Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-20
SENTIMENT CONFUSED
selling Transactions Smack
of Bearish Operations.
LEADERS UNDER PRESSURE
Display Fairly Firm Undertone De-
spite Sales.
AGGRESSION ON SHORT SIDE
Credit Situation Inspires More Of
Disquiet Than It Really
Causes.
Special Dispatch to The Star.

NEW YORK. October 2O.-Stocks f1uctu-
ated in an uncertain manner throughout
the greater part of tOday's session. Lead
ing issues displayed a fairly firm under
tone, especially Reading, Union Pacific,
United States Steel, Amalgamated Copper
and American Smelling, which were rath-
er heavily pressed for sale. The selling
transactions seemed to smack a good deal
of bearish operations, but until we'll into
the afternoon, at least, operators for the
fall found no such hollow market as they
discovered in the last hour yesterday,
when prices declined rapidly on a small
amount of business.
On the other hand some stocks today
exhibited advancing strength although
they were not In the class of issues which
usually supply market leaders.
Sentiment was more or less confused.
On the surface of the market there was
bearish faction at work to depresS
prices which seemed to encounter OPPOSE
ton in the way OF support VI commls-
sion house business there was apparently
little. The aggressive activities OF the
day, as yesterday, were largely conduct
ed on the short side, and there was
renewal of the bearish rumors OF which
there was such an output yesterday.
Those circulated today contained nothing
discreditable.
If there is anything in the political,
financial, industrial or speculative sltua-
ton of unfavorable import to security
prices, it can be stated with much con-
fdence that those who should know are
| lacking any knowledge of it.
The stock market for the last year has
not been the kind of a market that
| breeds trouble. except for bears The
| political situation at home is distinctly
| fay over
there there has been no change OF Kind
| that excites apprehension. In fact, the
! foreign situation is such as to cause one
| of our leading bankers on his return
| from Europe to remark upon the spirit OF
| speculation which has been engendered
| or encouraged by it.
Industrial Improvement.
| Industrially, improvement is in progress
on the other side of the Atlantic. and much
| more so is this the case here. For proof
one has only to consult the expectations
entertained regarding the developments at
next weeks meeting Of the directors OF
the United States Steel corporation.
So far as money matters so, the credit
situation inspires more of disquiet than
1t really causes. Foreign exchange here
scored further advance today, and de-
mand sterling Is now up about Y of a
cent in the last week 1t may be that
port level indicates the possibility OF
shipments of the yellow metal at a time
of the year when in the past We have
usually imported it. 1t may also be that
the rise in exchange in the last few days
indicates a further advance in the Bank
Of England's discount rate tomorrow In
fact information received from London
today indicated possibility that the rate
would be made AZ or even 5 per cent.
At the same time 1t is to be noted
Ia rate
effective and that 1t has been taking a
| large quantity of gold out of the open
| market. Apparently its position is i'm
proving Moreover, there is nothing to
show that foreign credits are to be made
| less available to us and the local money
market does not indicate the likelihood
| of a material advance upon the prices
| which are now charged for the use
| of credit. Albeit money matters continue
to be a factor making for present stock
| market uncertainty.
Fair Budget of News.
There was a fair budget of real news
| during the day. some of which had O
bearing on stock market movements. The
shipment of 100000 gold to Canada and
100000 gold to Brazil stimulated interest
in the money situation, and especially IL
| the foreign exchange market The con-
siderations resulting were, however, more
|
ness. than in depressing prices.
Chicago and Northwestern made very
| cheerless response to the definite reports
| of forthcoming stock issue with rights
| Colorado Fuel and Iron appeared to owe
| its aggressive strength to the recent cleo
| ton of ]. d. Rockefeller, jr., to the board
| of directors of tine company. Wabash
preferred was strong on buying, stimu-
lated by guaranteed dividend reports
whether or not there was any basis for
| them. -
| The exhibits of railroad earnings which
| were made were of a kind calculated tC
| suggest confidence in the Fundamental
| situation as an offset to temporary cOndl.
tons in money. For the second week
in October the Southern railway reported
| a gain in gross of 100000. the Louisville
and Nashville gain of 5000, the Ches.
apeake and Ohio gain of $4,000.
! The Baltimore and Ohio reported fol
| September a gross increase of $1,O39, COX
and an increase Of $4,000 in net earn
| ings.