Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-30
FINANCE AND TRADE
Marked Weakness Follows Strong
Opening in Stocks.
INDUSFRIALS LEAD The DECLINE
High Money Rates and Rumored
British Defeat Causes.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 3O.-opeuing prices
this morning were substantially higher than
those recorded at the close of last week
bondon's early cables reflected advances
varying from Ia TO "a per cent ana
brought over a considerable volume Of buy
ing orders. The tone of the foreign mar
kets was almost buoyant throughout the
day. Londons optimism as to the result Of
the Transvaal war having been transmitted
to the continental EXCHANGES
a good demand prevailed In the local
market during the opening hour. traders
covering extensively on the prospect OF an
increased public demand. This demand did
not materialize. however, and the entlre
market became reactionary I'm consequence.
An excuse Tor the shading of in prices was
afforded by furry In the money market
rates being sharply advanced from 4 10 %
per cent during the noon hour.
A decrease of s201 $50 in st. Paurs net
earnings for the month Of September was
a disappointment In view Of the general
gains from practically every other source
The real reason for the decline OF the after.
noon may fairly be attributed to the falling
on IN the volume OF commission house bus
mess and the heaviness of the indusrriaIs
during the most buoyant period of the
morning. whsn the short interest was man
nesuy very nervous as TO outstanding en-.
tracts In tho railway department thara ~
positive indifference to the fluctuations In
the industrial department
american Steel and Wire was heavy AZ
all times and failed to hold the maninula-
Iea opening price. From 49, 1t receded 10
odturuays closing level and later yielded
10 pressure for per cent decline
IN lhe same way the common shares of
tttaterlauonal Paper were under pressure by
me room, on some rumors of a trade re-
s,rIcton forcing out speculative holdings
Inc industrial properties are the active
participants In the record-maktng pros-
perlty or the country, but their sharehold
ers derive little comfort from this fact A
lew OF them have become unpopular be-
cause or the failure on the part OF officials
10 make good the predictions so plausibly
set out in the prospectus.
DIVIDENDS are reported to have been
earned at many times the legal rate, but
once buyers respond to such reports a sec
ond invariably follows suggesting the policy
OF Withholding the disbursement
oNercapitalization and a lack Of conf
dence In the legality of their charters are
the true difficulties. Banks are skenttcal
on these points, and as collateral the COM
mon stocks OF the newer industrial proper
ties have almost q zero value.
Iodays money rates would hardly have
been recorded had industrial Capitalization
been limited to 90 per cent of its present
total Preparations for November interest
payments made 1t necessary to shift many
loans and were in great measure respon-
sible for the weakness in the active issues
reports OF defeat for the British In the
IransVaal led to the general unsettlinR II
the market during the afternoon. Consider
ing the days developments, the market did
remarkably WELL and every property of
merit found friends at the low prices.