| Show MARKET operations THROW LIGHT ON PRECEDING EVENTS hands of professional element arc shaven to be behind upward movement bew york oct 24 probably tho chief importance to be attached to stock market Is ahe light it throws upon the preceding markets the days reaction with entire lack of any change in news made pretty con elusive evidence of the wholly professional character 0 the upward enove the deurand for blocks in the loan department of the stock exchange was not moio than nominal today in heating the largo reduction in the large short interest the conclusion was accepted as reasonable therefore that yesterdays million share market was due to the combined efforts of tho retreat of a considerable short interest driven to cover by last weeks advance in prices and to the taking of profits by the party ot professional speculators which had conducted the operations for the advance A small increment from the outside demand attracted by the spurt in prices facilitated the movement to take profits the joint effect was aa extensive closing up of outstanding speculative contracts 0 that the market of today was left clear for new ventures the fact that yesterdays iester days early advances had carried the average level of prices to the highest of the year and in fact to the highest record prices as a whole was a subject of comment and doubtless an occasion tor hauef the low grade ot some afi the securities which were being rushed forward into prominence was also a subject for grave questioning it Is the experience of the speculative markets that the stirring up of suan securities as a class is resorted to only because the possibilities for advance la stocks of more substantial value have been exhausted selling for account was quite a factor in the days weakness and the approach of stock exchange settlement there WAS held to explain the selling there were small changes in tho money market but considerable importance was attached to taft public statement of the president of the imperial bank of germany expressing satisfaction with tp international money situation now corli exchange at chicago fell back to par the continues to yield cash to the banks and the money market waa called easy the special points of strength la market were without explanation and were believed to be attributable to operators tactic tor the purpose of sustaining the market against the realizing in progress the hard and soft chalers were tho coni examples ot such stocks their sustaining influence was effective in limiting the declines and restoring some part of the losses the market closed heavy bonds were firm total sales par value united states bonds were all unchanged on call |
