Evening star., 1905-08-31
Various Names Given to To-
days Market
VIEWS OF THE CRITICS
DEMORALIZED AND SEMI
PANICKY
Prices Melted Away Rapidly Through
out the List-How They
Closed.
SEMI
Special Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK. August 31.-various de-
scrlptIons were applied to today's stock
market. the designations varying according
to the point of view of the individual OBJ
server. BY some the market was spoken
of as demoralized and more Incorporate
critics went so far as to speak of 1t as
seml-paniCky AS matter of fact, the
market was decidedly reactionary and oc-
caslonally extremely unsettled So far as
outside developments were concerned. there
was practically nothing which might be
adduced In connection with the very severe
declines which occurred In all directions.
Spectators seemed, however, to be seized
with common impulse to close out their
commitments the long side. and their
disposition in this respect coinciGed appar-
emily with abrupt withdrawal of sup
porting orders.
In consequence prices melted away rapidly
throughout the list. and on the extensive
declines innumerabe stop loss orders were
reached and executed. to the the further con-
fusion of the dealings. Transactions were
upon a very large scale. and all quarters OF
the market came In for a proportional share
of the activity. If 1t should be considered
necessary to hit upon some single motive
for the general speculative liquidation. II
was probably the case that reason might
be found in the sudden access of anxiety
with respect of immediate developments in
the local money market.
The banks yesterday further increased
their loss through their dealings with the
subtreasury, this mornings figures setting
forth adverse balance of SJ.47l,oo.
There was a considerable shifting about of
loans on call. but no more than was TO be
expected In view OF the fact that this was
the last day of the month. that bank re-
serves are low. and that the interior de-
mand for currency Is heavy. Further large
transfers were made today through the sub
treasury to southern and western points.
Money on call advanced to 2a per cent early
IN the day and ruled at that figure during
the greater part of the business session.
No special attention appeared to be paid
to the days agricultural advices which
were generally favorable. and which found
some reflection In the weak commodity
markets, The weekly report of the most
generally credited trade Journal set forth
most favorable crop conditions and pre-
dicted an exportable surplus of wheat
probably in excess of the foreign demand
for that staple The London stock market
suffered from the same general disposition
to realize profits that was so manifest in
local dealings. Russian imperial 4s were
exceptionally strong. but otherwise the va
rious departments OF the London market
were heavy.
Paris was q seller OF securities In Lon
don and 1t Ii understood that the collapse
in the French speculation in sugar has had
more widespread and disastrous results
than have been heretofore appreciated
Diminished interest appeared TO be taken
In the aftermath of the Russo-Jdpanese
war, and. at any rate. there was little
further discussion of the probable effect on
the money market OF the loan Rotations of
the recently warning powers. That Japan
Is not likely to be an early borrower was
asserted on practical official authority, and
while banking loan interests are undouSt-
edly figuring upon participation in the new
Russian loan 1t Is the business lnforn.a-
tion that when the issue Is arranged 1t
will be provided for at Paris and Berlin.
Extensive and detailed discussion with re-
gard to the movements OF prices In today S
stock market would not prove especially H.
Illuminating unless conducted upon strictly
technical lines. long overdue reaction
was experienced, and the movement Of
course set everybody guessing as to the
reasons therefor. and no valid explanations
being found, the bewildered Wall street
imagination was almost willing to have re-
course to the further incoherent vaporings
which emanated from Boston. Cool-headed
and experienced observers of market az
fairs were neither disconnected nor particu-
larly surprised by the course of events In
the days dealings. which. while they were
distressing to belated spectators for a
rise. undoubtedly went far toward restor-
ing sounder conditions in the structure Of
the market.