The Washington herald., 1906-11-10
MARKET is LISTLESS
Speculation in Wall Street
Purely Professional,
DECLINE IN RUSSIAN BONDS
Cali Money Rates Advance. Fearing
an CnfavOrabIe Bank Statement.
Market Refuses to Break as Ex-
Dccted-Secretary Shaw May Come
10 Relief of Money situation.

NeW York. Nov. 9--PTiCes on the StOcl
exchange to-day nuctuated back and fortf
with more feverishness than they have re-
Gently displayed, and closed practically al
yesterdays fnal figures. There were few
i any movements of the special stocks
that attracted attention. and the move
fnent Of The market represented. as II lone
has done, purely professional speculation
and the influence Of general considera-
tions.
London houses sold = small quantity OF
stock on balance in the fore part OF the
day. but the news regarding the foreign
financial situation was encouraging. mas
much as its general tenor indicated 2
willingness on the part OF the Bank ot
France to release money for the use OF the
English bankers at the approaching Lon
don financial settlement This Was defi-
ui,eIy attested by a sharp rise in sterling
exchange in Paris.
4 break in the price OF Russian bonds
wherever dealt in was perhaps the most
important financial event OF the day
abroad, but this was held 20 he no more
than a natural result after the rise in
these securities that took place last week.
Here, Of course, the one feature OF the
market interest was a further advance IN
call money rates and a hardening again
Of the price OF time funds. The call money
rate rose by degrees until it touched Is
per cent a few minutes before the close.
although at the very end OF the session
money was offered at per cent. Time
money was again in demand at per cent
and there were once more reports of loans
af six months money at 6I5 per cent.
Fear InfavorabIe Statement.
The action of the money market to-day
was commonly considered as indicating an
unfavorablc bank statement tomorrow,
ana. according to the date furnished by
the leading banks concerning the move
1ncnts OF money in and out Of the city.
lha clearing house INSTITUTION has lost
during the week between S1C000O0 and
s2.U0Ct0. which is about the amount of
lis surplus reserve shown IN last week $
statement.
Reasoning from superficial indications
. record OF an expansion in bank leans
might Ue expected to be shown ga to-
mcrrow's statement. inasmucn as it is
known that the local banks We're called
upon to provide money during the week
for large quantity of stock recently
sold by London houses and delivered
here upon steamships arriving last sat
urday Yet IN high quarters. waeTe in
foUmaliou OF such matters has been cor
rest in recent transactions, the predic-
riGu was made to-day that the local bank
loan account tomorrow would not suffer
4
3Ucuon of existing loans enforced in the
last two or three days and by q shifting
81 loans chiefly % 0ut-of-tOWn institutions
hal managed 20 keep down their out
standing credits TO about last weeks to-
tai A considerable loss In cash. was.
however, looked for.
The most striking Characteristic OF the
stock Elav1et to-day was. as every one
conceded. it's refusal to decline under
circumstances that might well have pro-
NoAed "a sharp fall The greater portion
~ The money lent on call to-day was put
"ut ut ror cent. and there were no in
dicJtion that time sucney was Hkeiy TO
bs cheaper for several weeks to come
han it Is now. The possibility clearly
attaiued definite form that. although the
laortS during Jae week 10 keep down the
a1ak loan account might have been sue
'.ssfui- nevertheless t0-morrow's bank
statement might disclose q surplus stand
-as az or even actually below the legal
minimum IN spite Of this. the market
Ie'd lis own with uumlstakabIe drmness
and tacfc was not the slightest iadica-
.ion II e Of liquidation
Look for shaw TO Aid.
one reason for this may have been. AS
IS commonly supposed, reports that Secre-
tdry Shaw would arrive i'm Washington
-atc this afternoon. and tLat he would al
"Ecc take Up measures ior She relief Of
the money situation, and what these pos
Si5ie measures arc. are thorUughlv
imlliar TO people i'll the financial dis
trict.
II seemed. however to be the prevailing
opinion I'M banking circles. as distinguish
'd from these uf specuIators. that with
lae Bank OF England bidding for gold In
fll the markets OF the world bv means Of
o. per cent discount rate, any decided
cacapening of money here through the
action of the Federal Treasury would
cause the export OF sold. aud The view
'4kca Was, therefore, that harm rather
than good would result from any relief
action or the Secretary until tine none
,ary strinEency became much more press
uE than il is.
l- was worthy of note that despite the
nigh money rates to-day. pressure in fhe
foreign exchange market 70 make remit
tanCes % London die not abatc in any
degree worth mentioning. a better
reason for the steadiness Of the stock
market to-day was probably the fact that
has all along been patent that holdings
oi stocks are concentrated at the present
time IN the hands of those who are
aOoundanly able 10 bear the burden that
they have assumed and who long aCo
made due preparation for borrowing
money a z lower rate OF interest 10 aid