Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-24
Decided Contraction in Bust
ness Distinguishing Feature.
CAUSE OF DECLINE OBSCURE
London Settlement Not So Bad as Ex-
pected.
CONTANGOES EIGHT PER CENT
Call Money Was Stiday Held at Six
Per Cent-Hope for Recov-
cry Soon.
CAUSE OF DECLINE OBSCURE
coNTANGoEs EIGHT PER CENT

Special Dispatch to The Star.
NEW YORK. October A.-A further and
! material contraction In respect of activity
was the distinguishing and about the sole
feature Of todays stock market. During
the greater part Of the business session
trading was conducted upon the 80 per
cent volume Of business transacted yester-
| day. and such dealings as occurred were In
| large part strictly for professional account.
| 1t would be almost useless to attempt to
assign specific tone to the days market.
At the opening Of business declines were
commonly recorded from yesterdays clos
| ing levels, but the losses then scored were
not materially exceeded during the re-
mainder of the day. There was apparently
some further increase in concern with re-
| gard to the outcome of the November cleo
tons and greater uneasiness as to the out
look Of the money market. Rates for all
periods OF time loans were stiffiy held at
per cent. and large transactions for six
months terms were reported at that figure
The settlement upon the London stock
than had been commonly looked fo-. Con-
tango rates on American stocks were
quoted in the early part OF the day above
8 per cent. but later in the business ses-
sion much lower figures were scored.
Operations here for foreign account again
showed a pfeponderance of sales Not
withstanding the active demand for loans
on time. the rates for call loans continued
upon yesterdays mean levels.
Tendency to Recovery.
According to this mornings figures, the
banks appear to have scored a net loss in
their operations with the subtreasury since
last Friday of nearly 81. 100000. but it was
said that a considerable proportion of the
recent gold shipments to Canada in connec-
ton with the bank difficulties at Toronto
was now being transferred to New York
and in fact. aside from discussion with re-
gard to the political outlook, 1t was difficult
to pick out any really tangible influence in
the trading in the stock market.
AS was the case yesterday, the market
showed a rather indefinite tendency toward
recovery upon the conclusion OF the selling
for foreign account, but price changes
throughout the day seemed to be entirely
wanting in actual significance. Despite the
large attention which was accorded to the
political outlook the local traction shares
were exceptionally firm.
The Industrial and miscellaneous issues.
with some exceptions, showed dull and sag
ging tendencies in common with the rail-
way list. National Biscuit continued firm
and Pressed Steel Car common advanced
in connection with the dividend prospects
for that stock Amalgamated Copper,
which will sell ex-dividend tomorrow, and
the United States Steel shares exhibited no
well-deflned tendency. Active transactions
in the railway list were confined to Union
and Southern Pacific. Reading and ST.
Paul, and the resulting fluctuations in
prices appeared to be determined exclusively
by mechanical market considerations.