Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-22
BEAR PARTY limited
Cause for Irregular Move
ments in Stocks Today.
GOLD IMPORTS FACTOR
Exchange Market Strong In Open
ing at Advance Over Yesterday.
FOREIGN RATES OF INTEREST
Reasonable Surmise That Imperial
Rank of Germany Will Fol-
FOREIGN RATES OF INTEREST
Reasonable Surmise That Imperial
Bank of Germany Will Fol-
low London's Lead.
Special Dispatch to The Star.

NEW YORK October o2.-Money mar
ket facts. and opinions about the money
market. dominated the exchange today,
and the dealings in stocks represented
chiefly the operations of the professional
element. especially room traders. There
was obviously some scattered commas
sion house liquidation. but commission
houses figured little i'm the transactions
otherwise.
Who the buyers of stocks were outside
of the professional covering sales made
for turn. is an interesting conjecture,
because il was of a sufficiently potent
character to offer rather striking resist
ance to professional efforts and to pre-
cipitate an extensive break. If there is
bear party at the present range of
prices. as was more than inferential
from the trouble yarns circulated earlier
in the week. it was at work today, but
for the greater part of the session the
amount of encouragement which reward
ed it is problematical.
Under the circumstances the market
until we'll into the afternoon at least, was
not affected by the shocks which it had
been called upon to endure to an extent
which would indicate inherent weakness
resulting from excessive buying on Dor
rowed money for the rise.
Beginning of Gold Exports.
Gold exports We're announced as about
to begin with a shipment of $3.50. 900 to
South America, This, at all events, was
the first engagement reported in conse-
duence of the advance of foreign ex-
change toward the gold export point I'M
der the influence of the further advance
in the Bank of England's discount rate
Several firms. including banks which are
always alert to take advantage of prof
liable opportunity to export or import gold.
were understood to be calculating the
possibilities closely, and there was a gen.
eral belief in the banking community that
gold to moderate total would be ship
ped abroad before exchange turned more
in our favor. Albeit, today's initial en-
sagement was said to be one which the
firm making it had been figuring for some
time.
Up to the fore part of the afternoon the
exchange market, instead of showing any
weakening, was strong. at an advance
over yesterday. At the same time, the local
money market, to some extent. seemed to
belle the unfavorable development pre-
sented by the situation in exchange Call
money ruled from AZ to AZ per cent dur
ing the greater part Of the day. although
loans made today carry over until Mon
day The fact was taken to indicate that
the bank statements tomorrow would
show no change for the worse.
Facilitating Declines.
Talk of gold exports and monetary dis
cussions generally were made to do serv-
ice in facilitating operations for the de-
cline in stocks. The impression produced
was not weakened by apparently reason
able surnise that the Imperial Bank Of
Germany would advance its discount rate
next Monday from to .1s or 6 per cent
There is probably a closer connection be-
tween the changes in the Berlin bank
rate and those which have taken place in
the London bank rate than has been an
preciated in Wall street lately
At all events. the connection was not
overlooked today. Wall street discussions
hinged very largely upon the possible no.
litical aspects, both domestic and inter-
national. or the action which the Bank of
England directors have taken this month
Says and Slumps.
Outside of money market DEVELOPMENTS
there was no news of stock market con-
sequence-at least none which affected the
dealings in stocks. The stock market
opened at irregular price change. declines
predominating In the early dealings
further declines were scored of fractional
proportions. following which prices re-
covered Slightly. Thereafter they saeged
and slumped toward midday in fit of
active selling.
In the early part of the afternoon
the market was rather quiet but unset
tled. At that time Union Pacific Read
ing. Missouri Pacific. United States Steel
and Amalgamated Copper. which had been
heavily pressed for sale showed declines
OF about two points each from last nights
close. ST. Paul. Southern railway South
ern Pacific. Northern Pacific, Missouri.
Kansas and Texas, Chesapeake and Ohio
Brooklyn Rapid Transit and American
Smelling showed losses of about one noint
each.
Erie Issues and Ore.
Contradictory strength was shown bv
the Erie issues and by Great Northern
Ore The lnterborough stocks Illinois
Central. Pennsylvania, the Rock Island
issues. Texas and Pacific and the Wa
bash stocks were relatively firm under
pressure.
With regard to the current reporrs
concerning the purchases of Wabash
preferred it may be said that acoul-
sition with brass band features IS not q
characteristic operation Of the interest
to which rumor attributes the buying
IF, however, control OF the Wabash has
been. already lodged in new quarters
and if the preferred stock is to be ia
Norably dealt with as result fne
relative heaviness of the common stock
would be thereby explaipeI