Evening star., 1905-10-27
Market Opened Under Strlk-
ing Circumstances
FOREIGNS DEPRESSED
ON ACCOUNT OF DISTURBANCES
IN RUSSIA.
Fxpected That Trading Would Show
Great Irregularity During Day
Little Commission Business.

Special Dispatch The Star
NEW YORK. october 27.-This mornings
stock market opened under COMBINE 'ioN
of circumstances which might reasohapiS
have been expected to bring about quite
a rrorounced decline in prices. The Lon
don and the European stock markets were
seriously depressed on account Vi 'ne
grave social and political conditions IN rus
sla. American stocks being quoted IN the
J.ondon markets a. declines ranging Hoih
u to 2, points.
Russian Imperial As broke ia points,
making a decline of 3 points from Wedhes-
DAYS quotations. ConsOls were heavy aiso'
and large liquidation for continental ac-
count was conducted in the London mar
ket In consequence foreign houses sou
readily in the local market, disposlng our
ing the forenoon of more than 4O,OoO shares
At the opening of business here declines
were shown corresponding closely with the
losses reported from London. 1t was very
quickly observed. ho6ever. that there was
little other liquidation than that repre-
scented by the foreign selling, ana the deai-
ings soon assumed a steady tone.
1t was only to be expected that the trad
Ing should show a great deal of irregularlty
during the day, and such was the case, Dut
It was the general opinion that the intrinsic
strength of the market had been put to
severe test and had been fully Vlndlcated.
There was. naturally, little business trans
acted by commission houses, and there was
no little conjecture with regard to the
sources from which the buying orders orlgi-
mated which served to support prices.
Effect of City Campaign.
In addition to the influence exerted from
abroad. there was also evidence OF contlh-
ued although diminished. uneasness re-
specting the outcome of the mayoralty cam
paign Sterling exchange continues to ad-
vance also, and the indications pointed
strongly to gold shipments to Europe by
next Tuesdays outgoing steamships. ASIDE
from the relaxation in the money market.
there was nothing at all which could be set
up against the mentioned category OF un-
favorable influences.
The preliminary estimates of the principal
movements in currency during the week
indicated variously that the banks had
gained about $500. 600 and others that they
had lost on balance about the same amount.
Inasmuch as most of the new lending on
call this week has been directly by the
banks, IL was considered probable that the
loan account in tomorrow's weekly state
ment would show a considerable expansion.
in which case reduction In surplus re-
serves would seem likely.
Earnings Statement.
The earnings statement made public to-
day made rather mixed exhibits and there
was no other actual news relating to indi-
vidual securities. The volume of business
was on about the same scale that of
yesterday and a very fair distribution of
activity was apparent.
The anthracite coal shares, while opening
lower. in common with the remainder of
the market. subsequently showed excep-
tional strength. and a further active rise
took place in Lehigh Valley in Philadelphia.
Other stocks which showed excellent sup
port, even in the opening dealings, were
Pennsylvania and Union Pacific. Northern
Pacific and Great Northern were freed from
the pressure TO which they have recently
been subjected. and both stocks rose
smartly.
OF active railway issues Erie was rather
notably weak. and the convertible bonds de-
clined sharply in bond market. The local
traction stocks were relatively steady from
the outset, reflection perhaps OF the more
confident opinions entertained as TO the
outcome of the elections. The Industrial
and miscellaneous stocks moved in common
with the general market. opening lower,
and later showing an irregular tendency
toward higher prices. American Locomo-
tive. American Smelling. Distillers securi-
ties and General Electric were notably
strong.