The St. Louis Republic., 1905-11-09
GENERAL STOCKS DECLINE;
READING MAKES ADVANCE.
ONE ISSUE CONTINUES RE-
MARKABLE FLIGHT.
Eager Desire and Seeming Neces
sity for Liquidation Apparent
Through the Session.

New York. Nov. s-Reading continued
its surprising advance In the market to-
lover. The volume OF the market under
vent q considerable expansion. but this
vas largely attributable TO the enormous
ket to itself for long periods
The relation between the rise in Read
Ing and the weakness. In the rest OF the
In Reading usually preceded the free SELL
ing movements OF the day elsewhere.
Whether the excited advance in Heading
holders Of other securities ror fear OF q
disaster to the shorts In that stock, or
whether Reading was pushed up In an ef-
conducted elsewhere. were differing con-
lectures open to the choice Of observers.
IN. deslre and apparent necessity TO 70
rutic.ently obvious This pressure was
commonly attributed to the exisencies OF
- s.5a:y situation. aithoush the sontsm- l.
plation Of the results OF yesterdays els C.
lion undoubtedly was an unsettiing inf1u-
ence on epecSlative sentiment In some
cases Taking the results as a whole there
conducive u corporation advantage OF
, privilege in the spirit Of the electorate.
the isuenee of he he
| outlook. and gave II a dominant effect In
the later trading.
| heavy cash !cs.es out Of the measer sur
! plus reserve shown by Saturdays bank
| statement. The outgo from the banks
sp.rsi6hs s,sSs ,hs' ,ene amount. 10
| To-day there were transferred through
the Subtreasury &.'sO.DU to New Orleans
| and S,oo.,s0 90 ST. Louis This would be
! more than SUFFICIENT to wipe out the sur
plus as II stood on Saturday. There are
heavy movements OF currency besides by
direct express movement to the interior.
The rise in the call-money rate TO the
| maximum o. the year at 81. per cent and
the movement to reduce obligations by
| liquidation Of stocks therefore were not
surprising: Neither va. the check TO the
pressure for withdrawal Of gold for eX-
port from New York TO be wondered at
| In view OF the urgent need for funds de-
veloped here.
| The foreign exchange market however.
| showed no Yielding tendency. although II
did not advance. The money situation In
London and In Paris seemed rather easier.
| fitting from the refiux OF funds from the
British interior points.
Tn. effect OF the Berlin situation. how
ever. and Of the advance In the German
Imperial Banks discount rate on Monday
lef; open the possibility OF an advance
tomorrow In the Bank OF England rate.
Sterling exchange at Berlin underwent a
sharp decline to-day. Besides Reading.
there were some other poNn,s OF strength.
| mostly amongst industrial spscia!ties. the
iron and other steel stocks figuring large
ly in the showing.
These movements were attributed more
I" professional operations than 20 any
| large general demand The decline gained
cumulative force in the latter part OF the
day and the closing Was active and weak
AT the lowest prices of the day. The
special weakness Of Missouri Pacific Was
attributed To the poor comparison of earn
ings with las, year. The leadership of
, St Paul in the decline was OF decided
effect on speculative sentiment.
Bonds wer. easy. Total sales. par val
u". S.23"o United States bonds were
all unchanged on call.
"