Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-23
STOCK MARKET WEAK
Money Conditions Here and
Abroad the Cause.
BULLS AND BEARS CONTEST
Effect of Decline in Exchange on
Gold Expectations.
ACTIVE TRADING IN NEW YORK
Heavy Supporting Orders Arrest the
Recessions - London Not
Recognized as Factor.

NEW YORK, October 23.-The stock
market was weak today and money condi-
tions here and abroad were again ad-
vanced as the principal reason. The opin-
ions Of bankers continue to reflect much
diversity on the subject, the prevail
ing belief being. however, that the Sit
uation abroad has been much exaggerated.
The probability of gold exports to Europe
next week has been somewhat lessened by
yesterdays late declines in exchange, but
further exports of gold to South America
during the next week are now certain.
On the stock exchange sentiment was
almost unanimously bearish. London was
not a factor in local operations. selling
probably less than 5000 shares on bal
ance. During the first half hour trading
was strongly suggestive of contest Tor
control of the market between the Dull
and bear factions. There were heavy sup
porting orders. especially in United States
Steel, and these orders served to arrest
the decline. The market showed some
rallying by the end of the first hour.
Again at Lower Level.
Prices broke again to the lower level
half an hour before the close of the mar
ket The decline was concurrent with q
short recovery in foreign exchange, all Of
y
were heavy purchases of German marks
in anticipation of an advance Of the Inn
perial Bank of Germany's discount rates
next Monday.
The opening was heavy, but at declines
which were only about half the losses
London market. In the substantial trad
ing further recessions were forced, but
on the whole the market offered firm
resistance. and in the early part Of the
second hour the extreme losses for the
leading active issues were less than
point, While u. S. Steel, which Is right
fully regarded as more or less the key
to the stock market situation, showed a
decline of only about half a point. The
most extensive loss among the standard
stocks was shown by Union Pacific,
which was a particular target Of bearish
attack.
Advance in Foreign Rates.
Talk of further advance in the dis
count rate of the Imperial Bank Of Ger
many, and possibly of an advance in dis
counts at Paris. led to apprehensions
that the result would be another advance
in the Bank of England's rate. If the
great foreign banks are going to en-
gage in struggle to obtain or retain
gold the consequence must inevitably
be severe test OF the strength of Wall
streets position.
Foreign exchange nuctuated extensively
here this morning. without furnishing any
clear indications for the coming week.
The routine week end news was of mo-
notonously favorable tenor. which has
been its characteristic for long time
Bank clearings for the week Increased
"a per cent throughout the country. The
American Railway Association reported a
total car surplusage at the middle of the
month about one-third of the surplus at
the beginning of the month and an actual
shortage in some sections. The trade re-
views spoke of a range of reports ex-
tending all the way from moderate i'm
provement to extraordinary buoyancy.