Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-15
Stocks We're Strong and Higher o.
Short Covering.
GOOD DEMAND FOR READING
Belief That 1t indicates Combine.
ton Among the coaIers.
GENERAL MARKET REPORTS
peelal Dispatch to The Evening star.

Special Dispatch to The Evening star
NEW YORK, NOVEMBER 15.-The most
significant feature OF today's stock market
was the absence OF new liquidation follow
ing yesterdays decline. The street imme-
diately came to the conclusion that the
bulk OF yesterdays depression was due to
short selling and proft-taking in weakly
marsined accounts. Having accepted this
view general covering movement set in
and prices responded in q way which made
it extremely difficult TO justify the decline
Of yesterday.
The market ran into period Of irreg-
ularity after the first hour, but sentiment
was in the main distinctly cheerful. Money
after lending at per cent early In the day
dropped back TO per cent. the loans carry
ing over until Monday. In addition to this
ray of hope there was no gold taken for
export by tomorrows steamers. although
the outward movement may be resumed at
any time.
Preliminary figures on the bank state
ment Indicate that the return of money
from the interior has been double the
amount sent out. To offset this the banks
have lost 100000 to the subtreasury, maxi.
ing the total net gain about 100000
The million dollars paid the banks today
for the bonds sold yesterday will not figure
in tomorrow statement, so that the banks
will really be S1.Oo0000 better of than they
their ability to remedy any surface indica-
lions of money stringency. and express a
willingness to finance certain undertakings
now In contemplation.
One of the features of the day was the
steady buying of Reading stocks by In
terests Identified with the First National
Bank. This buying is extremely purposefui
and has inspired confidence In the belief
that some extraordinary development IS
contemplated in the anthracite coal trade.
The demand for the Traction shares was
largely due to a covering of short sales.
but there was also some buying which
suggested an accumulation of long stock.
1t is of course, difficult to determine
whether there is anything more than pool
buying for speculative profits in this move
ment but there are some shrewd Judges OF
events who profess to see In the demand
local application OF the community or
ownership idea.
However this may be, the buying is be-
ing financed by good houses, and IL sug-
gests more satisfactory money outlook at
least.
There are good reasons for believing that
St Paul is to be included in the North
western transaction and that the interests
which harmonized the Northern Pacific in
terests will bring ST. Paul and Union Pa
ci1c into a similar, IL not into the identical.
relationship now exists between Great
Northern. Northern Pacific and Burlington.
The demand for the stock OF the new
Northern Securities Company at premium
of 10 per cent indicates very clearly the
public appreciation Of its prospects.
Covering in Amalgamated Copper and
Sugar was said to have been inspired by a
settlement of local differences between RI
val interests. American Locomotive and
American Smelling reflected good demand
from the inside. -.