Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-09-22
FINANCE AND TRADE
The Weeks Dealing in Stocks Indi-
Gates Lower Prices.
LIQUIDATION STILL CONTINUES
Weakness Attributed to the Ex-
pected Political Scare.
MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, September 22.-The market
at the end of the week shows no signs of re-
covering from the recent liquidation and
professional raiding of the weak spots. The
advantage Is clearly In favor OF the be-
levers in lower prices and the number OF
such believers has been increased during
the last few days. All sorts of reasons are
assigned in explanation of the setback, but
tie one generally accepted is that political
scare is in progress.
For the most part this scare Is the out
come of the conviction that the public ex-
pected it and woui- tolerate 1t, for a time.
without resistance. The majority of the
sales have In all likelihood been for the
short account, but there has been sufficient
long stock sold to prevent a scarcity in the
borrowable supply.
The coal strike inaugurated the period OF
declining values by directing attention 70
politics. The strike itself, while regarded
as serious, and justly so. in the light of
cent events, was considered of superior
significance in Its political phases and the
injury to the coal properties was a second
AIRY consideration in the decline which fol-
lowed.
1t is therefore doubtful if the settlement
or the strike would do more than force q
raliy, leaving the political uncertainty a
disturbing factor fer another fortnight or
more Brokers are preparing for such a
market and margin accounts are being
strengthened either by deposits of cash or
Inc sale of securities A safer and more
normal basis is being established and
whatever the political outcome may be. the
shock will be reduced to the extent of the
preparations
Inc bank statement shows a decrease of
$@,oS9,6oo IN loans during the week which
IS direct reflection of this policy of re-
lrehchment- Loans have been iquidated in
adVan>e of any uneasiness on the mart of
the banks. loss of s., $50, 600 in lawful
money is SHOWN as the result Of shipments
70 the interior and subtreasury operations
The decrease in the latter Item coupled
with the decrease in the loans is shown
by falling off of 50 S73 400 in the deposits
The net result of all changes is reflected
py decrease of 81. 2SS.S $50 in the surplus
reserve The statement foreshadows a more
acuVe money market, and this weeks max
mum OF per cent should advance a frac-
ton during the coming week Surface in
dicat1ons are favorable to a further shift
ing of loans, and in every such event io1Ii-
datfon Is customary.
The cut in the rates for steel rails Of 90
per ton helped to emphasize the weakness
In the steel stocks. The Traction stocks
were irregular and show the presence of
contending factions. The low-priced rail-
roads were sold in round amounts and some
OF the higher-priced investment issues had
few friends The selling of Pennsylvania
ON account Of the strike had depressing
influence on the entire market. Renewed
weakness In Peoples Gas was thought TO
have been the result of an attempt to force
a sympathetic decline in Brooklyn Rapid
Transit.