Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-23
Market FIuctuated AimleSSiy
Throughout the Day.
HARDENED TOWARD CLOSE
Some Disappointment Over Shaw's
Promised Relief.
LONDON NEWS DEPRESSING
Election Nervousness Again Notice.
able-Considerable Selling for
Foreign Account.
HARDENED TOWARD CLOSE
LONDON NEWS DEPRESSING
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 23.-Durfng the
forenoon session upon the stock exchange
prices declined steadily as they moved
In the contrary direction yesterday. AFTER
midday the market hardened somewhat
and the rallies which occurred in a number
Of instances impaired more irregular APP
pearance to the days dealings as whole
Definite explanations of the varying shifts
In prices were wanting.
Apparently there was some disappoint-
ment with regard to the extent OF the
money market relief measures announced
yesterday afternoon by the Secretary Of
the Treasury. and seemingly there was also
some increase in the concern felt with re-
gard to the outturn of the election.
The American department of the London
market was again feverish and depressed.
while other quarters there continued steady.
Foreign houses again traded on a large
scale in the local market, and were sellers
on balance of upward of $4,000 shares.
Await the Settlement.
1t was upon the conclusion of this selling
that the local stock market showed its first
disposition to rally. 1t was considered like
ly that the liquidation for foreign account
would have been heavier except for the
fact that the general settlement upon the
and this necessltatea the remittance of the
proceeds of today's sales by cable trans
fers.
Contangoes for the settlement In the
Kaffir department today ranged from ~ to
81 per cent, and there was much interest
expressed In the rates likely to be quoted
for American stocks at the making-up day
tomorrow Houses with foreign connec-
tions have been commonly advised that
there must take place further heavy trans
fers of American stocks now carried
abroad.
The opinion was commonly expressed In
banking circles that the efficacy Of the
most recent relief measure adopted by the
Secretary OF the Treasury would depend
almost entirely upon the extent to which
the national banks are prepared immediate
ly to take out new circulation. There Is
ordinarily Involved in this process the
lapse of about three weeks for mechanical
purposes, but some Of the larger banks
usually keep a reserve supply Of notes on
hand for such emergency purposes as are
involved in the present situation.
Little alteration was observed in money
market conditions today, the rates for loans
on call averaging somewhat lower than
yesterdays mean figures. Price move
ments in general showed the same degree
of uniformity which has been exhibited
since last Friday. upon the announcement
that the Bank Of England had advanced
Its rate of discount to per cent
There were, of course, some exceptions to
the general drift of prices, rather striking
advance taking place in National Biscuit
common, while the remainder of the mar
ket was declining steadily.
Little Change in Money.
The maximum losses during the morning
ranged from one to two points in all of the
active issues and with greater declines
showing in some of the higher priced
stocks.