Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-30
London's Rally Stirred the
Market Today.
AN EFFECTIVE FACTOR
RECOVERY IN RUSSIAN SECURI-
TIES HELPED PRICES.
Unexpected Help Induced Strong
Tone In Opening Dealings-Reac-
tton Followed by Steady Prices.

NEW YORK, October 3O.-There could
be little question that the most effective
factor in the improved tone shown by
the stock market this morning was the
rally In prices in London which took place
under the lead of Russian imperial four
per cent bonds. The mornings news did
not indicate any material change for the
better In conditions at large in Russia. but
SO far as Wall street was concerned. the
press dispatches were passed over and at
tention conferred upon the recovery scored
In Russian government securities. The
movement there, It was assumed. reflected
the receipt of reassuring advices by
European banking interests, and was
treated accordingly.
The recovery In the London market was
general, and was participated in by the
American department. which showed sub
stantial advances above parity with new
York's final figures Of Saturday: Foreign
houses were not active In the local deal
inxs but were buyers on balance to the
extent Of 1900 or 10000 shares.
This unexpected help induced q very
showed advances extending from frac-
tional limits to fully l point.
Market Very Irregular.
Quite sharp and general reaction fol-
lowed the initial advance, but prices soon
steadied again, and while the market show
ed a great deal Of irregularity and some
feverishness 1t retained on the whole Its
. improving tendencies very well, particularly
In view of the surroundings in which the
speculation was conducted.
The local traction stocks were conspicu-
GUS in the reaction, which occurred soon
after the opening, ana naturally, the GOWN
ward swing in that group was attributed to
uneasiness as to the outcome OF the ap-
preaching elections
There were further heavy transfers OF
currency to the west and indications that
additional sums would be sent to Chicago
later in the week. This mornings figures
of the dealings between the banks and sub
treasury set forth loss BY the former
as at the same time last week they had
made gain Of nearly 81 100000
Chief Matters Of Importance.
These were the chief matters OF general
Importance in the days situation relating
to the market. There were few of indi-
vidual importance aside from the earnings
statement submitted, which will be found
elsewhere.
Dealings were in fairly large volume dur
ing the first hour. but they showed rather
steady contraction in activity with the
course OF the business session.
Consolidated Gas declined also on small
transactions, but these stocks subsequently
shared in the varying swings in the general
market. Contrary to expectations. no gold
was engaged for export today, and sterling
exchange receded shade from an early
further advance. 1t was reported IN con-
nection with the absence Of gold exports
that the Bank of France had refused to al
low interest on transit on exports Of the
metal.
The days money market was active and
frmer, quotations for loans on calls cross
ing per cent
Quite a general shifting about of stand
Ing loans was reported. and the disturb
ance there was believed to be caused by
not only the special requirements inciden-
tai to the period of the month, but also by
arrangements preliminary to the remittance
of the proceeds Of the Japanese loan.
The Money Market.
American Smelling distinguished itself in
establishing new high record. but for the
most part the net results Of the dealings
were limited and irregular.
The United States Steel stocks were en-
tirely unaffected by tomorrow's publication
of the corporations quarterly report and
by the dividend declaration on the prefer
red stock. 1t was commonly estimated that
net earnings for the quarter would be in
| the neighborhood of $32 100000.