Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-11-03
Stocks Were Strong and Some Good
Buying Reported.
CONFIDENCE THE CLOSING NOTE
Wall Street Has Spent Thousands
for Election News.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, November 3.--Under the in
fiuence of higher London prices and in
creased earnings for 81. Paul and Union
Pacific today's stock market was decidedly
strong in tone. Several issues were bid up
sharply and the short interest seemed to be
especially anxious to get stocks back before
the elections. There was no significant
liquidation and no pressure from any
source.
The predictions OF the pesslmistic ele-
ment both In and out of the exchange have
fallen fiat, and the price level is well MAIN
tained in spite of any election uncertainty
which may exist in conservative quarters.
The assurance among financiers, traders.
brokers and business men has probably
never been e0ualed on the eve of such
vital contest.
The greatest confidence exists In quarters
in which the greatest risk centers, and this
fact gives the present attitude of the street
additional emphasis.
Yesterdays manipulated advance In call
money, one loan being made at 20 per cent.
was severely criticised today because of ac-
cumulated evidence tending To prove the
furry as engineered in the hope of making
an opportunity for the coming of short
sales. In this respect the transaction was
a failure, and prices were bid up today in
the several stocks in which the short in
terest had most risks.
A loss of S4S5.5OO in lawful money is
shown, all in specie, in spite of the fact
that gold has been received from Europe
and that the banks have gained on the
express movement The loans have de-
creased 81, 054 800, although some good buy
ing Of stocks on large scale has been
going on. The deposits are less by S1.6l6.-
800 and circulation has been increased
$157 800.
An advance in American Sugar to 125 was
due, in a measure, to buying against pre-
vious sales. The calling Of loans in a time
| Af IN hn hnyN of thsa
securities already sold Is not popular op-
Grafton even among the least sentimental.
The bank statement was made up of small
net changes, some of which were surpris-
ing in view of the known movement of
money to interior points and at the SUBJ
treasury.
The net result OF all changes Is shown
by reduction of sS1. 425 in the reserve.
bringing that item down to a trifle under
S6,OOO,OOO. The statement as a whole was
regarded as being entirely satisfactory in
view of the cautious position of the banks.
The borrowing on Monday may be made
political eature to some extent, but bank
ers are in position to prevent the need OF
money from advancing rates to any alarm
ing figure
Private bankers and the trust companies
are in position to defend the market against
attack. Present indications are that Mon
days market will be narrow and profess
sonal, and that no attempt will be made to
do more than hold present prices. The pub
lie has not liquidated, and Is apparently
willing to carry its investments over Tues
day.
There has been no concern among the
largest interests, and the single day
naming allows no time for reversing this
position. Perfunctory trading will make
up the market, and Wednesday cannot fail
of being interesting and active.
Wall street has spent thousands of dol
lars for information on the elections and
millions in purchasing stocks the result
of such expenditures. II money talks under
ordinary conditions, 1t is using a mega
phone now