The Washington herald., 1906-11-09
STOCK MARKET SAGS
Opens Strong, But After an
Hour Becomes Very Dull.
CALL MONEY RATE ADVANCES
Election of a Democratic Attorney
General I'm New York One OF the
EactOrs-Bank of England Does
NOt Advance It's Discount Rate.
Notes and Gossip in Street.

NeW 1Dlk. NOV. o.-FIlteS OF securities
made net declines to-day. largely as It
seemed because Of a sharp advance in
the call money rate on the stock ex-
change.
In the first hour OF the business the
market was strong, the upward move
ment being stimulated as was the case
yesterday by an advance IN the Northern
Pacific and Great Northern preferred
shares based on the circulation Of stories
THAT = distribution Of equities In some
form upon the stocks Of either or both
Of these companies was near at hand
In the second and third hours of stock
exchange transactions this buying came
10 an end and the general market. al
though il held its gains, was as duh as it
Aas been at any time during the year.
Tie prices began to fall away slowly,
eliminating IN drop. as stated. when
in the final hour of business the call
money rate rose.
In the earlier part Of the day more
hopeful feeling regarding the immediate
future Of the market undoubtedly pre-
vailed
Does Not Change Its Rates.
The Bank Of England did not advance
its discount rate at the weekly meeting
OF its directors and anXieties regarding
a possible advance in the banks rate
N the near future were allayed by the
publication OF the institutions statement
OF condition.
The bank In the last week increased its
holdings OF gold and bullion nearly s.. go
te0 has reduced Its loans and had raised
Its percentage Of reserve against IabiH-
Ties to SSSSS per cent as against S65I per
cent az the time OF the last report and
4o per cent year ago.
The banks condition is admittedly low
for the time Of year and there is no
prospect that any reduction In its dis
count is likely for several weeks to come
1t is cle'r however that the banks re- /
serve Is being rapidly replenished by the
receipt Of new gold from Africa and also |
tnat the money withdrawn from the bank
20 ala in the yearly financial settlement
OF many institutions which occurred on
the first Of the month IS gradually re 4
turning again to it's Golfers.
Fear New Attorney General.
On the other hand some uueasiness {
was expressed in speculative circles this
morning over the possible effect the mqr-
ket will see on the election. as it seems
assured OF an Attorney General who is
supposed to hold the views regarding
the corporations entertained by the de-
Ieated head OF the Democratic ticket.
Still the course OF prices seemed to
make further demonstration of the fact
5llat stocks are at present lodged IN
strong rather tha7 weak hands. that the
market was ore that was thoroughly un-
der control and that various develop- =
ments helpful % values might be ex-
pected at no very remote period.
Ihls general conclusion regarding the
status 0f the market Was not. il NAV
be said, disturbed by the decline that fol-
oWed later. Nevertheless the decided
Stiffness Of both call and time money
rates IN the afternoon naturally caused
more or less selling Of stocks. Cali money
rose 10 10 Der cent, although this was
Aiter the bulk OF the days borrowing
1ad been completed at rates not above
per cent; while money Tor use over the
thd OF tic year was again IN strong de- s
Mand AZ ! per cent. and money. for as
long periods as i've months lent az sIs 4
per cent
L became known, indeed. that in seat b
L@red instances today 6 per cent was paid
-or SIX months money. Such high rates I
as these last quoted were Of course rep-
resentative. but they attested the general 7
pressure tor funds now felt IN the fnan- I
ciaI district II
London stocks Arriving.
There was some calling Of loans on the
floor Of the stock exchange to-day; but
Ihe rise In money rates was unouestion-
ably fairly attributable to one cfrcurn- \
stance only, the necessity exerted locally n
of taking Up the large quantity Of stock
recently transferred to this center from d
London. 2
To certain extent, as has been duly p
chronicled IN this column. the stock liGUf- F
dated in London by American holders was ii
paid for by its owners on this side by i'm \
mediate remittances Of cable and demand a
exchange at the time the same was made. a
but IN the majority Of cases the stock a
thus sold was turned over to London A
banking houses who shipped 10 this city A
AFTER the last English financial settlement A
and now on the arrival OF the stock re- y
1eiving payment therefor. L
5 eamshipS reaching this port last Sat n
Irday brought q deal of this stock. sin N
yle local tanking institution. and that. too. Il
not one Of The largest, paid on Monday for II
1ver SS,oC0e0 worth OF stock thus sent. %
Ano"ledge Of these facts, therefore. inev- \,
taoIy LED to anticipa tons to-day thar the -
5anb statement at the end OF the week =
would not make as pleasant q showing as L,
I'D its two Immediate predecessors c.
Il is still the case, however, that private
snders and out-of-town institutions arc
extending credit heavily. and It Is not i'm
probable that the popular conception cur
ent this afternoon of the increases in e.
sank loans that win be shown in Satur- a,
lays clearing house statement viii prove Al
O be exaggerated. Al