Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-10-29
FINANCE AND TRADE
Stocks Were Weak and Prices Gen.
orally Lower.
REACTION FROM LAST WEEK
No Effort Was Made to Protect
Properties.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October 29.-Lower prices
in the London market and selling by COM
mission houses resulted in a heavy and re-
dictionary market this morning The selling
was not confined to any special group, the
entire market yielding to persistent offer
ings. At the decline some rather good buy
ing was reported, but 1t did not assume the
proportions necessary to force an advance.
There was no new development upon
which to base the trading, but traders were
disposed to be extremely cautious because
of the approaching elections. The various
pools gave evidence of growing conserva-
tism and holdings were not increased be-
yond supporting limits. The market has
been advanced by pools and the strain Of
the achievement Is now almost exclusively
upon their shoulders. If the elections JUS
tify predictions, the way must be cleared
for the absorption of stocks thrown over
by the public in the hope of recovering
them on the decline later in the year
There Is a fair chance of the public SELL
ing this year on good news. instead of buy
ing, and the pools must at least be prepared
for such an accident Should election pre-
dictions fail protective measures must be
employed to avoid q panic.
Inc recent market has not been broad
enough for extensive liquidation, and lib
eral line of long stock must be carried over
November and protected after that date
not matter what happens. 1t is likely that
duli and steady market would be more
preferable than activity in either direction
during the balance of the week.
Inc market was allowed to choose It's
own way today and little effort was mads
to resist the decline. Some round amounts
changed hands at the low prices and In
every instance the buying was said to have
been superior to the selling. An attempt
was made to explain the action Of the
market today to desire to keep enthusiasm
alive until after the elections, and to over
come the apathy said to have been caused
by last weeks strong undertone
Such arguments are idle and for the most
part are not CONSIDERED seriously AS a
matter of fact, an effort Is being made to
belfttle the result Of disappointment should
wall street find itself to have been deceived
on the subject of the elections. This aban-
comment of the sentimental for the prac-
ucal is another evidence of the real
strength of the financial situation
ne money market was watched with rom
sloerapie interest but all loans were made
at normal rates. Early trading was conduct-
cd with 4 per cent rate prevailing hut
iater In the day funds were freely offered
at 80 per cent. During the last hour prices
were DID up in all parts of the list under
the leadership of Northern Pacific
rms property was stronger than its
neighbors all morning and later recovered
the loss made at the opening. Strong inter-
ests nave the market well in hand and are
prepared for attacks from the room The
tune is not ripe for radical changes, and to
hold gains is more desirable than making
new ones.