Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-06
New York Stock Market Dull and
Prices Lower.
BEARS MAKE A RAID ON CHICAGO GAS
Depression Charged to Unsatisfac-
tory Political Conditions.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK, October s-The Increasing
prominence and significance given the local
mayoralty contest and the important en-
phasizing of the objectionable features of
last years presidential campaign, had an
adverse influence on prices this morning
Coupled with this is the agitation of SIM
liar issues in the state campaigns and
traders are taking advantage of the pru-
dence reflected by .naction on the part OF
the larger interests to offer prices down at
every opportunity.
The volume of business has fallen off
noticeably, and there is no Indication of
an improved demand. Some rather good
buying on down scale Is reported. but
stocks are undoubtedly in weaker hands
tnan they Were one month ago.
Brokers offices and not safe deposit
boNes are carrying the majority of recent
purchases. and this condition usually pre-
cedes shaking out process. As the adj
vance eliminated with transactions exceed
ing Sn.vD shares for a single day the de-
cline may be as vividly marked by a some
what similar record.
Routine DEVELOPMENTS continue 70 he en-
couragtng and intrinsic merit is not DEERE
eating In proportion to the decline In
prices. In fact an increase in the same
ratio would more nearly express the situ-
alton. The importing of S2.po.on in geld
from Europe, Sto.sO of which is directly
from the Bank of England, must he re-
earded as an influence OF more than usual
importance. Other and larger imports are
certain to follow in the near future
This inflow is not forced, as was the orig
ibal consignment. by sacrifice of the COM
Mission but represents the cancellation OF
a debt In the Ordinary business sense.
Breadstutfs shipped abroad have been
paid Tor in securities about as far as the
foreign holdings would permit, and now
money is reluctantly sent as the result of
npn hi
American market and to American politics
Europe no longer can compel our Yield
ing to measures simply because of tho
threat Of financial panic resulting from
the wholesale return of our securities.
Financial independence, IL not achieved
absolutely, has assumed unusual proper
tions since the Venezuelan episode.
Earnings from all sources today again
demonstrate the Improvement in all sec.
tons of the country and were frequently
accompanied with assurances that the fu-
ture reports would be still better.
Notwithstanding these returns. however
the market vas too professional to war.
rant the needing of events SO extensively
predicted.
An important selling movement in Chi.
cago Gas based on rumors of consolida'
t1on OF rival Chicago companies unsettled
the entire market. Western houses
pecially were prominent in the selling.
The listing of the new stock of the Bay
State Gas Company by the New York stock
exchange, after its refusal to do So was
the signal for new selling in those shares
The property may now be traded in with
some degree of equality between this city
and Boston. The addition of $50 900 ood
new stock to corporation already CAPT.
talized at S15,eU,0o0 is not argument for
immediate accumulation.
This property, however, may come into
the great massing of capital in consolida-
ton enterprises conspicuously marked
in this particular industry.
The rest of the market moved rather
litslessly toward fractiorally lower level
the only buying in quantity coming from
the short interest. Politics and profession
alism seem likely to divide the responsible
ity for the prices Of the next few days.