Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-04
Bears Had It All Their Own Way in
New York.
LITTLE BUYING At DECLINES
Reaction Due to Unsatisfactory
Elections.
GENERAL MARKET REPORTS
Special Dispatch % The Evening Star.

Special Dispatch o The Evening Star.
NEW YORK. November 4-Today's stock
market was entirely without support and
lower prices failed to attract buying for
any purpose except to cover sales previous
ly made in the short account. Even this
buying was lacking in confidence. as was
demonstrated by almost immediate selling
in the same account.
The situation as filed with complexities,
and while lower prices may not be war
ranted IL proper regard for merit be a
consideration, depression is the easier pro-
cess, and the stock market is no exception
. to the tendency to proceed along the line
of least resistance.
London sent over a slightly higher range
of prices, but the foreign Interpretation of
Tuesdays elections is not favorable to
American securities. Locking into the
future with its usual farsightedness, for
eign capital finds little comfort in the re-
versal of last years sound money majori-
ties. Toward the close of the day the COW
ering OF short sales resulted in London's
working back TO parity with cur closing
last night.
About this time the local market was
extremely weak, under the influence of
ONO election returns predicting a demo-
cratic m aJority on joint ballot. Prices were
ohered down at every point, and the pro-
cess was not questioned by the opposition
There was even some skepticism as to
the existence of the latter.
AS was the case yesterday, the extreme
WEAKNESS IN American Sugar forced the
entire market into sympathetic imitation
Inc Illness of Mr.. H. o. Havermeyer was
used as an argument justifying the whole
sale offerings of the companys securities.
The sale of over 10000 shares of long
stock by prominent commission house
was equally operative in the depression
Inc selling while generally credited to
important interests, is believed to have
n lorf fnr 10
about to retire from active participation in
the market 1t is immaterial who relinuuish-
ed his holdings i'll view o: the patent in
disposition to buy the stock at p per
cent decline from the summers high point
There are strong interests in the property
holding more stock than the officials, and
the fears of liquidation, because of the ILL
ness OF one of the latter, while logical
enough for a trader s decline, are not to be
accepted as covering the present situation
Inc stock had developed symptoms of
WEAKNESS while its president was in his
usual health
Disappointing earnings in the coal prop
critics were a factor In the days develop
ments, but in view of the restricted tom
mage the falling of in revenue is not I'M
natural.
The granger shares were especially weak
at times. and earnings were not even con-
sidered. Burlington at SO and ST. Paul I'M
der III are prices not warranted by earnings
alone.
With routine developments more Salts
factory than otherwise the fear of what
Congress may do is already working
against the value of securities Attempted
currency legislation, Cuban patriotism and
Hawaiian annexation are all likely to chill
the financial markets.
In consequence of this prospect there is
little likelihood of anything more than a
Traders campaign during the evening-up
period toward the close of the year.
Around delivery hour the covering of
early sales added few fractions to the
previous low level, but there was no radi-
cal change In sentiment. Liquidation was
in PROCESS throughout the day, and SELL
ing of this character is taken to Indicate
an unwillingness to hold securities during
waiting period in which the widest fluc-
tuations may be toward a lower plane
Today's prices are the lowest since the
climax of the upward movement about the
21st Of September. - a.