Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-30
ACTIVE AND STRONG
Despite Heavy Realizing the
Market Tone Is Firm.
LIGHT BUSINESS VOLUME
Weekend News and Reviews of
Favorable Tenor.
RETREAT OF SHORT INTEREST
Indicated in Aggressive Strength by
Rock Island. ST. Paul, Railway
Equipments and Consol. Gas.
RETREAT OF SHORT INTEREST

Special Dispatch to The Star
NEW YORK, October :1o.-Stocks acted
In a normal and classical manner TINS
morning. That is to say. they were more
or less under the influence of proft-takihg
sales for the greater part of the short SEES
sion-a very natural consequence OF the
sharp all-around upward movement which
took place yesterday.
The interesting feature of the forenoon
transactions was the relatively small re-
cession which took place in tho price av-
craze despite the realizing which went
on.
At the same time some stocks were
bought with sufficient aggressiveness to
advance their quotations substantially.
in general, the tone of the market was
one of strength.
During most of the session Atchison,
Southern Pacific, Union Pacific. Pennsyi-
vania, the copper metal stocks and United
States Steel showed the effect of profit
taking in fractional declines from last
nights close. On the other hand. agrees
sive strength was displayed by Rock Is
land, ST Paul, the railroad equipment
stocks, and particularly Consolidated Gas.
In the last named stock, as in some of
the Others further retreat of the short
interest seemed to be indicated by the
course of prices and the character of the
transactions.
Race Draws Brokers.
The market undoubtedly suffered some
what in the volume of business and the
range of interest by the extensive depop-
ulation of Wall street as an incident of
the automobile race on Long Island. I'm
der the circumstances. the breadth which
the market displayed and the activity of
the trading seemed to testify to the in
herent- strength of the movement which
developed yesterday.
All the weekend news and reviews
were OF a favorable tenor. Bank clear
ings for the week increased 80 per cent
throughout the country.
Foreign exchange for the week showed
n net decline Of about 10 points and
although it found firm bottom for
demand sterling around 4.SI, the course
the top figures of the season had been
reached, and to warrant the inference
that not only had a rapid discharge of
our obligations abroad been. under way,
but that our position in international eX-
change had not been at all overex-
/. Record Of Progress.
The weekly trade agreed in
Describing the events of the week as a
record of progress. even despite the
conditions in the cotton market, while
tho words ''buoyancy and breadth" were
used to describe the situation in many
Zines The gross earnings of the Erie
railroad for September were the largest
On record.
While there were no new features of
Che money situation, encouragement was
afforded by the ease with which prepa-
fations for the $4,000, 900 interest and
dividend disbursements of November had
apparently been made.
There was some talk this morning of
the possibility of another advance in the
Official discount rates abroad next week.
but, while the fact may not have been
any more clearly demonstrated, there
has come to be a general understanding
here that the recent steps taken by the
Bank of England were measures dis
tinctly and almost wholly related to the
probable necessity of having shortly to
finance British government requirements
as a result of the budget developments.