Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-10-01
General List Was Dull and Market
Professional.
TEE INDUSTRIALS WERE WEAK
Sugar Was the Main Object of
Bear Attack.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, October 1.-Dullness and q
lack OF aggressiveness on the part OF both
speculative factions were the chief char
acteristics OF todsy's stock market Lon
don sold a few stocks during the MORN
Ing, but the volume of business from that
side was small. Prices rallied during the
first hour under the covering OF short stock
and some manipulation. There was no in
crease In the volume OF legitimate bust
ness and no Incentive to inspire such an
Increase. A rally of a substantial fraction
was usually followed by a decline equal to
the full amount of the gain.
Such results very naturally discouraged
any increase in the legitimate demand.
Atchison rallied easily at one time upon
denials OF the stories that the pool was
marketing its holdings. Traders have been
short Of this stock for several days, be-
cause Of The belief that some good selling
bad been In progress whenever the market
would take the stock. Around the low
prices the buying has been better than the
selling, and Atchison is likely to give a
good account of itself later, in spite of the
crop failure
There was some good buying In Erie and
In Reading. but not of the kind which
makes spectacular market. The Wander
biit and Gould issues fiuctuated with the
market and gave little evidence of any
special inside demand
The most significant feature of the mar
ket was the pronounced heaviness of the
industrial list, notably Sugar. The stock
named sold OF sharply under an attack
based on the lower rates for the product
ana reported disappointment in earnings
during the preserving season.
Inc selling was similar I'm character TO
that recently witnessed in Amalgamated
Copper, and had all the earmarks of con-
vicdon. Fears Of antitrust legislation dur
ing the coming session of Congress are be-
ing discussed In connection with Industrial
speculation at this time, but such discus
sions are noteworthy merely because they
serve for an excuse to depress stocks " hich
lack either the merit or capacity to main
tain their recent level.
An advance in call money rates during
the last hour was also a factor suggesting
q more careful scrutiny of coIlaterals dur
Ing the balance of the season. Bankers ex-
press rather confident views as to their abil-
ity to prevent a money scare, but few of
them deny the probability of an active de-
mand. Active money is not likely to en-
courage extensive buying at the present
level
While loans are expanded to anything
like present proportions the absence of easy
money Will be deterrent influence. The
advance in call rates may bring gold from
Europe later on, and the sentimental effect
of such shipments would bring about a
sentimental rise In prices. If the market is
to get Its impetus from the contamination
of the various consultations which are
being discussed the money to finance the
transactions must be shown. The banks
are not seeking new underwriting obliga-
lions at this juncture
Weakness in Chicago Terminal issues
was attributed to the enforced deferring OF
certain contracts upon which the company
had relied for increased profits. Chicago
houses sold Peoples Gas during the after
noon and the high-priced granger shares
Brooklyn Rapid Transit was weak under
mixed selling by the room.
Traders were in absolute control of prices
and the short account was considerably ex-
tended Here and there a few tired hold
ers sol dout. Final dealings were inactive
and void of especial Significance