The Washington herald., 1907-11-15
WALL STREET NOTES
Tone of Trading Yesterday
Generally Favorable.
LEADING STOCKS HOLD FIRM
Weakness shown I'm a Few Instances
More Than OFFSET by Tendency TO
Higher Prices-Bnnk of Engiand'S
Cheerful Report Source of Grati-
ficatIOn-French Gold Decrease.

New York, Nov. h-In general to-
day the stock market was weaker, be-
cause OF a recurrence of seeming liqui-
dation in certain particular stocks. Other
stocks. however II not especially strong
were yet so firm as 20 attract decided
notice; and the days actual develop
ments were really more favorable than
otherwise.
AS was generally expected yesterday,
the Bank OF England did not to-day ad-
vance it's discount rate. but qualification
over this circumstance In the banking
community was exceeded by the pleasure
over the relatively strong report of condi-
tions which the bank presented. The bank 5
holdings Of gold coin and bullion in
creased over Sl5,OO0,000. and it's proportion
Of reserves TO liabilities is now 4O52 per
cent, as compared with $50 per cent last
week Tho meaning Of this is that, de-
spite the immense drain upon the Bank
Of England made by the banks of our
own country in the present emergency.
the worlds leading financial institution
has. through its high discount rate. so
increased its reserve as 10 not merely
maintain, but entrench its position.
The weekly statement Of the Bank of
France was not OF quite such favorable
character, showing loss in gold Of near
ly 100000, and an increase IN loans.
The loss OF gold was, OF course, due to
shipment to London, and the French bank
is so placed as 10 be able 20 afford addi-
tional help 10 foreign countries is shown
by the negotiations recently entered into
by the officers Of the institution with our
bankers looking to our benefit.
These negotiations have been discon-
tinued owing 70 a requirement by the
French bankers for government guaran-
tees in the transactions which bankers on
this side naturally could not furnish.
But the incident points 10 a period Of ap-
preaching financial ease, rather than one
OF increasing stringency. Money rates
here to-day were a little higher. because
Of the withdrawal of funds by the Treas
ury Department yesterday. but this with
drawal amounts TO considerably less than
10 per cent OF the total government de-
| posts I'm local banks, as was commonly
| but enormously thought yesterday after
noon.
What specifically depressed the stock
market to-day was unusually heavy sell
| ing Of the ST. Paul. Pennsylvania. and
| United States Steel issues. counterbal-
I ancing factors I'm the latter being the
/ relative strength of the Union Pacific
/ and Southern Pacific shares owing 10 tht
declaration somewhat In advance OF the
/ customary period Of the full regular
/ quarterly dividends upon them. The idea
( that universally obtained on the floor OF
| the stock exchange WAS that pressure
upon the market In the quarters de-
J scribed proceeded from PittsbuTg. where
/ financial disturbance, owing 10 the semi
suspension Of cash payments by the banks
is more acute just now than IN any other
! section OF the country. II is also ad-
mitted that contraction I'm the iron and
steel business is swiftly going on. Another
/ particularly weak stock to-day was Amer
I lean sugar Refining.