Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-12
Stocks Were Lower and in Little
Demand Today.
INVESTORS ARE HOLDING ALoOF
London Sold Some Shares on
This Side.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star.
| NEW YORK, October 12.-Early London
| cables reflected steady undertone in a
| very stagnant security market. and brought
| small volume of selling orders to this
| SIDE The Transvaal situation seemed to
be thoroughly considered. but as the Bank
| OF England allowed Its discount rate to re-
| main at five per cent It was argued that
| the financial plans of the war were we'll
| in hand.
Locally the market was largely under the
| influence of the purely professional ele-
| ment. Stocks We're offered down here and
| there and no special explanation of the
| decline seemed necessary. The absence of
| a public demand was sufficient argument
| for selling purposes.
| Inc public. however, is almost as con-
spicu' usiy absent as a seller as IL is as a
buyer, and liquidation is rarely noticea BILE
| on the declines. A waiting market about
describes the present situation but lust
what the waiting is for is difficult Gues-
ton to determine. Money worked down to
| per cent during the early afternoon and
was to be had in volume between : and :.
This evidence of improvement in the finan-
cial situation failed to arouse the market
from its apathy. London was exceedingly
calm over its South African war and show
ed no mistrust of our securities beyond the
speculative selling of Its own professional
operators. There was further extended
comment upon the governments interest
transaction, but 1t usually took an inter
rogatory form.
Why the government should anticipate
rather than stop interest by purchasing or
arranging to purchase It's own obligations
is not satisfactorily answered by its desire
to help the money market. The government
needs no money, and If 1t did 1t could get
ha mi
Is poor charity while its own indebted
ness remains unchanged. Money market
fears during the last fortnight have been
most acute among traders short of stocks,
who sought the discontinue of their oppo-
| nents by parading the tight-money buga-
boo.
The full legal rate did not alarm the
average owner Of securities and now that
the government has rendered relief 1t is
pected that only about 80 per cent of those
entitled to it will take advantage of the
offer. The bear party varies it's alarms by
suggesting that the help of the government
indicates a most pressing need.
The final transactions relative to the
financing of Central Pacific will begin on
Monday and money may again work UP in
the double figures for a few days. This
operation may be followed by further SELL
ing for professional account +, and it may
not be entirely unwelcome. The market is
in rut, and lower prices may be essential
to the reviving of the energy necessary to
force it out. The hope Of substantial gains
probably until after next months elections
Little is said of politics, but some new in
centive is needed and the result of the cleo
lions may suffice
Burlington, Northwestern and other high
priced issues declined full point and met
only an Indifferent demand. General Elec-
trio, Lackawanna and the specialties moved
down under limited transactions. In the
industrial department Brooklyn Rapid
Transit. Republic Steel and American Melt
ing preferred declined under persistent Of
ferings by the room Here and there some
covering forced rallies, but in a ma jority
of instances net declines prevailed. Nash
vile reported an increase of $G5, 115 in earn
1ngs for the first week in October making
total increase since July l of 81 ,2O3, 80
The stock was relatively strong In view of
the showing, but demonstrations of ap-
prevail were confined to a very cautions
buying on concessions There is a lack of
breadth to the market which makes 1t i'm
possible to classify it in any group save
that Of one waiting for determined leader
ship