Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-08
Bank Of England Reserve is
Rising.
LONDON MONEY MARKET
American Stocks Nearly All Heavy
Abroad.
DEALINGS HERE RESTRICTED
Only About Half the Business Was
Transacted That Was Done In
Yesterdays Session.
LONDON MONEY MARKET
DEALINGS HERE RESTRICTED
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November S.-From today's
weekly statement Of the Bank Of England
It would appear that the per cent mini
mum discount figure of that institution 10
finally beginning to prove effective. To-
days report showed that the proportion OF
the banks reserve to liabilities has risen to
1888 per cent against 1851 per cent last
week and that the bank had increased It's
bullion holdings by E639 600. There was no
change noted in the conditions in the open
London money market and none Is likely
until the management Of the Bank Of Eng
land see their way clear toward reducing
the official discount figure.
The London stock market was, however,
strengthened by the comparatively good
by the absence Of any advance In the rate.
such as had been rumored yesterday might
take place. American stocks were, how
ever. relatively heavy in the London stock
market for no especial reason that was
disclosed In the cable advlces from that
quarter. Operations here for foreign ac-
count were upon q nominal scale only. The
same description might, In fact, be applied
to the local dealings.
During the greater part of the days busi-
Tess session trading was conducted upon
about 50 per cent of the scale Of activity
OF yesterday, and aside from few stocks
the dealings appeared to be almost exclu-
sively for professional account As has
been the case for several days past, there
was again observed a great conveyance OF
speculative interest upon small number
of stocks The leading features today in
point Of activity were Northern Pacific.
Union Pacific and Reading.
Industrials Moved Erratica1ly.
Fluctuations both in Northern Pacific and
Great Northern preferred were again very
wide. and aside from the circulation Of
rather moro definite reports to the effect
that there would soon take place some spe-
cial distribution Of the equities in both
stocks there was nothing to account for
their particular animation. Price move
ments in the general and railway list were
limited and irregular.
A rather spirited rise in Wabash prefer
red attracted some attention in view OF the
readjustment Of the cOmpany's finances now
in progress. 1t did not appear to be the
case that the outcome of Tuesdays cleo
ton cut much further figure in the days
stock market. The traction shares were
heavy during the greater part Of the day on
light transactions.
Dealings in the Industrial. and miscella-
neous issues appeared to be as lacking in
definite motives as those elsewhere In the
market. Announcement was made that the
American Cotton Oil Company had declared
an annual dividend of per cent on Its COM
mon stock. as against l per cent last year.
but even this pleasing intelligence had scant
influence upon the dealings in the stock.
Transactions In the United States Steel
issues, A1nalgamated Copper and the other
usually active stocks In this department of
the market were In reduced volume. While
there were no developments of significance
in money market conditions, there were
rather vague rumors current throughout the
day that the Secretary of the Treasury
would soon announce some extra measures
looking to the relief Of the money market.