Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-18
Stock Market Moving Within
Marrow Limits.
BANKERS IN CONTROL
NOT DISPOSED TO ENCOURAGE
NEW ENTERPRISES.
Manhattan Was Again the Feature,
Crossing 14O-Selling of st.
Paul Continued.

Special Dspatch to The Evening Star
NEW YORK, November 1S-The securi-
ties market continues to reflect a conflict
or opinion In spite OF the fact that condi-
lions have improved in many directions.
The reason for this state OF mind Is due
almost entirely to the condition Of the
money market. Publ, :.terest cannot be
aroused while tr -saing institu-
tions show dist kmake TINA
loans FOR short -s.--~, -.S determination
to prevent an outward movement of gold
practically insures a firm money market,
| and even then the effectiveness Of the plan
is not assured.
should crops be moved as rapidly as is
hoped for. gold shipments may be arrested
and our foreign debts paid below the limit
OF concern, but under no circumstances can
there be an abundance of cheap money
during the balance of the present year.
That bankers are inclined to this view,
which In turn reaches the public through
commission house circles. is amply demon
strated by the constant selling of stocks
which have already had a considerable de-
cline. Conservative brokers do not encour-
age new marginal business, for the reason
that they do not care to assume new loan
obligations ...
AS every speculative purchase Is made in
the hope of an early opportunity to sell at
profit, the prevailing attitude of the
banks Is warning that there will be but
narrow market to sell on while money is
going into the treasury and the inflow from
the interior is delayed.
Semi-annual disbursements are to be con-
sidered also. and here again is a perfectly
money market. Materially lower prices
may not be recorded, but a decreased
volume of business can scarcely be avoided.
The action of st. Paul has Of late confused
and unsettled the general market. This
standard property has been sold In volume
almost equal to the daily total of a popu-
lar but untried industrial issue. From in
vestment sources and from semi-speculatiye
ciiques have come round amounts and the
selling has been urgent This throwing of
such stock may be, and possibly is, the
result of a pinching of the financial boot at
other points, and relief is had where 1t is
most easily obtained.
The moral effect of such action Is bad.
In other directions high-grade investments
are offered with unusual freedom. and it is
no occasion for wonder that the room forces
the merely average shares into sympathetic
weakness.
Manhattan was the feature of the day at
an advance across lao. Valuable rights to
present holders, Vanderbilt control, increas-
ed earnings and the rumored transfer of
Mr.. keene's holdings to the Goulds were
factors in the movement.
AMERICAN SuSaT was strong under a
mixed demand from lower Wall street and
the room. An advance in the refined pro-
duct and the elimination of weak bull ac-
count in Boston helped the movement.
Union Pacific was under pressure getting
below par. Southern Pacific was heavy
and persistent selling Of Baltimore and
Ohio and Norfolk was recorded. Nashville
and Rock Island lost early gains under
free offerings. The subtreasury paid out
here s960O0O on Geographic Instructions
from San Francisco.