Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-01
FINANCE AND TRADE
Opening Prices This Morn
ing Were Irregular.
HOLIDAY IN LONDON
HAD TENDENCY TO REDUCE THE
VOLUME OF TRADING.
Tuesdays Elections Inspire Caution in
Observation-Disclosures Takes
Drop.
HOLIDAY IN LONDON
Special Dispatch to The Evening Star.

special DfSpRtch TO The Evening Star.
NEW YORK. November 1. Open
ing prices this morning were irregu-
lar within fractional range Of yesterdays
final figures. The holiday in London re-
duced the volume of trading and there was
no early development on this side equal to
inspiring new business. Traders hesitated
in making new risks, preferring to await
the publication of the bank statement.
The evening up Of contracts by profess
sional traders made up what there was of a
market during the first hour. An attempt
to cover Reading found only relatively
small offerings and the price ruled firm in
consequence. Manhattan was strong. but
met proft-taking sales after the opening
sold off slightly from the best.
The dizziness resulted in general shading
Off in prices in nearly all parts of the list,
but no significant sales were reported.
Tuesdays elections inspire caution in
trading, but the large interests show little
concern over the outcome. The fact that
certain important interests are supporting
opposite tickets while making new con-
tracts together for business enterprises
leads to the conclusion that this years
elections are not seriously regarded in the
financial district.
The coming winter, it is conceded, will
produce much discussion on the subject OF
trusts. tariff mergers and the rights of
labor. In fact, there would seem to be
fully two years of such discussions ahead,
and every subject is of vital interest to the
securities market. Next weeks elections
will not alter this prospect.
Wide fluctuations are to be expected, and
their direction will not be uniform. Pru-
dence is essential from now on, and the day
of punging in the stock market seems to
have passed.
Banks have been forced to undo many OF
the evils which they fostered upon the pub
lie and the stock market. Without the lber-
ality of the banks there would have been
little plunging: the need for the money Dor
rowed abroad would never have arisen had
the banks made judicious use of their own
funds. Speculation and imitation, and not
the country's phenomenal prosperity, are at
the bottom of the gravest problems now
demanding solution.
The mistakes made in Wall street can
scarcely fail of reflection elsewhere, and the
old issues coming to the front in politics
and the increasing demands Of labor are
the outcome of capitals arrogance as dis
played in the stock markets.
There Is nothing in the commercial world
suggestive Of depression. but technical con-
ditions in Wall street point clearly to the
fact that there are more securities for sale
than the money markets can find an equiva-
lent for. A few stocks are advanced in order
to cover sales in other directions. and adj
vances are more easily lost than made.
Manhattan afforded striking example
of this fact today, losing 2.per cent of the
gain recorded yesterday. on an attempt to
take profits The market is narrow and an
inviting. Prices hold well. because securi-
ties are in strong hands and cannot be
shifted without sacrifice. The willingness
to shift them Is undoubted.
The bank statement reflects an increase
on all deposits of s., 557, 625, and an increase
of SC, 1884. 100 in lawful money. Deposits are
larger by 81. 1O5, 800, and the loans reflect
these changes by an increase Of 81, 532 100
The latter increase is due to preparations
for November interest and dividend obliga-
lions. and reflects no material increase IN
the speculative demand. The present re-
duced volume of business should make but
little demand upon loan resources.