Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-16
FINANCE AND TRADE
Nearly All Stocks Show Declines
Compared With Last Week.
LITTLE PROSPECT OF IMPROVEMENT
Market is in Professional Hands,
Public Holding AIoof.
GENERAL MARKET REPORTS

Special Dispatch to The EYenu, Star.
NEW YORK, October 16.-At the close OF
today's business the average price of ten
active railroad stocks is per cent lower
than at the close of last week. The two
conspicuous industrials. Chicago Gas and
Sugar, reflect a gain of per cent and a
loss of GA per cent, respectively. The ad-
vance In the first named represents the
urgent demand from the short interest,
which became pronounced ut the end of
the week, and is remarkable only because
IT demonstrates anew the fact inat support
comes only from the reactionary party.
The net result Of the weeks dealings
must therefore be set down in the column
of disappeintments. The arguments used
to advance prices have all fallen short
OF their aim, and depression continues
merely because the buying power is re-
sfricted and prices are sngularly incon-
sistent with actual conditions
Earnings, except from exceptional causes.
SUCH as yellow fever and it's attendant
injuries to trade, have been good and are
uecldedly encouraging to investors.
Liquidation is not likely to assume large
proportions while aff2irs are in the present
progressive shape. Bat there is not likely
TO be any extensive new buying while local
Politics continue to menace confidence and
Cuban agitation is running riot on the eve
of the reassembling of Congress. There Is
little fear Of actual legislation in any sense
disturbing to reviving business. but the
daily debate will make elastic material for
the experienced heralds of disaster.
The market is in the hands of the pro-
fessional element. ard intrinsic value is
not a consideration under such an influence
In the long run merit will rise above the
whims of the few operators now enleavor-
ing to depreciate other peoples properties
end selling literally all sorts of borrowed
securities.
A waiting market, with fractional rallies
and declines with conditions favoring the
latter. perhaps. is the most that is as
sured at the end of the week. Once the
election day is past there may be a brief
period Of improvement, but the last two
months of the Year are usually given over
to settling accounts. rather than to the
opening OF new, or the revival or extension
of the old. All things considered, the
market appears to have made its high
record for the year uring the movement
ending around September 20.
The bank statement for the week re-
fleets an increase of s1.129.OOO in reserve
and an increase of nearly a million dollars
in lawful money. mostly in legals. de-
crease Of $2,614, 100 in loans reflects the
shaking out Of small marginal accounts
That decrease would be shown was fully
reflected in the midweek liquidation Of
commission houses.
1t is a favorable development, rather
than otherwise, to note that the market is
stronger to the extent of this enforced
liquidation. The ownership of mere
equity in securities is a dangerous owner
ship the moment the larger proportion of
the daily dealings are of like character
Every important advance is followed by
such condition, and lower prices are the
only remedy for the evil. The progress
toward a safer speculative basis has been
considerable during the week, but there is
yet ample time for conservative interests to
deliberate upon the future employment OF
their capital