Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-15
FINANCE AND TRADE
Higher London Prices Had
Beneficial Influence
On THE LOCAL MARKET
WEEKS MOST ACTIVE INTERESTS
ADVANCED FOR A TIME.
Financial Methods Have Been Restored
and Gambling Has Been Dis
coaragsd 1mprsssively.
Special Dimsssh u The Evening Star.

Special DisBssch u The Evening Star
NEW. YORK, November ia highe,
range. Of prices IN London had benefcia
influences on opening prices In the local mar.
ket this morning, but the extent OF The
gains on this side did not reach the foreign
level. -..-
Liquidation by commission houses as the
result Of depleted margins at yesterdays
low point was feature of the first halt
hour. Strong interests showed willingness
to support the market. however, and after
the first spasm Of selling had passed nu-
merous sharp advances were recorded
The short interest cornered both here
and in London. and the weeks most active
issues advanced easily Tor a time ST. Paul
Union and Southern Pacific, Canadian Pa
cific. Norfolk and Western and the better
known industrials made encouraging gains.
The Gould-vanderbilt groups were given
inside SUPPORT and the Standard Oil party
was willing to buy Its specialties. Senti-
ment was less discouraged, but episodes
such as have been recorded during the
present week leave scars that require time
to forget. The best opinion seems to be
that the brlnt of the loss falls primarily
upon the western operators and upon the
trading element which has shared their for
tunes during the last year.
Enormous paper profits have been wiped
out and many stronghold holdings have
been sacrificed to margin speculative ven
lures. Good and bad undertakings have
shared a common fate but every debt fall
ing que mas been met, and there is no evil
dehce, in spite of rumors to the contrary,
that the financial machinery of Wall street
has been disturbed. .-.~
An expensive waking up has been record
cd, ana the investment public is, on the
whole, the better for it. Financial methods
have been restored and gambling has been
discouraged In the only Impressive manner,
namely, by the loss of the stake.
For weeks the signs pointed In this direc-
ton, but there was always the fear that a
remedy could only be had by such liqufda-
ton as would force a panic Instead of
this, however, 100000 shares OF stock
have gone into stronger hands on a deciin-
ing scale without single mishap of the
kind which upsets the business interests of
the country.
Rumors concerning Mr.. Morgan's health
expected to be at his Office during the COM
ing week. Millionaire traders are bruised,
but few are crippled
The market needs a rest and the privi-
lege of slow convalescence. Value and
market price are again upon a more
healthy footing and the situation. in spite
OF the vigorous methods used is more ra-
tional than at any time during the year.
The bank statement was a gratifying ex-
hibit, inasmuch as the loss in cash was
less than one-half as large as feared yes
terday namely, 81 43O, 700 The loans de-
creased $5,056, 400 and deposits are less by
$7,662.S0O. The net result of all changes
increases the reserve on all deposits by
$476,000 or to total of SIS, 32S, $50.
This latter item is unusually large for
the season of the year, but is largely the
result OF government land purchases and
other assistance.
The best developments of this week have
been Ignored. but there is some hope that
the immediate future will permit of their
coming to the front as factors,