The Washington herald., 1909-11-10

New York, Nov. 9.-Up 20 the last hour
Of stock exchange business to-day the
security market was practically a dupl-
cate Of that Of the day before, with the
Exception that its dullness was much
more pronounced.
During the first four hours Of business
dealings in stocks were but 10000 shaTes.
and the indications were that. as regarded
the quantity Of purchases and sales. the
market would make new low record for
the period since July last. Even IN the
nrst hour OF the stock exchange session
the turnover Of stocks was extremely
moderated, and the prevailing disposition
OF speculation to subside was so great
that the market was obviously approach
ing point OF torpor.
In the early part Of the day the tend
ency Of prices, so far as was noticeable,
was toward somewhat higher level. all
this proceeding from the logical basis
that the progress Of events was early
carrying the international money market
toward greater ease.
Renewals of Call Loans.
Renewals Of call loans were made here
at 41-2 per cent and there was some
slight amount Of borrowing thereafter
at 43-4 per cent, but toward the close OF
business the money rate ran up suddenly
70 8 and then 10 51-2 per cent, and upon
this the room trading spectators sold
stocks freely and succeeded IN bringing
about a general decline IN prices.
Il deserves 10 be said that. although this
IL
no way fictitious yet the consensus was
that the rate was not really illustrative
OF the exact condition of the local none
tary situation. The rate was made upon
a loan Of small amount of money of
the thoroughly debated borrowing" sort.
and money In quantity was available
thereafter at per cent. which was the
last rate quoted
The one important circumstance about
the general money position at the moment
seems 20 be that the Bank Of England is
making its per cent rate effective upon
the course Of International financial ex-
change. This is shown clearly by numer-
Gus developments. In our own country
large amount Of money is being shipped
20 Brazil which would otherwise have 70
be sent from London. and the news OF
this was direct cause Of n raise in the
quotation Of consOl5 In London and in
an easier tone IN the money market there
Likewise. gold is now being shipped az
last from Paris 10 London and all this
taken in connection with moderate specu-
!ative accounts found to be open for the
rise at the London financial settlement
to-day. and after the termination with
out any untOward incident Of the financial
settlement itself, was taken here as pre-
senting strong indications that there will
be no advance in the Bank Of England's
discount rate this week.
Indeed. the carrying charge for Aueri-
can stocks az to-days settlement fell to
per cent as against 6I-2 per cent
rate charged I'm the latter part Of Oc-
tober 10 cannot be supposed. IN view OF
all this, that the burden OF American
speculation now resting as has been
alleged, upon the shoulders Of London
bankers is very Onerous.
May Increase Output.
As concerns matters IN our home
market It will certainly be surprising II
the higher leve! az which cali and time
rates have been established do not work
their customary result or charging the
Iendings here OF private and out Of town
possessors Of money. or. in other words
Of reducing loans on the books Of the
clearing house institutions.
It must be noted that while money is
still being sent away from this center
the outso IS decidedly less than it was
last week. and that the promise is for
much smaller loss IN cash than was
shown In last Saturdays bank statement
with account taken OF the shinments nl