Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-08
DULL MARKET TODAY
Prices Yield to Liberal Offer
ing of Stocks.
FEW NOTABLE RECESSI0NS
Pressure on "Pennsy" and Pressed
Steel Car.
MOVEMENTS SHOW RESTRAINT
Uncertainties Of Money Matters
Slacken Pace of the Business.
Heavy Undertone.
FEW NOTABLE RECESSI0NS
MOVEMENTS SHOW RESTRAINT

Heavy Undertone.
Special Dispatch to The Star.
NEW YORK November S.-General IT.
regularity and a slackened pace of bust
ness ruled in the stock market for most
of the day. External Developments, in
Guiding foreign money movement, the
sharp break in cotton prices and such
routine news as came out were not ad-
verse to quoted values. but the market
continued to exhibit the indications
familiar during the last few weeks OF
repression restraint caused by the I'M
certainties of the money situation.
Despite the views expressed by critics
usually. IL not at all times, hostile 10
what is called Wall street speculation
for the rise in stocks, IT seems TO DE oe-
coming more clearly understood IN quar-
tiers more DESTROYS OF ascertalnlns tle
facts than of consulting preJudices that
purely Wall street borrowings aorodd
have been an inconsiderable FACTOR III
Lombard streets present apprehenslons'
Interesting considerations on this mat
ter are presented in the confessions
which are now coming from London as
to the nature of the proof wnlcn sup
ported the allegations of Wall street $
enormous borrowings through the me-
dunn OF finance bills.
London Views of Wall Street.
Apparently the proof consists in the
fact that not a bill broker in London Is
a party to or knows of excessive extern
sion of accommodations to Wall street.
but apparently also every one OF these
bill brokers suspects or imagines that all
the others have been unduly assisting the
credit needs of Wall street speculation
ps,- 81
rilious inference is drawn that all the
hill brokers In London are liars and that
they have all been hugely OVERRIDING the
business of providing money on Ameri-
can securities.
Except to a biased mind the legitimate
conclusion would seem to be that the
tale OF Wall streets borrowings has been
grossly exaggerated. which is precisely
The case so far as investigation in every
direction has produced evidence.
AS d matter of fact the probabilities are
that there is an unusual need of credit
In London TO support the market for
British securities and save ii from liqui-
dation. which would be a not unnatural
consequence Of the domestic and inter-
national political and economic develop
ments in Europe in recent months.
Sharp Rise in Exchange.
Meanwhile it is clear enough that the
Bank of Englands present discount rate
a certain amount of control over foreign
exchange. --.
Both in Berlin and Paris today there
was sharp rise in exchange on London
which betokens a flow of credits to the
British capital. IL ii does not indicate the
likelihood of a gold movement thither
later on.
Whether or not there is a return of
gold to London the Bank of England is
now-as IL has been during the last fort
night-able to obtain all of the new gold
laid down in London and to obtain II
Today il took in $2,50OOOO of the metal
at the mint price.
These facts, together with the fact that
the Imperial Bank of Germany did not
advance its discount rate today. while
its weekly return showed a slight cash
gain, were circumstances from which il
was possible to make hopeful differences
for the money market. Locally, credit
conditions showed change from last
week
The outlines OF President Taft's
program of recommendations for Con-
gress. which were published this morn
ing, were neither directly nor obviously
influential in the stock market. 1t may
he, however. that the discerning can read
therein a reason for some of the indi
cations which the stock market furnishes
OF portentous Developments near at hand
In the world of corporate enterprises.
Leading Stocks Firmly Held.
Certainly the stock market has acted
lately though there were an accumula-
tion going on of what are commonly
called in Wall street the good, standard
or leading issues. So far as the days
market was concerned IL supplied indi-
cations that such stocks are firmly held.
The price movement. however. was
sluggish and the trading became very
duh. Offerings Of stocks Increased on
advances and drove prices back. Pressed
Steel Car fell 2l7. Northwestern and Vul-
can DEFINING. =. and Atlantic Coast
Line. I.
Bonds were heavy.
The undertone became heavy and re-
actions ran To a point or more in some
OF the representative stocks. Particular
pressure was directed against Pennsylva-
MIA and Pressed Steel Car. which lost
IL each. The latter was sold on reports
or possible labor troubles. Denver and
Rio Grandc preferred also declined
point.
Purchasing Orders Distributed.
Purchasing orders were distributed in
Union Pacific when II had receded to
Saturdays closing. and It's rally Of
point. coupled with the brisk demand
for several speciaIties. rallied the list TO
the opening figures.
Pittsburg Coal gained "a Utah Con-
per H.. American Hide and Leather pre-
ferred and Pittsburg Coal preferred !.
Tho dizziness OF the market allowed
some recession in Reading and Union Pa
cific. but otherwise the trading vas al
most al standstiI. Tennessee Copper