Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-07
Market Still in Unsettled
Condition.
TODAY'S QUOTATIONS.
SOME DEGREE OF RALLYING
POWER SHOWN.
Feverish and Unsettled Feeling
Shown During Morning Hours
Of the Market.

Special Dispatch to The Star.
NEW YORK. September 7.-Todays stock
market continued in a very much unsettled
condition. but. broadly speaking. 1t showed
a somewhat reduced pressure Of liquidation
as compared with yesterdays dealings. and.
on the other hand. better measure OF sup
port. These circumstances did not prevent.
however. further declines during the first
hour Of business, during which practically
all of the active stocks averaged fully one
point. In contrast, though. with yesterdays
almost unbroken decline, the market today
showed some degree of rallying power, and
recovery from the depression near the
opening carried a number of stocks back
above yesterdays closing figures. Notwith-
standing this. the market was throughout
the business session feverish and unsettled
The banks action today was not alto
gether unexpected. although It seemed to
be the common impression that the rate
would not be advanced for another week or
so. The London stock market was In con-
sequence unfavorably affected In all de-
partments. with rather pronounced weak
ness In Japanese issues. The course OF the
latter may have been and probably was in
fuenced by the evidence Of the extreme dis
satisfaction of the Japanese people with
the terms OF the peace treaty. but II seemed
to be the common assumption that the ac-
ton of the Bank OF England and the course
OF the London stock market foreshadowed
the early announcement OF a large new
Russian loan. There was much local DIS
cusston also with regard to the latter pros
pect. conducted mainly on the theory that
in the event that a considerable portion of
the Russian loan should be offered here,
there would be involved a comparative dis
location of other investment and specula-
tive holdings
Further speculative liquidation in ire
mendous volume was conducted. profess
sional operations for the short account
were aggressively prosecuted and the
execution of stop-loss orders was observ-
ed as usual as in similar periods OF grave
market unsettlement. AS Is ordinarily the
case in such circumstances. the Identity
OF the chief buyers of securities was
quite obscured by the other more striking
features of the dealings. 1t would ap-
pear to be a safe assumption. however,
that during the unsettled state of the
market within the past fortnight securi-
ties have passed into much stronger hands
than those In which they rested previous
1y The chief development In the days
situation was the advance in the Bank of
England's rate of discount from 2h to 8
per cent. This Is the first change made in
the banks rate since last March. when
the figures were reduced from to 2h
per cent.
Today's rates for call loans unauestion-
ably involved a very considerable trans
fer OF loans from the associated banks to
extra clearinghouse tenders. but 1t IS a
be reflected in this weeks bank statement.
Statements of earnings and dividend an
nouncements comprised the only news re-
lating to Individual stocks. aside from the
renewed reactionary course Of copper
metal. In the much-perturbed state Of
speculative sentiment the preliminary an
nual report of the Erie Railroad Company
was unfavorably received. and doubtless
for the same reason the speculative dia
tribes from Boston came In for a greater
amount of attention than would otherwise
have been accorded them.
The operations IN this market for foreign
account were nearly altogether sales. but
were not much in excess of 5000 shares.
The advance in the Bank OF England's dis
count rate was Immediately reflected in a
sharp break in sterling exchange, which
was naturally particularly extensive in the
figures quoted for sixty day bills. The local
money market advanced further after
opening al ~ per cent for call loans, at
which rate renewals were effected. This
mornings figures of the operations between
the banks and the subtreasury showed that
the former had increased their loss since
last Friday to an amount in excess of
100000.