Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-09
MONEY RULES STOCKS
Movements Have Large lntIu-
ence in Wall Street.
FALLING OFF IN VOLUME
Monetary Uncertainty Noted in
Many Transactions.
STREET RESISTS TEMPTATION
Lapse in Stocks Follows Moderately
Active opening-Alternating
Periods of Dizziness.
STREET RESISTS TEMPTATION
SsncciaI nIsnatch 10 The Star.

Special Dispatch 10 The Star
NEW YORK, November 9.-Money
movements asserted more emphaticaliy
today than at any other time this season
their controlling influence over the Wall
street stock market. This Is not to say
tina. stocks this fall have been dealt In
without regard to the credit situation
Everybory knows to the contrary who
has followed financial developments since
the Bank of england set out to controi
the foreign exchanges six weeks ago.
What is meant is that the stock mar
ket today furnished more impressive evil
dence even than II did yesterday to the
extent to which Wall streets attention
Ia conferred on the position In money. The
effect was shown in a very sharp con-
traction of stock exchange business, the
dealings for the first two hours today
aggregating only a little more than 2OO.-
600 shares of which fully half was fur-
nished by the transactions In Amaisd
mated Copper, American Smelling, United
States Steel, Reading and Union racine.
Irregularity of Price Movements.
Apart from the marked diminution OF
activity. however, money market consid-
erations operated upon the stocks only In
the way of imparting irregularity to the
price movement. For the greater part OF
the session the list displayed firm I'M
dertone, with decided strength in some In
fiuential issues. The falling off In the
volume of business Is undoubtedly the
payment of a proper regard to the re-
0trictions imposed by the immediate
monetary uncertainty.
Albeit considering the indications OF
underlying strength in the stock market,
and the apparent tendency of stocks to
reflect the brilliancy of domestic pros
poets IL must be set down to Wall
streets credit that In spite of temptations
sessed its soul in patience this fall. and
has not, as in past years. defied the
money market to do its worst.
Increase in Gold Exports.
Locally, monetary developments were
not of a kind calculated to impart
strength to stock. Announcement was
made of a 100000 increase in the amount
of gold to be shipped to South America
tomorrow, making a total Of more than
81. 500 900 to go on this movement.
These shipments were perhaps reflected
in the cash gain of H,713,OO0 which the
subtreasury has made from the banks
since Friday. Domestic exchange con-
tinued its recent unfavorable rise against
New York, and the local money market
was strong and higher. Call money ruled
at AZ to per cent and time loans were
negotiated at per cent for over the
year, while AZ per cent was quoted for
later maturities One good effect of the
advanced interest rates this week must
be to increase the accommodation fur
nished by out-of-town institutions and
Individual and corporate depositors. there
by relieving local banks and trust COM
panies of some of their burdens.
Effect Of Credit Prices.
The fact that the stock market was
may In part be explained by the degree
to which Wall street has become accus-
toned to the new level of credit prices
II may also be accounted for by the evil
dence that London's position in the inter-
national money market is improving The
Bank of England obtained more gold in
the open market today and there were
further advances in London exchange at
Berlin and Paris, making the indications
stronger that one or both of these CEN
Iers would soon export gold to the Brit
Ish capital.
AS foreign exchange was firm here. and
as our gold exports to South America
represent a demand shifted from Lon
don IL Is clear enough that the Bank OF
England's discount rate has been slowly
acquiring desired effectiveness. With the
turning of all the international exchanges
in London's favor the reasons for appre
bending further advance in the Bank
of Engiand's rate apparently dwindle.
Squirt Soon Over.
After moderately active and irregular
opening the stock market lapsed into
dullness in the forenoon. The dealings
in the second hour were only about half
the aggregate of the first hours business
After cab money opened at AZ per cent
there was a squirt OF activity, which soon
evaporated. and thereafter. until well into
the afternoon. the market moved by
alternating periods of dullness approx
imating stagnatoR and ftful outbursts
Of buying selling. which obviously
owed their origin to the whims and
fancies OF the professional trading ele-
ment especially. and chiefly by its rep