Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-10-19
No Demand For Stocks Outside the
Board Room.
COMPLETE SfAGNAHION THE RESULT
The Outside Buyers Are All Wait
ing Election Returns.
GENERAL MARKET REPORT

Special Dispatch to The Evening Star.
NEW YORK. October 19-Dullness and
fractional declines fIom yesterdays prices
were the chief features OF today's stock
market. London sold some stocks and was
ulsrcsed to emphasize the significance of
general fractional decline In tn, Paris
market.
foltlcs were brought forward as he
cillet incentive TO the inaction, the volume
OF actual business being reduced TO fnsiR-
nlficant proportions Outside of The ro,,
there was no demand for stocks and ON
cepting the desire to await the solution NJ
the political contest there was no special
reason for delaying purchases.
Reports from the west and northwest
show demand for grain and miscpllans-
Gus transportation exceeding the cana .ity
OF many Of the larger roads. This lack Of
accommodation manifcsts itself even after
additional facilities had been provided .or
an increased traffic. In consequence OF this
activity earnings are certain to be main
tained and no decrease in values seems like
iy. decline in prices may come. how
ever, as the result of the purelv Local
character of the market, but the move
ment is not likely to prove serious I'm any
sense.
The present declines are the result Of the
stagnation which has set in on account 81
election doubts. and are made as the ONLY
means OF attracting business. Indifferent
markets are almost never prolonged. owing
10 the fact that sensitive holdings are
forced out through the medium of a Dra-
leSslonal attack on prices. Liquidation is
not, nor has II been. in a general sense a
feature of the present market There is a
snort interest which lacks aggre ssivencss
and an optimistic interest which believes In
lower prices as a condition precedent To a
substantial advance.
The latter interest being already commit
ted to the long account is disposed to wait
anc the mere waiting handcaps the opera
1ons of those dependent for success on
moderate liquidation. The general market
instead of rejecting very broad conditions
is mere reflection Of individual beliefs
and is consequently unattractive to The
average operator. The outcome of such
conditions has usually been to force out
speculative long stock made important by
lack of character in the general market
A decline of over per cent in New York
Lake Erie and Western preferred and sub
sequent rally of more than per cent were
features of some interest In an otherwise
nat market. The belief that "A reduction
in the dividend rate would be Announced
at today's meeting was responsible for the
decline, and the declaration of the usual
rate accomplished the latter result For
some days a considerable amount of short
stock was sold in anticipation OF the re-
duced dividend.
The announcement of the regular dividend
was followed by a sudden covering move
nent which forced up the price very
sharply.
The movement in Tobacco and Sugar was
similar in character to that of previous
days. The internal trade condition governs
the price of these shares in conjunction
with experieno ed manipulation.