Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-09
New York Stock Exchange Closed
With Beans in Control.
MARKET WAS WITHOUT SUPPORT
Many Causes Assigned for the
Lack Of Buying Orders.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 9.-The gravitation
toward lower level which has charac-
terized this weeks dealings at the stock
exchange, was especially pronounced in
today's short session. Prices were under
pressure almost continuously, the lowest
level being reached directly at the close of
business.
The market lacked support at almost
every point, and the recognition of this
Fact was responsible for the determination
on the part OF the larger operators for the
decline, to close the market weak over
sunday Tor effect on out-of-town interests.
Again, as on previous days of the week,
tne opposition to the decline was too feeble
10 gam more than a temporary foothold.
Many stocks are in the hands of ire
sponsloie and overcredulous operators,
whose confidence in the immediate future
OF prices Is out of all proportion to their
oank accounts. The experience and the
pulk OF the money IS, for the time being,
IN opposition to actual ownership at pres
ent prices. For this reason the net de-
cnnes LOT the week vary from to ) per
cent. Much information is IN circulate ton
relative to the improvement in general
condltlons, and much of 1t Is extremely
gratifying. but the fact remains that there
Is nothing to tempt extensive buying.
Inat this is the case is evidenced by the
1act that business has fallen off and last
summers profits are seeking employment
outside of the stock market
ihere Is, perhaps, a preponderance of
good in the outlook if ultimate results are
the nrst consideration. Gold has begun to
come In in quantities above the average,
ana tnere is every assurance that the in
lux will Increase in proportions
Bank clearings are increasing the weeks
result in this particular being larger than
the same week last year. and also
for the 1892 period. The money
MARKET IS ain est certain to continue on
comfortable basis, from the standpoint of
the borrower, rates being held between
IL and per cent On call
Earnings are satisfactory, and may i'm
prove. But all these facts were discount
ed long ago by shrewd financial interests
ana those who appreciated the change
somewhat taTdily are now in possession of
the shares marketed by those who first
recognized the significance of last Novem-
ber's elections.
Those who believe in lower prices con-
sequentiy urge this latter fact as an ar
gument of first Importance. Then there rs
the local disturbed political situation in
winch are rejected many of the disquieting
influences of the national contest. This
factor of itself must be- regarded as one for
serious consideration. IT
The Supreme Court, with an extensive
corporation docket. isbalready in session,
and Congress isTagain On the verge of re-
assembling. A long session, novel remedial
me asures for alb sorts of national ills and
al appear 10 patrlOtlSm Dy way OF Cuba
and Hawaii, will all contribute toward an
unsettled speculative basis. Disregarding
temporary interferences of this character,
the market is moi. one Warranting general
marketing of long stock.
Underlying conditions of more han cas-
ual Importance are working tor good. but
patience in buying seems destined to in
sure profits in selling
The banks have lost $2.71S,9OO in lawful
money during the week, all in legal tenders
The gains in specie have not been fully
equal TO offsetting the loss in currency to
The loans have decreased s2Gs. 900 and
the deposits have fallen off slightly. The
net result reduces the surplus reserve to
s13, 800. This latter item is plenty large
enough for all purposes in view of the for
eign exchange situation.