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Show STOCK MARKET IRREGULAR; REACTION NOT DANGEROUS Cause Is Attributed to Big Loans' of Brokerage Houses; Banks Take Corrective Measures. By BROAD AN WALL. By International News Service. NKW YORK, Oct. 2. I nvesligation of the causes for the jrreuularitv exhibited by the market today disclose the tact that the reaction is nut nearly so dangerous danger-ous as it looks. It is due to the fact that a few brokerage houses increased their loans unduly. Brokerage houses as a whole have not done so. Saturday's bank statements showed tilts, (t is understood un-derstood that the few comml3sion brokers who let their enthusiasm run away with their judgment have been duly disciplined by the banks. The reaction, therefore, is apparently to be a very brief one. In the absence of knowledge of the true reason for it, Wall street has been ascribing it to many things. The favorite explanation was today to-day that too many traders have placed stop-loss orders In the market. It would be better to call these stop-loss of profit orders. After selling out. waiting vainly for a reaction and repurchasing at higher prices several times, traders have adopted the plan of following the market with stop orders two to three or four points under the highest prices. Nuisance to Big Houses. These orders have become a nuisance in big commission houses, and brokers : would gladly see a quick break of fl e points that would wipe them all out. They j would then say that the market had been technically improved to such an extent that it would advance materially. This honeycomb condition does actually exist And a heroic bear raid would accomplish wonder in improving the technical condition. con-dition. Since technical conditions alone controlled con-trolled the market today, the greatest strength was exhibited in those quarters where there has been a slight bull following. fol-lowing. Thus Crucible Steel, American Uoromotive. Balilwln, Tntornr.tiunat Paper and .New Vork A it brake scoi ed intiterial sains, while newrly all I ho other active s looks were feverish throuijhout the session. ses-sion. Norfolk - W estern made a material advance, hut the prosperiiv of that eom-pany eom-pany is such that it would he hard to yet too many people bullish on its stock. Furthermore, a. strong; effort is being made to set liic st reel interested, and thU stock is an admirable leader. Steel Holds Steady. In spite of the i?enet;al reactionary condition con-dition of the market. Steel held steady. New estimates of earnings are making their appearance and each one is laiger than its predecessor. Independents advanced ad-vanced tiie price of several steel products, all of which were already at the highest prices on record. BuVing- of the railroad equipment shares, which has been enthusiastic, is restrained a bit by the discovery that the companies cannot get tree deliveries of raw material from the steel mills up to their full requirements. re-quirements. It does them little good to take big orders if they cannot work them out. But what the equipment shares and other finishing concerns lose on this score-will score-will reflect back on the sm filler steel companies, which are getting all the business busi-ness being placed, now that the big steel corporation is rilled up to the end of next year. I Rumor s:iid today that Chairman Gary of the steel corporation had placet! orders in Japan for a large volume of work lo be done fop the account of his corporation. For years It has been the intention of the steel directors to take advantage of the marvelous activity of the - Japanese. If Mr. Gary has done so now it will be j doubly bullish, because in addition to the money return It will show the Japanese an additional reason for wanting the I friendship of America. |