Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-20
Sluggish Speculation Was
Stirred Today Vigorously.
THE CAUSES UNKNOWN
MONETARY AFFAIRS SHOWED
SOME RELAXATION.
Banks Gained in Currency - Upward
Rush In Stock Prices+Uueasi-
ness Over President.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK October Cot was by no
means easy today to say exactly what 1t
was that stirred the previously sluggish
speculative pool today but at any rate, the
waters were dashed quite vigorously, and
the stock market made a better showing In
respect of strength and activity than has
been the case for several weeks.
II was true for one thing that monetary
affairs showed some relaxation, and some
what lower figures were quoted. both for
call and time loans. The easier tendencies
were not, however, very sharply de-
fined and could hardly of themselves be
named as accounting for the general up
ward rush in stock market prices
The preliminary estimates of the princi-
pal movements in currency during the week
indicated yariously that the banks had
gained between SO. 100000 and $5,0oo00o
and II was the general disposition to ac-
cept the latter calculation, as they have
taken from the subtreasury alone in their
dealings with that institution this week
more than 100000 Sterling exchange
scored a further sharp advance, but the
movement In that direction was entirely ig-
nOred In the stock market.
The current demand for foreign exchange
Is believed to reflect largely remittances to
London on account of the Japanese loan.
one influence REFERRED 10 IN COnueClloH with
the stock markets pronounced strength
was the general feeling of relief felt IN
financial circles on account of the tenor or
the addresses which the President Is de-
livering in his tour through the southern
states.
There Is no doubt at all that there has
grown up. particularly In speculative quar-
tiers, great deal of uneasiness lest the
President should give utterance to views
upon his various hobbies even more radical
than those which he has already expressed,
whereas his latest utterances have been
characterized by an unexpected degree Of
conservatism.
- Hard to Find a Cause.
At any rate. in the efforts to assign some
specific cause for the markets sudden ac-
cess of animation that was named as one
of the reasons therefor.
While the market opened firm and mod
erately active. there was nothing IL the
early dealings which suggested the suhse-
quent course of events.
America stocks showed a fair degree of
strength in the London market and specu-
lative sentiment was favorably Influenced
by the fact that the quotations from that
point were succeeded by a purchase for
foreign account although the latter were
upon only a moderate scale. The buying
under which the general and vigorous up
ward movement really took place set In we'll
after the opening. and apparently represent
ed purchases for both speculative accounts.
Heavy coverings of short contracts were
plainly in evidence, and In addition there
was very sudden but pronounced increase
in the business of commission houses at
large. The total transactions showed
heavy increase over recent averages, and
there was wide distribution of activity.
The industrial quarter continued very
prominent In the days dealings, and indeed
It was there that the more extensive ad-
valces took place.
Leading Industrial Features.
Leading features were American Locomo-
tive American Smelling, the Allis Chal-
iners shares. Tennessee Coal and Iron.
Sugar Refining. American Wooden. Vir-
ginia- Carolina Chemical and American Car
and Foundry