Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-30
General Reactionary Move
ment Recorded Today.
PRICES 60 DOWNW ARD
HUGE BLOCKS OF STOCK THROWN
ON MARKET.
One Speculative Firm Disposed OF
100000 Shares-other Houses
Followed.
Special Dispatch TO The Star.

spfctal lua.Atch 10 ne star
NEW YORK. August so.-The stock mar
kets second days response to Tuesdays
historic event In Portsmouth was a general
reactionary movement which by the time
twenty-four hours had elapsed after the
announcement OF the agreement between
the Russian and Japanese ENJOYS had car
ried prices downward all the way from
fractional limits to fully two points below
yesterdays closing figures In market
In which operations for professional ac-
count stu constitute the major portion OF
the total dealings such movement as that
which was Witnessed was TO have been ex-
pected rather than otherwise.
Right at the opening of business huge
blocks OF stock were thrown upon the mar
ket, 1t being estimated that one or the
most active and highly speculative firms
alone disposed of upward of 100000 shares
Other houses of the same class followed
the same speculative procedure. and while
the arbitr5ge firms were buying here. ana
while commission houses were generally
purchasers also their takings were alto
gether swamped by the weight OF the spec
ulative liquidation noted.
Aside from the invariable practice OF pro-
fessional operators of closing out commit
ments for a rise upon the receipt OF FAVOR
able intelligence. there was nothing at all
to which the mornings sharp reaction
could be attributed. Currency shipments
to the interior were continued upon fairly
large scale. and this mornings figures or
the operations between the banks and the
subtreasury points to a loss by the former
since last Friday of more than $4OOO.OOO
Standing loans on calls were renewed today
at "a per cent. at which figure the bulk OF
the borrowing of that description was eff
fected. Firm and active conditions were
observed also in the market for time loans
Monotonously Satisfactory.
Advices respecting the progress Of the
crops, were monotonously satisfactory and
the commodity markets were all heavy.
with corn. however, moving against the
common drift. Sterling exchange was weak,
and one feature of the days situation. aside
from the settlement of the Russo-Japaness
war; was break OF nearly one penny an
ounce in the price of bar silver in London.
The general London stock market was
very firm. the feature of the dealings there
being an advance OF nearly points In Rus
sian government securities. The Japanese
issues were firm also In the early dealings.
reacting later, and II was observed that
these issues followed the same general
course in the local dealings. Both the Paris
and Berlin markets also responded favor
ably TO the news from Portsmouth Opera
tiOilS mere lOT ICTtiSu account were upon .
large scale and were conducted upon both
sides of the market. showing an excess OF
purchases OF about 10000 shares. The vol
ume of business in the local market during
the unsettlement Of the first half Of the
business session measured fairly we'll up to
that of yesterday. but In the afternoon. when
generally firmer tone developed. there was
some contraction In activity
Taken as a whole, the market could be
described only as highly irregular one, al
belt II should be said that the purchases
of stocks might be described as indicating
elements Of permanency that did not at
tach to the selling.
In other words, the latter seemed re-
fecting chiefly the Willingness of the large
habitual and professional spectators to
realize profits on the opportunity afforded
by the peace agreement, proceeding not
unnatural in view Of the fact that the mar
ket at large closed last night at a new high
average level. Actual developments relat-
ing to particular securities were few and
unimportant. and attention seemed to con-
verge entirely upon the position of the mar
ket in speculative sense as Influenced by the
course OF affairs to follow the conclusion
of a treaty Of peace between Japan and
Russia.