tional gold from Europe. The stock ex- change seemed to expect a gain in cash to be shown by the bank statement, as there was a failure to take account of last Sat urday's statement, having anticipated the effects of large payments of gold which are made to figure again in this week s statement of the sub-treasury operations
 Last weeks rapid speculative gait has been checked this week and the volume of dealings has fallen off to near the point of midsummer dullness. There is a dispo- sition in Wall street to attribute this to d judicious curbing process by what are called the controlling interests mean ing the interests which are deeply com mitted to speculative ventures. This Is so far true that inordinate manipulation which was the feature of last weeks dealings has been largely discontinued. It is also true that the commission houses in Wall street have advised their customers against further commitments in stocks. Some of them have demanded additional cash mar gins from their clients to hold stocks over the election, thus forcing some speculative holdings upon the market.
 Bankers point out that owing to the high price at which cotton has been marketed, larger amounts of money Will be retained at the South after the process has been completed than for several years. It is ex- pected that when the time comes for the retention of money from the interior chan nels the first result will be seen in the presentation of bank notes for redemption and their consequent retirement. This would have the effect of dealing moder- ating the usual return of lawful money in , the New York bank reserves. The large current collections by the government on account of internal revenues calls atten- ton to the fact that gross revenue is run ming above that of last year to the extent of more than &,000,000 in October. The surplus has been kept down only by in creased exporters mostly for War De- partment requirements in connection with the military operations in China and which are in process of cuttig down.
 An increase in the government surplus would embarrass the money market, and last years experience teaches that meas ures of relief by the treasury are i'll cal- culated to meet speculative requirements. Sterling exchange hovers near the gold im- port point and 1t is evident that any real money stringency would draw furtfier gold. But the Bank of England is striving to check inroads upon it's gold reserve.
 Business in bonds has been on a declin- ing scale and largely contained in few mortgages of speculative values. Prices have receded. United States new and old 4s advanced 7s, and all other issues a4 per cent over the call price a week ago.