Evening star., 1901-10-04
The Bear Element Had the Market
. in Control
some SELLING OF LONG STOCK
Rally in tbe Railroad List About
:, the Close.
GENERAL MARKET REPORTS

- sfaar
Special Dispatch to The Evening Star
NEW YORK. October 4-Heaviness in the
London market was, followed by a further
decline in the local market under selling
in which the liquidation Of long stock
played a snoticeable part. Commission
houses had selling orders in greater vol-,
ume and the belief in lower prices was by
no means confined to the professional trad
ing element.
The adverse features Of the market
seemed to overshadow good earnings and
whatever Of favorable nature there was
In the routine developments. There was no
increase In the volume Of business and there
was no evidence Of hasty action on the
part of the selling interest but prices crum-
bled away for lack Of support.
There was no enthusiasm on the part of
the bear faction, but just a sullen convic-
ton that stocks sold could be repurchased
to advantage later on
One really disappointing feature of the
day was the publication Of the weekly cur
rency movement, showing heavy drain to
interior points. AS matter of fact, the
demands on the 1ocaT banks have been
larger than at any time since the outflow
began, the total loss by express movement
alone aggregating Sc, SOC, 600.
Part of this loss has been offset by re-
ce1pts from other points and there has
been gain Of 5000 900 through subtreas-
ury operations. but it is hardly likely that
any increase In lawful money will be shown
IN tornorrow's s statement. From the course
of the market 1t may be inferred that the
banks have reduced their loans this week,
put the same prospect was presented a
week ago only to- result in disappointment
Another unfayorable feature Of the day
was decrease In the supply of time
money, In spite Of the fact that the call
rate was not Influenced Each day seems
qjY1fy nf ofix
! money market, and this in spite of the fact
that the leading institutions will make
strong effort to avert such a result.
The money going out of this city Is going
back to it's owners and Is not loaned mere
ly to move the crops The stock market has
lost much of It's recent attractiveness and
money Is returning home to await develop
ments. The money situation abroad Is such
as to insure considerable resistance to
any attempt to import gold to this side
and the banks are growing less sanguine
OF having an abundance of funds in the
The weeks action in the market shows
very clearly that Industrial securities are
not popular at the Banks, and after them
Will go the oveNeStimated issues of minor
railroads Further weakness in Amalga-
| mated Copper swas the feature of the OPEN
ing hour, and had much to do with giving
direction to tie entire market. The fact
that no considerableiralIy has followed the
break In the price ofSthis property is taken
to indicate actual liquidation and belief
seen. 81 a
All Of the sozcalled Standard Oil proper
ties were weak during, the morning, and
some rather eftrayakant rumors were used
to explain thE decline. The coal stocks
We're weak, as the result OF the labor SIT
uation and the na m mttTfaf Y sympathetic infiu-
enee Of the dAsclf1e A elsewhere
hardened notieeaBly,. under the leadership
OF Atchison. and 81. Paul tp
The buying pf the former was excellent.
better-ma naged properties are. confident Of
gradual inlprevep6eH I'M them, hut saw that
no effort itabeing made to advance them in
the face Of SUCH an unsatisfactory market
as is now prevailing