The Washington herald., 1909-11-12
WALL STREET NEWS
Stock Market Lethargic and
Prices Hold Firm.
EXHIBITS STRONG UNDERGONE
Report of Bank of England Con
ceded 20 BE GOOd-MOney Situation
ern Railroad stocks FIuctunte BE-
cause of Threatened strike.

New York. Nov. u.-Niost of the time
to-day the stock market was lethargic.
But It exhibited somewhat stronger I'M
dertone on the whole than it did yester-
day, pressure 20 sell stocks and general
uneasiness on the part or trading specu-
lators being less obvious.
Tho money situation still remained the
chief factor, influencing prices. and con-
sideration for thIs WIS made up on the
one hand Of the favorable bearing Of the
strong statement Of condition made dur
ing the day by the Bank OF England, and
the action OF the directors Of the bank In
leaving their discount rate unchanged.
and on the other OF the unfavorabe stat
US OF affairs in this regard locally.
Bank Report Good.
The English banks report was con-
ceded to be extraordinarily good The
banks proportion OF reserve 10 liabili-
ties rose from last weeks figures Of $3.50
per cent to 5OO7 per cent. OF a higher
level than has been recorded this season.
with but two exceptions, and these years
OF dull business and money plethora dur
Ing the last ten years.
II IS doubtless true the gold holdings
of the bank have been augmented by
what is in reality a temporary transfer
OF funds from Paris, Such transfer,
however, answers all the purposes Of the
moment. and unless some unforeseen
emergency arises, apprehension would
seem 20 be rather remote Of 2 further
advance in the Bank OF Englands dis
count rate during the remainder Of the
year
At home the prospect for tho immediate
future as regards money rates Is still
clouded. The clearing house banks have
lost thus far this week, on the known
movements Of money, about as much
money as they did last week and opinion
seems TO be entertained that last weeks
bank surplus OF 100000 will, at the end
OF tho present week. substantially dis
appear.
Time money to-day was quoted at high
er rates than any seen hitherto this
year. Five and a quarter per cent was
the days high call money price.
Perplexity over the outcome OF all this
kept stock exchange activities at a stand
stil, and undoubtedly another element in
the days movement OF values was that
arising from the concerted demand. as
reported from the West Of 5000 hremen
vi A'i - wv Ae~ttt NaAA0 ANA la 30 dlN
in wages.
Few people supposed that with the rail-
way companies Of the country Just
emerging from a period Of depression.
their managers can look with favor upon
such a large addition 20 their expendi-
lures as IS involved in the proposition
described
Western shares Decline.
The fair presumption Is. of course. that
the matter will be amicably adjusted, but
the news concerning II to-day was the
occasion, or appeared TO be such. OF q
sharp fall in tho Northern Pacific. Great
Northern preferred, St Paul. Union Pa
cihc, and the other prominent Western
railroad stocks.
These shares recovered the greater por-
ton Of their losses before the close OF
business, and the market effect OF their
decline was couuterbalanced in measur-
able degree by a rise IN a fairly large
number OF special stocks such as Ameri-
can Can common and preferred, Inter
borough Metropolitan common, and the
Chicago Great Western issues