The Washington herald., 1907-11-23
RALLY AT The CLOSE
Speculation Stays in Narrow
Channel All Day.
WAITING FOR DEVELOPMENTS
M""retunin'S Millions VIII Not BE
AN"iinbie This Wcek-Currcnt Inn
"esSi"n Tint Government May Not
Issue Proposed Money
Rates Maintained at High Level.

New York. Nov. 22.-In the security
market to-day quotations for those stocks
in which speculation usually centers most
were at first a little lower than they were
yesterday and rose half a point. declined
again from half to three-quarters of a
point and then rallied somewhat. so that
they left off with small and irregular net
changes; and, all this was done on "A
relatively limited volume of trading. tran
sactions being about one-third less than
their recent daily average, the days mar
ket was altogether a stupid and uninter-
esting affair.
on the whole the market appeared TO
gain, but this was largely because there
was no further outbreaks of pressing
liquidation in any quarters. and specula-
tors for the fall ceased their attacks
Efforts TO sell small quantities of certain
inactive stocks. such as the preferred stocks
OF the American Locomotive. International
Paper, United Railway and Investment.
Central Leather. and Denver and Rio
GrAnde companies. and Sloss- Sheffield and
Pacific Coast shares disclosed as usual a
poor market for them
Wait for Developments.
But the day. taken as a whole was one
when the greatest majority OF market
operators stopped business pending devel-
opments. The general expectation was
that the bank statement would make a
better return than of a week ago. and
that II would show a diminished deficit in
the surplus reserve. but owing 10 the de-
lay IN the arrival OF the steamship Maure-
tania, the Sl3.500 600 I'm gold brought on the
snip VIII not figure at all in tomorrow $
return, although il would only have been
counted anyway but for one day in the
bank averages.
Bank reserves viii not have 10 suffer
a loss as was feared earlier i'm the week
on account OF the Withdrawals OF money
from the local institutions by the gov
crnment. incident 90 subscriptions 70 the
Panama canal bonds and new certificates
ot indebtedness: but il is expected that
these Withdrawals will figure fully in
next weeks bank statement. which may
not. therefore, be an altogether cheering
one.
May Not Issue Bonds.
Mention should be made OF a current
impression in certain quarters of the IL
ndncial district that the government may
not .ssue its proposed certificates Of in
debtedness after all. this being not on
account Of questions as to the legality Of
the issue. but because the financial situa-
ton may SO right itself in the course of
time that necessity for issue might dis
appear; but this view, il may be said.
found no confirmation in high banking
circles
Money rates to-day were still firmly
maintained on pretty high level. time
money being still unobtainable except on
practically prohibitive terms. while most
OF the loans made were at L per cent.
\ matter that was capable Of various
interpretations was the news of the en-
gagement Of nearly SS,OQ000o more gold
for our bankers from European sources.
The Unfavorable side of this occurrence
was that Il would obviously involve a
further strain on European financial cen
ters, which might react uupleasantIy
here.