Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-19
Heavy Selling Today For
London Account
CAUSED A WEAKNESS
STOCK MARKET DEPRESSED AT
THAT POINT.
Weekly Crop Report Made an Unfa-
vorable Showing-Clos-
ing Lists.

Special Dispatch to The Star
NEW YORK, September 19.-The main
reason for the weakness in today's stock
market was the very heavy selling Of secur-
tiles for London account The stock market
at that point was depressed, both because
of the expectations that another advance
In the Bank of England's rate of discount
would be ordered on Thursday. and also
because of a revival of uneasiness with re-
spect of the diplomatic relations between
France and Germany arising from the Mo-
rocco controversy. The selling for foreign
account was continued until an unusually
late hour and aggregated more than $4,000
shares. This selling coming upon narrow
and professional market naturally pro-
duced a greater influence upon values than
could otherwise have been expected. There
was nothing whatever in the morning
news or in local developments to be cited In
connection with the course OF prices. The
weekly statement of the governments
weather bureau bearing upon the agrcul-
tural situation made a rather unfavorable
showing. but II Is too late in the season for
such an exhibit to be treated with much
concern. Money on call continued compar-
atively easy, with the bulk of the borrow
Ing effected under 31i per cent.
The local subtreasury was again q large
debtoA at the clearing house settlement. to
the amount today OF more than 81 100, COO
The banks have gained in their operations
Win the SuDIredSuTy since last FRIDAY
about 10000, as compared with large
loss In the corresponding period Of last
week. Sterling exchange rates were not
materially altered. but additional engage
ments of gold amounting to s. 10000 were
announced.
The greater part of this sum was en-
gagged by the banking house of Lazard
Frere, but additional undertakings by a
local national bank should serve to dispel
the opinion which had been expected that
last weeks importat ton of the metal had
more to do with the stock than the foreign
exchange market Today's gold contracts
were arranged in the London market, but
1t Is understood that no obstacles to gold
shipments are presented at Paris, and
should the foreign exchanges In their COM
plicated working turn to that point there
Will be no difficulty IN obtaining supplies Of
the yellow metal there. Earnings state
ments again furnished the only news there
was relating to particular stocks
These were most favorable exhibits, al
though the Southern railway lines reaching
toward New Orleans showed smaller in
crease than have been reported of late on
account of the interruption to traffic result
Ing from the yellow fever quarantine. The
annual report Of the Westinghouse Air
Brake Company. showing an increase In net
earnings OF about SO per cent, was about
the most important contribution to the evil
dence with regard TO the prosperity OF in
dustrial corporations. The days routine
circumstances had apparently however,
little to do with the drift of prices in The
stock market. which was determined by op-
erations for professional account largely
influenced In turn by the foreign selling
There were very few exceptions to the
common tendencies of the market, and they
were seemingly of no general significance
The Republic Iron and Steel shares were
again exceptionally firm, but the average
maximum losses in the railway and indus
trial stocks appropriated per cent. In the
local traction issues there was renewed
pressure upon the Metropolitan stocks
which was accompanied by a repetition of
yesterdays discussion as to the showing
which the New York City Railway Com
pany would make In its annual report.