Show L STOCK MARKET IS WEAK FROM START Reaction on Wall Street to Uncertain Political Political Political cal Outlook REASONS FOR OPTIMISM They Tar Far Out cl Out h Apparent cs for fOl nOI Doubt ht In III up au Sit Situation lIa lion New ew York Oct 13 Tiie The stock market Jt was ivas w weak vac alc almost from Crom start to finish today odny Holiday was In order and the time professional clement helped on ona ona n na a downward course o of prices b by liberal commitments upon the time shore side Time The reason for II the time Instability shown wa wat not apparent but for 01 or want of a L bell better r excuse the reaction was attributed to the thc uncertain political outlook It should be added that scarcely anyone look took these matters mailers m seriously but bill nevertheless Plover never I thc they lucy serve c to accomplish one of or tile the usual election ante scares and offered of of- a good oo pretext for Cor or soiling selling stocks The bank return fulfilled the time most hopeful anticipations so far ar as the time cash un and surplus reserves were concerned the banks immuring having gained over o In cash and added to their surplus sur Bur plus lilus reserves Loans however howe showed an expansion of over FollowIng Follow Follow- ing hug the publication of this statement the stock market exhibited more pronounce pronounced pronounced pro pro- weakness than In Its ils larl curly stages Prices foil fell sharply making maIming losses in time the active stocks of from 1 to toI 2 I per cent Conspicuous among the time stocks In which liquidation was heaviest huea lest iest were Union Pacific Hea Reading and St. St Paul all three of which declined nearly early 2 per pel cent Pennsylvania lost a i point and B. B and amid O. O l' l Fresh rumors of f an carl early melon for Cor or Northern Pacific stockholders stockholder caused a rise In that issue nf of Ic a point though It subsequently fell cli Copper Share Arc re In time the Industrials the time copper shares perhaps the weakest Anaconda falling three points and Amalgamated l while United States Steel common j fell a full Cull point t. t The rime preferred hower however how how- ever er was fairly steady stead and the time sin sinkIng sink sink- leIng le- le Ing lug fun fund bonds were vero firm The flue public Issues shared In iii the general decline The Time market showed shoed only feeble railing rallyIng rally rail Ing power Hn and closed weak eak and anI only a ashue shade shue above c the lowest prices of tho the day lay Government Go bonds were unchanged Railroad an and other othel bonds were wele firm Time The range o of prices was sas us liS follows Open III High IL Low Close Amal Copper i IU 11 Am C. C and F F. 1 iG 1 3 16 4 45 4 45 Am Ama I Loco Ioco co 77 77 i 6 Am S. S and R. R t l lK Ti I 19 1 1593 9 K Preferred Am Sug SuS' Ref l Ann Copper I A Atchison Ison D. D an and 0 O. 1234 23 4 B. B R. R Trans iRH 78 iS I Nor Pac Pee pfd pi 21 21 4 C. C Gt at West Vest ISi IW 1St ISH 18 IS C. C I. I F. F and J J. J 6 CC 56 G 4 5 w l 5 C. C and amid S S. 39 39 3 m mErie 2 39 Eric Erie 17 4 H tl 17 Jut t Preferred 77 77 77 77 1 Ii iS g 77 fl Gen IS' IS 81 JW t f Central Ill 1 lW 5 lily L. L and unil N N. H Uti 16 14 Met St. p 10 lor 10 10 Mex lex Cent 22 22 4 fr a 2 22 cc Missouri Pac lac 97 97 i 97 07 97 S t M M. 1 K i. and T. T 1 30 36 ia 3 35 31 3 30 aG Nat Lead Lea HOV HO IN i N. N Y O. O and W. W 17 H 17 mit 47 HIJ 47 mit N N. and nd W W. 95 K 95 9 0 05 M 5 4 Pennsylvania anla H Hh H I Peoples People's Gas JO W W 00 9 90 M WK YI gea Reading 13 1 1 Li 11 1 rJ Rep Steel teel 35 S 'S 58 K 35 pj 33 Rock I. I Co AU 29 23 20 1 23 28 j 28 2 St. St Paul jG So n Ry fly yo i fJ 36 36 4 30 31 36 i T. T C C. and I 1 IK ISO 19 I T. T and P P. 91 30 t 30 b Hi 4 A 38 Union Pacific I lS- lS 1 Y U. U S. S Steel 19 n 49 49 Preferred 13 lOS lOi 1071 i Wabash 20 O 20 0 20 N 20 Preferred 40 10 16 43 4 JY West Union SC SG SC SG SG 86 i I I A review re of ot the time weeks week's t stock toek market leaves lea essentially the same some things s tobe toie to tobe be ie said of or the actual price movement as dS were said ald a week ago fiJO The Tile same ame hesitation hesitation hesi bosh tation has appeared at frequent Intervals Intervals Inter Inter- vals mis and nd there has been the same ame lack lackor of or consistency In ill the course cours of or prices whether one wa way or 01 the other othel It II IB agreed on all sides that hat the time present operations are more marc strictly professional proCessional profession proCession al an and hence more largely manipulative than limn most anything Wall all street has experienced In recent years ears and It Is Inevitable lc that there should be u a feeling feel reel In Jug ing of ot distrust t and suspicion as to what hat the real changes arc are which this artificial activity may mn bo lIo hiding Nevertheless N there can be bc no other conclusion from a close o watch of these day to lo da day dy fluctuations than that stocks are arc still er very strong strongly het held B By this Is mC that the outside interest as reported b by the tIme professional non customers of commission houses Is atas atus at atas as us low Iowan an ebb as Il it has Imas ever been boen this year ear and that stocks where not owned f I outright arc are mostly in 1111 me tue JIU minus ui VI who abundantly wealthy speculators art are dantly able to hold them thom through ordinary or ordinary or- or hoary market vicissitudes hailer Perfect Control It Is of course possible that certain cliques and Individual operators even cven I though having large resources behind them have been overtrading and ond that In Ill tills this wa way seine distribution o of stocks has taken place which hUts has weakened the time speculative e position But If such elements l of or weakness have ere erupt crept lIt In Inthey Inthey inthey they are not yet ct visible to lh time the closest scrutiny The market this timis week an anfor and for or several weeks past has haM shown It Itself itself It- It self seU to he ie un under el perfect control When hen for sale simle prices go o down tile the offerings decrease rather than Increase und timid Il It IIa Is II Isa isa a common matter of observation that thai the time upward swings are on quicker and amid an moro more easily accomplished than the the- swings in other directions Thore There are to be sure details relating on only I to 10 the time technical side sille of the market market market mar mar- ket but they possess eMI far more than a u technical significance Their meaning Is plainly that hollers holders of or I securities whether for or investment or or speculation arc aIe In no burr hurry to lo sell sail that In iii the time present situation thin reasons for conCi confidence enco and arid optimism far Car outweigh h the tho reasons for doubt nn and misgiving |