Show ILL VALL SI ST MARKET MARKE REACTIONARY S AT START Big Financial Deals Are Completed Without x Sign of Flurry Flury Furnished by the Harold R. R Smoot Co NEW NEWYORK NEWYORK YORK YORK Oct Oct 18 Tho T stock market arket became decidedly reactionary before the end nd of the te first halt half haf hour with wit particular pressure pressure pres pres- pressure sure on American Woolen Sears ea and United States Rubber Both and Sears made new lows tor or the e year Oils I heW held hel up comparatively well although traders tried to break Mexican Petroleum United States Steel corporation directors directors' meeting OctobEr 26 to act on dividends and make public statement of earnings for Cor third ter Regular dividends are expected Est Est- mates of earnings for the quarter range and that that since Ince January 1915 to January Januar 1 1 1920 United States Steel Inv inventories Increased only while working capital In Increased Increased In- In Increased creased ha has bas attracted a great deal of buying in common corn It reflects strong financial position Average I price tw twenty nty industrials 84 96 off 4 H 44 twenty rails ri 84 05 off 60 Dow Dow ow Operations In Wall Val street last week were ere und under r the Influence of the huge financing turnover Involving maturity of the French Anglo French loan the offering of upward of In new treasury c cerIn certificates r- r In this federal federl reserve district alone these thee S projects entailed the exchange of not less than Probably never before In the history of ot the financial community has baa ha there been anything like this either Ither In character or scope and anti withal attended with relative ease In preparation when all al tue circumstances are taken Into consideration tie It I was to be expected expect d that the vast preparations prep- prep I required should cause hesitation and and caution cauton in security market circles since I there was wa no adequate precedent to foreshadow foreshadow fore fore- shadow the outcome with respect to the strain on the banks banks Saturday which put a period to the financial preparations and completed com corn the operations themselves renewals were made at 9 per cent and later In the day th loaning rate rate- was wa marked down to i 6 per percent cent cent S.- S. This relaxation in rates was logical and explained the behavior of the stock I market l In the latter t p part of the week At the beginning nl of the tho n week ko the eb bears s were I enabled to make snake no little Impression on val val- ues particularly of Industrial descriptions description and the short Interest already substantial was enlarged thereby causing the shorts to give earnest thought to their position once the financing operations w were re out of the way Accordingly a covering movement of ot no m mean an proportion was set in motion on moton Thursday and again on Friday by way of ot anticipating an an- the reaction fro mihe previous strain stain and In addition additon a 0 possible forward movement stimulate l by the app approaching elections In this process as wei as In the te manifestations within the market pre pro I the division of the market Industrial Industria and railroad issues Isue cont cont conti be emphasized the torm former r Influence nce ly Iy by the exigencies of ot the profess silon and the latter by the Invest terest terest Sun t With the outlook for tor easl easier r mone coming week and the tho effects of t of-t t mercial and economic crisis abroad less discounted the market should its own We are fr friendly to tot I at current levels honnard Mills MilI Mil i |