Evening star., 1905-10-22
Whole List Shared in Strength
and Animation,
BUT NOT EQUAL DEGREE
BAsED ON BELIEF STRAIN ON
MONEY MARKET IS PASSED.
Despite Dull Business, Foreign Ex-
change Rates Made Further Ag-
gressive Advance.

NEW YORK. October 81. = The whole
stock list shared in the strength and ami
nation today, but not in equal degree, the
same marked partiality being shown LOT
low-priced stocks as in the active revival OF
speculation Yesterday. A large majority OF
the widest movements today will be found
among stocks selling below 80. The pref
erence is due 10 the idea that less money
will be required 10 carry this class of stocks
on margin during the close conditions IN
the money market.
This represents the spirit of concession
TO the remaining uncertainties over the
money outlook In entering upon the present
attempt at speculative revival The re-
vlval is based, however, upon the expecta-
tions that the strain in the money market
has passed and that easier conditions may
now be looked forward to. The bank state
ment did not come up fully to expectations
in its strong features. but the recuperatiOn
disclosed was accepted in the speculation as
of good promise.
The increase in cash of 81 ,I97 200 was only
about one-third what was expected in the
preliminary estimates, and the current COM
ment on the stock exchange explained this
as being due to the larger part of the re-
ceipts coming in the latter part of the week.
and so figuring in the averages for only
part of the week. The tone of foreign
money markets was also easier and stocks
We're benefited accordingly.
In spite of the dull business of Saturday
foreign exchange rates made a further ag-
gressive advance here. and the possibility
of an early export of gold received addition
al discussion. The stock market, however,
was unaffected by this consideration and
closed active and strong.
Total sales of bonds, par value 50 900, 900.
The Stock Prices.
Prices of stocks have backed and filled
through the week without getting far from
a given level in either direction There has
been evidence of a waiting speculation,
which was disposed to make tests of the
market on any sign of easier money, and
the course of the money market during the
week has been toward mitigation of the
tension in force through all the great
money centers
At the same time it was clear that the
Improvement in the money situation was
due largely TO the restraint on the specula-
ton, and the fear has persisted that any
departure from the conservative spirit
maintained in the speculation would find re-
sources insufficient TO maintain itself
Abroad the Bank of England has maneu-
Vered to protect the London gold supply
and by sharp advance in its bid for in
coming gold succeeded in diverting the ar
rlVtis INTO It's own vaults against the eff
forts of foreign bankers including those of
New York, to secure the supplies
fOrelgn exchanges on London have been
turned IN favor of that center by the same
methodS and ii was found unnecessarv
10 make further advance in the Bank of
england rate of discount The Imperial
Bank OF Germany, in the two weeks mast
mas effected drastic retrenchment at the
expense of a hardening of open marker
money rates end curtailment of specu-
latiVe activity at that center In accordance
with the policy avowed by the president of
jhat bank at the time the official rate of
discount was advanced. At Paris also
the money rate has advanced and the au-
thorities of the Bank of France have shown
their disposition to conserve the large re-
serves or that Institution. supposedly In
preparation for the forthcoming Russian
loan.