Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-25
High Money Rates Caused Decline in
Stocks at Close.
TRACTION SHARES IRREGULAR
The Railroad List Was Inactive
and Barely Steady.
GENERAL MARKET REPORTS

Special Dispatch D The Eveang Star
NEW YORK, September 25.-Irregularity
incident to professional trading was appar-
ent in all parts of the stock market this
morning. London traded both ways. but
failed to assume any really definite posi-
ton, owing to the deadlock in the Trans
veal situation. The larger interests bought
on declines, but made no effort to force
prices Up to any significant extent.
The money market jCstifies a waiting
condition. and the manipulative enterprises
are held in allegiance In consequence. The
pr cmpt recognition of the wisdom of de-
liberation at this juncture is, entirely due
to the firm stand taken by the banks.
New ventures have been discouraged and
old ones made more secure. The loan ac-
count has been liquidated In a most liberal
ia shion and with less hardship than il
usually attendant upon an undertaking OF
such magnitude. 1t now remains to bull
wark the reserve and to add to cash hold
ings before railway earnings, commercial
activity. bank clearings and the like are
again allowed full sway In determining
prices.
Values have not suffered In the least and
prices sooner or later adjust themselves to
legitimate conditions The money rate
should, If present hopes are realized, soon
disappear as an adverse factor. and once
this influence is removed the tendency of
prices can easily be determined.
Under the surface there is much activity
OF KIND likely to benefit the general sit
uation. Closer combinations of important
interests, working agreements for mutual
protection and profit. reduction in operat-
ing expenses without prejudice to efficiency
ana general application of modern meth
DDS are being considered by practically
every corporation of any prominence In the
country.
perience and discrimination cannot fail of
profitable results. Haste is the least de-
sirable of all characteristics needed for the
new campaign.
Rapid Transit was again feature of the
market. The price declined for time
early In the day. rallied 31a per cent and
again gave way under new pressure Ru-
nlors OF change in control, of consolida-
lions and the usual room theories were all
offered in explanation of the days fluctua.
lions.
There are now two distinct and oppos-
ing factions operating in this stock. One
is confident of higher prices, based on the
future outlook and the natural reaction to
be expected from the extent Of the decline.
The other, more professional in character,
but with the recent statement Of earnings
for a chart, is convinced that merit and
price must meet on a lower plane. The
traction issues all shared in the irregular
movement noted in Brooklyn Rapid Tran
sit.
Tennessee Coal and Iron was less buoy
ant than usual, conceding per cent early
in the day, and recovering a part of it I'M
der rather Indifferent dealings. Leather is
sues were active and We're relatively steady
under the influence of the proposed read
justment of its securities
The railroad list was only steady at best
the room selling stocks in the belief that
the holidays later in the week will deter
any appreciate advance in prices.
In commission house circles there Is a
n h11r he hptta oil IL,
clines, but there is as little belief in an i'm
mediate riss as In any significant early de-
cline.
The closing was generally at net declines
for the day, owing to an advance in money
rates to II per cent, the rate afterward
yielding.