The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-11-22
MARKET Is STRONGER
Action of Bank of England
Gives Encouragement.
LARGE PREMIUM FOR GOLD
Money StiH Coming from Abroad.
the Drain Now Being from France.
steel Shares Again Have Strong
SuDDOrt-Bidders for Bonds Seek
Legal Tender TO Offer Government.

New York. Nov. Z-To-day's stock
market presented a somewhat stronger
appearance than It did yesterday. owing
to the fact that although there was man
ifest liquidation of a pressing character
In certain stocks there was a visible effort
to retire commitments for the decline in
other quarters. Taken as whole. how
ever, the days market prices at the close,
although considerably above the lowest
Of the day was still at the lowest point
OF record at the end of stock exchange
session since the great downward move
ment in securities began.
Financial sentiment was naturally en-
couraged 10 some extent by the circum-
stances that the Bank of England did not
to-day advance its discount rate above Z
per cent. and the market was helped in
greater tess degree during the day by
continuing rumors that the Bank Of
France might be prevailed upon TO part
with a quantity of gold for the benefit Of
this country. but the impression prevailed
in foreign exchange circles that If the
Bank Of France released any Of It's metal
boards It would do so in the form OF ship
ments Of gold 20 London rather than to
New York.
Banks Reserve Lower.
The Bank Of Englands weekly state
ment to-day was characterized as better
than expected, but Il made nevertheless
a poor showing. The banks reserve is
now down TO 3S7S per cent. against 405a
per cent. last week. a very low relative
proportion. and the bank is clearly not in
POSITION to stand any further large
Withdrawals Of money for use on this
side of the Atlantic or anywhere else.
The Bank Of Frances weekly return
made a strong exhibit. The gold holdings
Of the bank increased and its circulation
and loans were reduced.
On the other hand discouraging ele-
ments in the situation to-day were the
announcement Of another failure in the
city Of Hamburg, and a further advance
IN the premium paid here for gold and
currency, large premium being even
oid Tor the gold TO be landed in this port
IN the latter part of next week 1t
appeared 70 be commonly thought that
one cause for the renewal Of the rush
10 secure cash was a desire TO provide
themselves with legal tender bidders for
the governments Panama loan and issue
or certificates Of Indebtedness: and de-
spite this renewal Of urgent pressure for
money there was for the first dav a
pretty long period with no engagement of
gold for import or at least none that
was announced
The stocks in which liquidation cen
tered to-day We're the Erie, Louisville
and Nashville, Atlantic Coast Line. New
York Central, Southern Railway pre-
ferred. 3. & o.. and Brooklyn Rapid
Transit issues. and there were large de-
clines in inactive stocks like Cranky
Mining Denver and Rio Grande pre-
ferred, Distillers' Securities, and Inter
national Paper preferred.
Erie President in Denial.
There was revival in an active way
Of rumors affecting many Of these stocks
and in the case of the Erie company
the president of the road thought IL
proper to meet them with a prompt and
unqualified denial.
Conversely, the buying in OF contracts
for the fall to-day was particularly no.
ticeable in the Union Pacic, Amalgamat-
ed Copper and other leading stocks. and
that peculiar and .unhinching support of
the United States Steel common shares
that has been so long observed was
again IN evidence.
Call money rates were strongly main
tanned throughout the stock exchange
Is per cent, but they fell toward the
close to per cent, and it was generally
considered that the late rally in the mar
L a. WrHr4 Il TTfV- Al = 1t T.