Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-10-27
FINANCE AND TRADE
Sharp Realizing Sales Gave Heavy
Sees Tone to Stocks.
SATISFACTORY BANK STATEMENT
Marked Disposition to Tighten
-pnr z'.4suaF 5~'ssri
Holdings Over Election,
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. October 27.-Realizing sales
were resumed this morning and the markel
closed with the desire to tighten specula-
tive risks Enthusiastically apparent. These
sales were openly made and the desire for
more money and fewer securities over tn"
elections frankly admitted. Influential IN
terests sold from time to time and tn
trading element were disappointingly active
In working for the decline.
The volume of commission house business
decreased noticeably and the room took ai-
vantage of this fact to force heavy tone
at the end Of the week The net results OF
the selling movement were not significart
and indicate a belief In higher prices later
on. The professional element is willing to
buy on the fractional declines which pre-
vious sales produce.
Two distinct opinions have been In evil
dence all week, and neither has been alb
solutely disproved. nor can they be in
advance Of the elections. Both are based
on the prospect of successful election
result, but one considers the good already
discounted and the other admits only Il
partial appreciation of such an event
Commission houses incline to the latter
view. and the professional element and n
lC" VI lIo Sci OpcIdlolo HldlIltdll the
former.
The coming week will therefore be a test
OF political sincerity. If confidence Is actual
good buying will not be abandoned al n
critical point in the campaign. when the
construction would be that the sound
money element was losing faith. To with
draw from the market now might be con
servatism, but 1t would be called timidity.
and the interests which forced the present
level of values are scarcely deserving of
such criticism.
The money market Is encouraging, and
the friends Of the security market have a
most formidable ally in a call money rate
anywhere under the legal limit. Four years
ago al this time money was In hiding. and
call rate equal to 1S2 per cent per annum
was recorded. During the present week
. per cent rate was recorded for a period
less than a full hour and last night the
tension was removed and the rate declined
to 212 per cent
These rates, both high and low, would
have probably been recorded were no I'M
usual questions being considered. The act
ual condition of the banks as the result of
agricultural and commercial demands would
have justified them so that normal money
market prevails ten days before the cleo
tons.
Todays bank statement shows some i'm
provement and confirms the view expressed
last week that the low-water mark had
been reached.
The gain In lawful money has been So 323
500. almost wholly in specie. The loans
have been reduced $4,464, 600 in spite of the
broadening market. This change, howe err
Is due to a shifting of loans to the trust
companies and from the banks. The ability
to shift them is the encouraging feature.
Deposits have been reduced So Oh. 300. and
circulation has been increased SIPS, To0 The
net result is shown by an increase of So
OS4,12o in the reserve, bringing that item
up to five times the amount held at this
season last year.
The coal strike Is out of the way, South
ern Pacific has chosen president and ru-
mors Of comprehensive alliances are heard
In influential quarters. The outlook Is
promising, but there is another week of
ante-election suspense to be gone through
with and stage fright may appear at the
last moment. To pay higher prices after
the election would at least admit of tran
anillity before, and the public inclines to
this view