Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-12
-sfs- So.
Call Money Reached 20 Per
Cent Before Midday.
EXCHANGE HELD STlFFN
Naturally American Stocks Were
Heavy Abroad.
MUCH INSISTENT MANIPULATION
Stock Market in Spite Of Losses Show
ed a Remarkable Power
Of Absorption.
EXCHANGE HELD STlFFLY
MUCH INSISTENT MANIPULATION
special Dispatch to The Star.

epeciaI Dispatch to The Star.
NEW YORK, November Fit was not
really necessary to look beyond the con-
ditions prevailing in the money market
TO account for the course of prices upon
the stock exchange today. Money on call
opened at 10 per cent and advanced to 70
per cent before midday. later fiuctuating
very widely. The monetary situation was
today additionally complicated by the pay
ment of the second installment on the new
stock issue of the St Paul railroad, about
81 900 900 being involved In the transaction.
This necessarily led to a general shifting
about in loans and caused the accompany
Ing furry In the money market
Notwithstanding the high rates which
were quoted, both for loans on call and for
all time periods the rates for sterling ex-
change held stiffiy. Little alteration was
observed in the London money market, out
at the fortnightly settlement upon the STOCK
American stocks were quoted between IN
and o per cent American stocks were
exceptionally heavy in the London stock
market and foreign houses sold upon a
large scale here from the opening OF busl-
ness. The Bank of England secured $780,
900 of the $500 900 which reached the open
London market today.
The influence of the strained situation In
the money market was reflected today In
large and fairly insistent manipulation on
the part of commission houses 1t was
said, In fact. that some houses were natiy
refusing to execute buying orders for cash
or on almost prohfbitory margins. All
these circumstances being considered. II
might be said that the stock market IN
spite OF the losses which 1t scored. actually
showed a remarkable power of absorption.
Wage Contests q Factor.
No further official statements came from
Washington with regard to the intentions
of the Secretary OF the Treasury. but ac-
cording to private advices that official gave
free vent to his opinions with regard to
the opportunities of Wall street So far as
the market for mercantile paper was con-
cerned, rates were firmly held there also,
but II Is understood that the current re-
quirements Of the commercial districts are
by no means pressing.
In addition to the concern excited by
money market affairs there was much I'M
easiness expressed as to the outcome of the
prevailing agitation for higher wages on
the part of railway employees notably In the
instance of the Erie. In fact. the whole at
mosphere of Wall street was tinged with
dependency and pessmism and comprised
no offsetting influences susceptible OF q
favorable construction.
There was a large Increase In the volume
of business in comparison with recent aver
ages. but notwithstanding that fact there
were protracted periods Of absolute market
stagnatlon. The downward drift OF prices
was punctuated by occasional rallies. but
the tone of the market at all times could
be designated only as exceedingly feverish
There were practically no exceptions
among the active issues to the general
course of the market. Declines of from
one to three points were common in the
railway list, the local traction stocks and
the Industrial and the miscellaneous issues.
Scant discussion attended, however. the
transactions in any particular securities.
attention being wholly absorbed with the
monetary situation and outlook.