The Birmingham age-herald., 1904-10-20
PREC|P|TANCY IN
 STOCK TRADING Reaction Was Long Expected
 and Needed LONG INTEREST UNWlEL0LY Professional Bears Showed Customary Agility In Taking Quick Profits on the Break, Which Caused
 Some Confusion.
LONG INTEREST UNWlEL 0LY

New York, October 1s.-The reactionary tendency of stocks, which was under re- straint yesterday broke through that re- straint today and took on precipitancy during the afternoon. The reaction has been long expected and needed.
 Nothing was at hand to explain 1t be- yond the unwieldly proportions to which the long interest has extended, and the consequent growth of the burden of real izing profits, which proved too heavy for the usual supporting tactics to sustain. Once the reaction was established the professional bears gained sufficient confl- dence to fall upon the market in the usual overwhelming fashion, and thus sharpen the fall with the result of uncov- ering stop-loss orders, and wiping out narrow margins, thus shaking out weak holdings and bringing stock on the mar ket in a shower.
 These professional bears showed their customary agility in taking quick profits on the break and their covering move ments and the expressing tactics of the room bulls caused the confusion in the late price movement. But the force of the reaction was nevertheless clear and decisive.
 The absence of any considerable reac- ton throughout the long course of the present advance, has been one of its prin- cipal features and lhas added to the sus- picion of it's artificial character. The ac- tivity now ought to serve as confirma- tion of the wider interest which has been taken in the market in it's late stages and the liability of it to normal influences of reaction with the passing of holdings from strong to weak hands. There was nothing in today's dealings to show that any effort was relaxed to sustain the mar ket, and to hold prices in the fact of the selling to take profits.
 The buying of selected stocks was even more aggressive, and spectacular than heretofore and the stocks to be pushed were heralded before the market opened before the uptown hotels, with the com placency which has. distinguished the present campaign in stocks in a marked degree. Erie, St. Paul, Southern Railway, Atchison, Reading and leather preferred were at different times churned into fu- rious activity, and long strings of trans actions in blocks of 1000 to 1000 shares were run through the market on rising scale. The determined selling of United States Steel preferred was the first incl dent to cause uneasiness, and was not checked by the good tenor of the news from the trade including an advance in tube and pipe, and the cheerful express sions of the Iron Age.
 An admission of new interests to the di- rectory of the Republic Iron and Steel company occurred during the day, but att tracted little attention. The rumor of new interests in Atchson took a more specific form again. but without confirmation. The securing of Mexican loan by local banks caused a good Impression. The routine news of the day was generally fla vorable to values, and money continued easy Speculative circles have centered much attention on a public address by an