Evening star., 1901-10-29
Short Covering Caused Slight Rally
in Stocks
Prospect of Clash Between Big
Financial interests
GENERAL MARKET REPORTS
Special p,spatch to The Evening Star.

Special Dispatch to The Evening Star
. NEW YORK. October 29.-Today's stock
market was quite in keeping with It's imme-
diate predecessors, inasmuch II added to
the bountiful stock Of evidence going TO
prove that prices have been dominated for a
long time by men of small gir1h.
AT the close OF yesterdays market rumors
OF ali sorts were in circulation. and a ma
torfty OF them favored lower prices Stocks
were under pressure and there was some
actual liquidation.
Nothing OF serious nature having hap
pened over night and having reconciled
themselves to the belief that Mr.. Morgan
might take more than one day to settle
the Northwestern situation. traders began
to cover yesterdays sales. Yesterday the
room was certsin that the price Of copper
must be cut in the near future and had
gone so far as naming the company which
should announce the reduction. Oficial de-
malls or this intention came promptly and
prices rallied rather sharply
The failure to make good the predictions
or yesterday resulted in a general rally m
prices, varying from II to 21s per cent This
advance was quite as inconsequentiaI as 20
personnel as was yesterdays decline
Traders. for the most part, and some Iiqui-
datfon forced the decline, while traders, al
most unassisted, caused the advance The
season and the state of the money market
are not favorable to higher prices.
The end or the year is already in sight
and money changing in December has rare
ly been ressuring to borrowers The fight
between the Amalgamated Copper Com
pany and an independent mine owner is
still on and is likely to be carried further.
The condition Of the trade is an excuse
rather than. a cause
Inc settlement of the hue
Guilty Will In all likelihood be announced
shortly, but IL is doubtful II II has much
more than temporary influence on prices
Today 1t discouraged short selling but IL
can hardly be expected to inspire big buy-
ing on the part OF the public
Two large banking houses will breathe
more freely perhaps once this matter is
adjusted, but the public are not likely to
buy stocks at higher prices merely 20 show
tneir JOY In the passing of quarrel over
an attempt to satisfy personal ambition.
Commission houses are doing nothing ana
are carrying few stocks for clients This
fact is significant, and shows that Wall
street has. lost its attractiveness for the
time being.
The floating of new securities having
passed the digestive period has come 10
take its place. The banks are at present
confronted with this responsibility and are
no longer able to absorb more than the sum
ply on hand Shrewd judges therefore pre-
dict that the next market difficulty wifi he
among the millionaire banking interests
and not among clients of commission
houses.
The former have made and recommended
securfties, ana are obliged to accept them
al their own appraisement
There Is nothing In the present situation
encouraging to big market In the direc-
ton OF higher prices. An easier exchange
market was the one really favorable de-
velopment today. A good supply of cotton
biils came into the market and Paris and
Berlin showed more comfortable condi-
ton The gold arranged for shipment on
Thursday may be Cancelled but there is an
interest which may help to carry out the
original plan for its effect upon the stock
market