Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-24
Dizziness Was the Feature in
Stocks Today.
WELCOMED BY BROKERS
FAVORABLE BANK STATEMENT
EXPECTED TOMORROW.
Colorado Fuel and Iron Was Bought
by Interests Thought to Be
Seeking Control.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, October 24.-Prices were
generally steady in today's stock market
and routine developments were mainly of
an encouraging nature. London was dull
and irregular and suggested no significant
action in the local market. Traders hes
tated to sell under the circumstances and
the larger interests showed little DISPOSE
ton to buy.
Dizziness was the most conspicuous fea-
ture of the days business, and bankers
generally regarded that tendency the
most natural and the most desirable.
Colorado Fuel and Iron was advanced
about per cent under buying for purposes
of control The fact that the leaders of
both factions are in this city gave some
color to the theory that the purchases were
for voting purposes at the December meet
ing. The reaffirming of the report that the
railroad interests represented by the Gould
and Hawley holdings were taking a more
conspicuous place in the contest helped to
advance the price. The convertible bonds
Of the company were active and higher for
similar reasons.
American Cotton Oil common was bought
on the prospect of a substantial increase in
dividend, probably to per cent. The In
dustriat list was favored in what little
new buying there was. The Steel stocks
were steady, and the miscellaneous low
priced shares reflected fair demand.
In the railroad list Missouri Pacific was
given good support, and there was a list
less demand for Union Pacific around los
Canadian Pacific held well, and St. Paul
was cratic.
At one time an effort was made to adj
vance Baltimore and Ohio on the short
interest, but there was only moderate
rally. Norfolk and Western was taken
around II, but 1t failed to advance ma
terially.
The entire list moved but slightly and
good news was absolutely lacking In the
requirements for rallying prices.
The money situation for the day was the
most satisfactory since the stringency be-
gan. Two Of the larger banks loaned over
coded from to 3 per cent for loans carry
ing over until Monday and time money IN
der the legal rate appeared in some volume.
Sterling exchange was easier, posted
rates declining y per cent. and gold ship
ments are put further off in consequence.
The banks have gained from the subtreaS-
ury during the week $40. 800. 600 and have
lost but trif1e over 81 600 900 to the in
terror. The bank statement tomorrow
should be favorable in consequence of this
showing, and today's large loans will not
appear.
For some reason traders sought to make
no capital out Of this prospect, and the va
riOus pools were credited with a desire 10
pass over improved conditions in the hope
Of forcing a sharp covering movement
early next week. There are many plans
in process of completion and the dullness
| in the market gives bankers an opportan-
ity for considering them without being har-
assed by the exigencies Of active specula-
tion. Continued conservatism should work
toward excellent results later In the year.