Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-28
Stock Market Was Dull and
Narrow Again.
SHORT INTEREST GROWS
OPERATORS LOOKING TO RESULT
OF ELECTIONS.
Good News May Force Sharp Serum
BILE for Short Interest to
Cover.


Special Dispatch to The Evening Star.
NEW YORK, October 2S-Traders again
made what there was of a stock market,
commission houses having little business
and the several pools buying only to the ex-
tent needed to give support. London sent
over lower range of prices and sold up
ward of 1000 shares in this market.
Scattered covering was noted at various
times during the day, but the demand was
easily satisfied in most instances Frac-
tional advances led to dizziness and declines
were necessary to attract new buying.
There was wide difference of opinion as
to the extent of the short interest. but the
best view seemed to be that II was quite
large enough to force a rally of or per
cent If sufficient energy was displayed in
bidding up prices. AS 1t was. there was
little or no effort in that direction, traders
covering at their leisure and putting out
new lines on the rallies.
Election gossip was something of a factor
and tended toward speculative caution. No
matter what the result of the elections may
be. the street expects some dscounting Of
the event before the end of the week
Should the present odds of to / prevail
until Friday, the short interest may ba
continued with this factor as an incentive
to higher prices. 1t may be pointed out
that there Is little OF immediate value, from
the speculative standpoint in next Tues
days returns.
Good news would force a rally, but indica-
lions warrant the belief that there would
be good selling on the advance.
The present market Is duh because hold
ers of stock are expecting and are seeking
a better selling level. 1t Is admitted that
gold shipments are practically assured in
the near future and that the preparations
for January interest and other year's-end
obligations will make money active. Trust
Congress q az he
pected disturbing influences and there is
also considerable uncertainty as to the time
of announcing the numerous combinations
which have been modelled along lines similar
to those In the disputed Northern Securities
enterprise
Prices have been made on a basis which
presumes that the thing agreed TO be done
IS done. Between the contracting parties
stand the courts, and until they act the
great comm unity of-ownership Idea mus
wait. The result of this waiting Will de-
pend upon the patience and strength Of the
banks.
Labor troubles are to be considered, and
press dispatches indicate that the railroads
Of the country will have to face an ad-
vance In wages a disastrous strik ;.
Officials of these roads are quoted as say
ing that these reports are exaggerated ard
that local managers will adjust grievances,
which are not serious at all.
The Gould group was held steady by a
moderate display of aggressiveness during
the afternoon, Manhattan and Missouri Pa
cfic were said to have been we'll bought
Union Pacific was picked up around 1O4 by
inside interests. but effort was made to
force an advance. The coal stocks were
heavy. Canadian Pacific was taken by the
Montreal pool, and there was modest in
quiry from the same source for the 500
stocks.
Sugar was sold rather freely by Boston,
and a prominent operator at that center
was said to have sold out a considerable
speculative holding. Oddly enough Boston
wires were employed in buying sugar on
the decline. There was a fair demand late
in the day for inactive investment issues.