Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-03
FINANCE AND TRADE
Decreased Volume of Business and
Lower Prices.
THESITUATION DOMINATED BYPOLITICS
Increase in Loans Shown by the
Bank Statement.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, October S.-A decreased VOL
ume of business and a moderate increase in
the reactionary sentiment resulted in frac-
tonal declines in today's stock market
Manhattan and American Tobacco were
conspicuous exceptions to the general ten
dency of prices. Reported favorable de-
Velopments in the former and encouraging
trade conditions for the latter were cred
Tied with inspiring the demand. The ne
EQUATIONS between Manhattan and the
Metropolitan Traction have heretofore at
tracted attention only to the former prop
erty' out the possibilities of important de-
Veiopments in the latter, quite fndepend-
eht OF consolidation, are being discussed in
Well-informed circles. Prospective develop
ments are almost invariably accompanied
by contingent clause providing for a
sound money victory next month
Politics have dominated prices during tie
last month. and will have much to do with
intrinsic values during the next. This is
one OF the few certainties of the spacula-
tive situation, and is likely TO suggest in
creased caution on the part Of investors.
The markets lamentable lack of breadth
has been its dominant characteristic CT late.
and present Indications are not favorable
to larger daily totals except through more
extended professional operations.
The trading element is not willing to
continue the advance from the present level
IL surface indications are reliable but the
market yields reluctantly to every selling
movement.
A new short interest would sooner or
later be utilized TO good purpose in ad-
vancing prices. The declines that may oe
substituted for dullness in the near future
are likely TO prove more profitable as a
purchasing than as a selling point.
Earnings continue to be discoura-sing and
are not al all in harmony with the adVanc-
ing speculative tendency. st. Paul's re-
port for the fourth week in September re-
fleets a decrease of SJ1,2S1, making the
total decrease for the month S2o4 Ill. Rock
Island, for the full month, reports a de-
crease OF S52,il1. These TWO properties,
Notwithstanding the above statement. of
earnings, are leaders in the present market,
solely because Of the confidence in their
ability to earn money under normal condi-
tons.
A settlement of traffic difficult and
return OF confidence in the commercial
world would insure activity on the part of
friendly interests.
The weekly statement of averages sub
United by the associated banks makes an
exceedingly creditabe showing and was
responsible for d fractional rise In values
toward the close of business. A gain of
S3,go.ooo in lawful money is reported
nearly two-thirds of which is i'm legal
tenders.
The increase in loans, the first in MANY
weeks, is S2.624 $40. and is i'm many respects
the most encouraging feature of the state
ment, indicating growing iiberality on the
part of the banks. The gam in the two
items mentioned is reflected by an increase
of $685., 400 in deposits. After providing
for the necessary reserve against This in
crease in cash a sufficient surplus remains
TO increase the total reserve now held In
excess of legal requirements to 1886. 900.
hau 10
such as to encourage pessimistic specula-
tive forecasts.