Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-08
BEAR|SH SENTIMENT
influences Price Movements
on 'Change Today.
PROFESSIONAL TRADING
Some Continuation of the Weeks
Liquidation.
OPENS GENERALLY STRONG
List Declines Later and Prices
Harden-Rally Followed by I'm
settled Conditions.
Spectal DfSpatch 10 TIE Star.

NEW YORK October S.-Speculative
considera lions seem to be more controlling
in the stock market today than were any
new DEVELOPMENTS with respect to values
or than the monetary conditions which
were made the excuse if they were not
the reason for the reactionary character
of the stock market this week. BY this is
meant that the dealings in stocks were
largely governed by the bearish sentiment
engendered in the professional trading ele-
ment by the transactions and price move
ments of the last few days. OF outside
buying there was almost no trace, al
though Of liquidation for non-professional
account there was apparently some con-
tinuation.
The floor of the stock exchange was
covered with traders who work more or
less actively. albeit internationally. for
lower prices, and in the brokerage houses
possessed of a following of active specu-
lators the disposition apparently was to
sell stocks rather than to buy them. For
some reason the impression seemed to
have gone about that important interests
were not adverse to further recess:ons in
some issues which had been quite promi-
nent lately, the theory apparently being
that the market would be more normal
without quite SO much concentration of
speculative activity. The only result of
tI1lS impression was 10 continue COHceHtTt-
ton of speculative activity, this time not
for the rise, however, but for the fall on a
very limite6 number of stocks.
Extensively Irregular.
For the greater part of the day. the up
shot of the selling was to develop no dis
tinctly downward tendencies in the mar
ket as whole. AS matter of fact the
days price movement followed the more
,1oc of< -in1ar
abrupt reversal of a rapid advance 1t
was extensively irregular and particular
price movements were about as much
mixed as sentiment was confused by the
emphatic expression of bearish opinions.
AS Is usual also in such cases, the sell
buying and was presumably for this very
reason of much less Importance.
The market opened showing general
strength, but in the early dealings what
looked very much like a raid on prices
turned the whole list downward from the
opening levels. and. indeed. succeeded in
causing general declines from last light
close. Toward the end of the first hour
the market hardened and then rallied
with some vigor after which it became
and continued quite unsettled until well
into the afternoon.
Time Money Firmer.
Call money ruled about yesterdays level
Of AZ per cent. The time money market
began to show much greater firmness for
the earlier than for the more distant ma
TURTLES. Five and six months loans
were quoted at Az to AZ per cent, accom-
mediation for nearer dates being firm at
AZ to 4sl per cent. The money market
did not reflect either an improved or a
weakened bank position.
The subtreasury transferred 81. 600. 600 to
San Francisco today for shipment to
Japan. making the total outgO Of gold on
the present Japanese movement sol .0OO. COO
to date. Up to this morning also the
banks lost 81. 392. 600 cash to the subtreas-
ury since last Friday. and the outlook for
tomorrow's bank statement is for a cash
loss in the neighborhood Of 100000 by
the clearing house banks.
The chances are. however. that the bank
statement will be either a perplexing or a
highly interesting exhibit because of the
shiftings of loans and deposits incidental
to the advance in money rates this week
and the stock market liquidation.