Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-14
Supporting Orders Offset
Flood of Liquidation.
BIG DECLINES AT OUTSET
Serious Market Conditions Averted
by Timely Buying.
SYNDICATE PURCHASE HINTED
American Stocks Demoralized in
London Mart-Dealings in Very
Large Volume First Hour.
SYNDICATE PURCHASE HINTED
Special DIspstch to The Star.

Special Dispatch TO The Star.
NEW YORK. October 14.-Today's stock
market received and benefited the one
course OF treatment that could possibly
have been cflcscious in all the circum-
stances OF the csse-that is to say, that
supporting orders upon large scale were
sent into a number OF stocks and these
were OF sufficient proportions to Offset
the renewed food of liquldation including
that for foreign account which poured
Into the market during the morning.
Whether this support was of Con
certed'' character. It would. of course be
impossible to say with any degree of GER
tainty. Wall street believed that was in
the absence of any confirmation OF any
such theory and in the presence of
nesations to that effect.
Rumors and assertions to this end flew
thick and fast throughout Wall street
during the morning and quite irrespective
of their exact verify. they unquestionably
played large part in shaping specula-
tive sentiment and led 20 heavy covering
Of short contracts
The Source of the Support
: repeat. then, whether or not the sup
port which was accorded to the market
certed purchases. or whether it stood for
nothing more than large buying by indi-
vidual interests, it beyond doubt served to
avert quite serious market conditions In
fact the days market opened under quite
mauspiciOus circumstances
While there We're few actual develop
ments over Sunday relating to the fnan-
Cial situation at large. sentiment was nat
uraily gravely disturbed by last weeks
serious shrinkage in values. and previous
TO the opening ii was obs arved that Amer
lean stocks were sairly demoraliZed in the
London market
The weakness in the American depart
ment there was described in the early ca
bied advices as being in sympathy with
the course OF. the New York market last
week hut in addition London heard per
sistent and quite definite ruTnors of innmi-
nent financial difficulties on this side of
the water
Heavy Sales for Foreign Account.
Sales upon an unusually large scale were
conducted here for foreign account, the es-
Inmates ranging from 10000 to $1,000
shares.
Transactions were in exceedingly large
volume during the first hour after which
the trading quieted down materially and
the rapid uprush in prices during that
time was succeeded by a greater irregu-
larty of movement. Still the days deal
ings attained a large aggregate and, con-
sidering the highly sensitive and feverish
character Of the dealings. the market re-
tanned its recovery remarkably well.
In the hurly-burly of the days transac-
lions there little discussion with re-
gard to the movement in the market at
large or those In particular stocks, except
Of a technical nature. The rallies were
naturally most extensive in those stocks
which have recently been under the great
est pressure and in which the short inter
est has apparently been the most ex-
tended.
r Some Notable Recoveries.
Thus. New York Central, which COM
rnanded a stiff premium in the loan mar
kst. rose over two points and American
Smelling enjoyed a. extensive recovery.
Some OF the less active issues such as
General Electric. Peoples Gas and West
ern Union3 were exceptionally heavy.
Apart from the days returns of earn
ings and such other routine circumstances
and scant attention was paid to such
matters-there was little further to be
cited in connection with the markets