Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-30
FINANCE AND TRADE
Short Covering Caused Rally
in Stocks.
II 7 TIE LIQUIDATION
MONEY RULED AT FROM 4 TO 5
PER CENT.
Some Interest Was Manifested in the
Industrial List Again
Today.
II TITLE LIQUIDATION

Special DISPATCH to The Evening Star.
NEW YORK. October 30.-An absence of
liquidation served to give tOday's stock
market a steady tone and encouraged
moderate demand from the short interest.
London did little, probably 10000 shares,
about equally divided between purchases
and sales.
Some of the larger commission houses
had limited number of buying orders and
sentiment was mainly in favor of rally.
The belief in moderate recovery was
based wholly on the idea that the recent
selling had exaggerated the real attitude
OF the street and that a covering move
ment was likely to follow upon recog'.l-
ton of this fact. The rumors of gold en-
ports developed a statement from leading
banking interests to the effect that no steps
had been taken looking to such an outflow.
The prospects for some gold going out
later on were conceded, but the necessity
is not imminent This statement was en-
couraging ard the tone of the market hard
ened in consequence.
The ST. Paul meeting was another basis
for rally in the general market the street
expecting some announcement of rights on
the new stock issue recently voted. These
privileges already have value 'if issued"
and the short interest in the stock covered
rather freely during the last hour. Brokers
usually acting for Standard Oil interests
We're quiet buyers of the stock during the
morning. and this fact was accepted as
foreShadowfng favorable developments in
the near future. Union Pacific rallied un-
der covering and had a good showing of
earnings to assist the movement.
Southern Pacific received support from
pool brokers. but made only a moderate
gain after a considerable period of early
weakness. Northwestern was depressed
during the morning under selling which
looked like long stock. probably held in
miscellaneous speculative account.
The coal stocks We're heavy under mod
crate dealings, and seemed to lack public
interest. Wabash and Wheeling issues
were inclined to react under cover OF
strength in the other Gould favorites Mis-
souri, Pacific and Texas Pacific.
Manhattan was well bought at one time
during the day on the theory that special
movement might be made In 1t, without re-
gard for the general tendency of the mar
ket. Canadian Pacific and the 500 issues
were taken for pool account, in spite of
some attempt at realizing, particularly In
the former.
There was a confused movement in the
industrial list. but no significant changes
were recorded. There was little effort to
force the industrial group to the front the
market in this department being too narrow
to warrant any correct estimate of it's direc-
ton.
Money ruled at and 5 per cent on call
and time funds were about at the same
level previously noted. Election gossip was
used as market factor but served to re-
strict the volume of business rather than
to influence prices The rally during the
final hour was productive of little new bust
ness, and dizziness resulted 'once the short
interest had its immediate wants supplied.