The San Francisco call., 1909-10-08
TONE IS BETTER
ON EXCHANGE

NEW YORK, Oct. THE stock market
gave early evidence today that che liqui-
dating pressure on United States steel had
subsidized and the tone OF the whole spec
ulation was shaped accordingly. United
States steel continued disproportionately
prominent, but not as unduly so as yester-
day. The eSs 900 shares Of United States
steel dealt in yesterday out of an agsre-
gate of I.5oo. 900 for all stocks. do not in
clude the so called stop loss orders which,
under rule of the stock exchange, are not
printed tape.
Allowing for these sales, which are
known TO have been enormous incline
in the case of steel there is soon to
be room for an extensive clearing Up OF
the speculative position in the amount of
business done in the stock yesterday and
the day before. The way was thus cleared
for the substantial recovery of today.
The money market showed signs of hav-
ing been eased also by the substantial
loan repayments which must have accom-
panied the stock market liquidation OF the
last day two.
Funds were reported in better supply
early today, although the lOaning rate was
not materially affected.
Bankers closely associated with the Unit
ed States steel corporation offered large
sums in the call loan market.
The immediate effect of this develop
ment was the advance in the official dis
count rate of the Bank of England today
from ga 10 per cent. The hardening OF
the private discount rate in London and the
steadiness making on the banks bullion
holdings, revealed by the weekly return
published today, made it evident that the
advance in the official rate was imminent
anyhow With further demand on Amer
ican account threatened the governors evil
IDENTIFY felt themselves constrained to the
prompt step as q protective measure
Word from Berlin also points TO an early
further rise in the official discount rate of
the Imperial bank Of Germany. The rri-
vste discount rate rose in Paris and the
Bank Of France reported sharp decline in
bullion holdings, but with heavy contrac-
tion in outstanding note issues and credits
The foreign exchange market in New York
was greatly unsettled in its efforts at re-
adjustment, at these changes abroad, which
operated as obstacles to further extension
Of credits to American borrowers.
The rise in United States steel. Union
Pacific, Reading and New York Central
supplied the most substantial portion OF
the buying movement The widest huctu-
stions otherwise were in minor class OF
stocks, both railroad and industrial. The
soft coal carriers were strong as group,
led by Pennsylvanis. The steel indus
trials all rose briskly in sympathy with
the movement in United States steel.
Private estimates gave promise OF bet
ter showing for the corn crop in the forth
coming monthly government report of con-
ditiOns than was contained in last months
report. An increase in the Rio Tinto cop
per mining dividend had less effect on cop
per securities than had the unfavorable
statistical position of the metal. Ths
reselIins of stocks wiped out gains in the
principal stocks before the day was over
and made the closing weak.
Bonds were irregular. Total sales, par
value, Sz,6s6.0 900.
United States bonds rs declined u per
cent on call.