Los Angeles herald., 1909-11-09
STOCKS MAKE
MOVE UPWARD
BANK OF GERMANY RESPONSE
BILE FOR ADVANCE
IMPETUS AIDED BY SHORTS
BUYING TO COVER
Influence of Cotton Speculation in the
international Exchange Becomes
PerceptbIe In Violent
Slump In Prices

NEW YORK, Nov. 8.--The initial up
ward impetus to stocks today came
from professional buying to cover
short contracts and was based on the
decision of the Imperial Bank of Ger
many to leave it's minimum discount
rate unchanged.
The closing was easy. The weekly
return of the Imperial Bank of Ger
many, while showing an Improvement
in condition, went but a short way
toward making up the deterioration OF
the previous week In connection with
the November settlements. The bank
regained this week but $1,946,200 of the
s1O,554,OOO in gold lost last week.
The Bank of England secured the
81. S15, 900 of South African gold avail
able in the London market. but the
London control of New York's gold
was reasserted In the resumption of
the outgo of gold to South America,
engagements of more than a million
being announced for that destination
Wednesday
The Bank of England also borrowed
from the London open market. This
and the contemplation of the COM
plexion of the Saturday bank state
ment here corrected any danger of
overconfidence over the clearing of the
financial outlook.
Paris Market Has Plenty
The movement of the sterling rate
at Paris, which advanced a full CEN
time to above the par of exchange,
raised discussion II the position of the
movement of gold from Paris to Lon
don. The Paris money market is the
most abundantly supplied of all the
International money markets and the
discrepancy in the interest rate in
London is prompting purchases of
financial paper in London by French
banks.
The influence of the cotton specula-
ton in the international exchange be-
came perceptble today I'm connection
with the violent slump in the prices
of cotton. Gable remittances by for
eigners to replenish margins on cot
ton holdings caused a decline of sew
eral points in cables on London. EX-
ports of grain are now running heavy
and making exchange. The rush of
imports from France to anticipate the
expiration of the reciprocal trade
agreement on November / has sub
sided and Will reduce the demand for
remittance In payment.
The published outline of some of the
subjects TO be treated in the presi-
dents message to congress recalled
attention TO the approach of the as
sembling of that body and to the reg
ulative measures that may be directed
against corporations.
Amalgamated Copper Strong
a notable strong feature of the mar
ket was Amalgamated Copper The
influence back of this movement was
the persistence of rumors of the prog
ress toward working agreement of
the various important amounts among
the copper producers. The London
price of copper rose in connection with
these reports, and in spite of the ex-
pectation of the October Producers as
ISOLATION would show a further addi-
tion to further surplus of the metal.
A lull in the sales of pig iron since
the first of November was another
item which may have aggravated this
selling pressure on United States
Steel. The late rise in call loans to
s per cent also was against the mar
ket. Foreign exchange rose strongly
in face of the stiffening of the money
market, and New York exchange at
Chicago fell back to 40 cents discount
per $1,000.
Bonds were steady Total sales. par
value. $3,033,000. United States bonds
were unchanged on call.