Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-02
Good Deal Of Uncertainty
Marked Local Trading
BY LONDON INFLUENCE
EUROPEAN STOCK EXCHANGES
GREATLY DISTURBED.
Some Stocks Attained New High Rec.
constructions Were Weak-Fair
Volume of Business.

Special Dispatch 10 The Star
NEW YORK November The reopen
ing of the European stock exchanges re-
vealed the fact that those markets were
considerably disturbed by the disappoiIit-
ing results upon Russian sentiment of the
cars sweeping concessions, and these
feelings found expression in a rapid de-
cline of over l point in Russian Imperial
4 per cent bonds
The general London stock market was
heavy, with American stocks for the most
part quoted at material declines below
parity with New York's closing figures OF
yesterday Foreign houses sold quite heav-
lily in this market, d.sposing of between
10000 and $4,000 shares, according to vary
ing estimates.
The Bank of England's rate of discount
was left unchanged at 4per cent, and the
banks weekly statement made a poor show
ing, the ratio of reserve to liabilities drop
ping to $3.50 per cent, against 40.17 per
cent last week. Both the Bank of England
and the Bank of France reported large
losses in gold.
Mainly because of the tone of the Lon
don stock market a good deal of uncer-
tafnty was manifested in the local trading
at the opening of business. Before the
close of the first hour, however, the deal
ings took on firmer tone, and a number
record figures being made, including quo
tations for American Smelling and Reading
commons
The local traction shares were weak in
the early dealings, but together with Con-
solidated Gas they advanced sharply with
the course of the morning.
Election Influences.
The movement in these stocks syn
chronized with the change in the betting
odds on the approaching election In favor
of the conservative candidate, and generally
speaking there seemed to be much less ap-
prehension as to the outcome OF the voting.
The volume OF business was maintained
upon fairly large scale, and wide dis
tribution of interests was again apparent.
Leading features of the railway list were
Reading, Missouri, Kansas and Texas, Erie,
Pennsylvania and New York Central.
According TO its custom, Wall street at
tributed the increased animation in the last
named stock to the return to this country
of the chief leading interest in the prop
erty No particular gossip attended the
movement In the Erie stocks, which, how
ever. showed a great deal more life than
they have done for many weeks past
The anthracite stocks in general were
firm, in common with Reading. and on the
Philadelphia stock exchange there was
further extensive advance In Lehigh Valley.
The Railway List.
Missouri Pacific and the other so-called
Gould stocks were comp aratively heavy,
as was Rock Island. Notwithstanding the
increased activity IN the railway list, the
industrial stocks again furnished a large
proportion of the days total transactions.
At the opening of business American LO-.
connective was unfavorably Influenced by
the publication of an anonymous alleged
analysis of the companys condition, but
that stock later moved upward in common
with the other industrials Other striking
movements In this quarter were Amalga-
mated Copper, the Alis-Chalmers shares,
Pressed Steel Car Railway Steel Spring,
General Electric and Tennessee Coal and
Iron.
There was real news relating to any
of the stocks mentioned. and the discus
sion attending the dealings in them was
confined to consideration of general
character. In fact dividend announce
ments and earnings statements furnished
the whole of the days actual news. In
cluded in the former was the announce
meut that in addition to the regular quar-
terly dividend Of ~ per cent on its COM
mon stock the American Tobacco Com
pany had declared an extra dividend or
10 per cent. Amalgamated Copper and The
United States Steel shares on large transact
tons were also decidedly firm.
Money on call ruled close to five per cent
during the greater part Of the day, and
sterling exchange receded further. The
Indications point to a rather weak bank
statement on Saturday, as on account of
the heavy transfers of currency to the
south and west the banks have lost more
than So, 900 in their operations with the
subtreasury since last Friday.