Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-29
Bears Had Control of the
Market Today.
SOLD POOL STOCKS
PRICES HAMMERED DOWN IN
PROMINENT ISSUES.
Condition Of the Money Market Re-
sponsible for the New Con-
ditions.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, October 2e.-For the first
time in several lays London prices were
fractionally higher this morning. and for
e!gn houses bought some 25 900 shares OF
various issues. This buying was reflected
for very brief time, and vigorous selling
movement set in in all parts OF the list. A
prominent clique Of traders gave out free
selling orders in all the pool stocks, and
forced some substantial declines.
The selling in Southern Pacific was effect
i've and forced the price through the point
at which the pool seemed inclined to sup
port 1t. Union Pacific sold vigorously
also, with the evident intention of forcing
the pool from its supporting position. Con-
tinued selling in Norfolk and Western forced
the price down to the lowest point on this
movement.
The effect Of the weakness in the latter
property was to invite sales in the so-called
Gates issues, and there was no indication
of support from that source. The Gould
shares were easily depressed under mixed
selling, and. in fact, any attempt to sell
stock forced down prices. The marketing
of few hundred shares Of Delaware and
Hudson forced a sharp decline, whole
point being conceded for every hundred
shares sold. Such episodes were rare but
served the purpose of the depressing party.
With the exception of the Canadian issues.
the whole market for investment shares
was weak.
A new Injunction against the conversion
of the Steel preferred stock into bonds
found reflection in lower prices for the
steel stocks. Continued selling Of Sugar
forced decline in that property and caused
a general selling movement In tho industrial
list.
The cause of the weakness may be as
cribed to the unfavorable financial pros
pect. During the remainder of the year
there are likely to arise series of episodes
calculated to disturb speculation. Gold ex-
ports are impending a considerable
scale, some estimates putting the amount
at s20,00O,O00 within the next few weeks.
Within this same period come certain large
corporation payments, and the money mar
ket can only be helped through liquidation.
Large commission houses take the view
that the present selling comes from traders
but that real owners of stocks will be forced
out at later period. They do not advise
buying except in special cases where favor
able developments of a personal character
are to be expected. While the market is in
the hands of traders and today's sale were
largely of professional character the short
interest will rally prices, but rallies win
meet increasing supplies OF stock and will
be less frequent in occurrence.
The time for conservatism has come con-
servatism not of the voluntary kind which
has been persistently recommended for
weeks, but conservatism forced by a lack
OF funds with which to handle speculative
enterprises.
Call money ruled around 4 per cent, and
was in good supply, but no one seemed
anxious to use the money for speculative
purposes. All things considered, the day
was under the ban Of fears as to the fu-
ture of the money market the elections
and the legality Of certain corporate under
takings.