Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-11
STOCKS TAKE A DROP
Further Decline Follows ReaC-
ton Begun Last Week.
MONEY THE MAIN TOPIC
Real Liquidation Follows a Firm
Opening.
PRESSURE WAS PERSISTENT
PRESSURE WAS PERSISTENT
List Develops Irregularity After
Gains in Early Dealings-Heavy
Volume of Sales.

Special Dispatch TO The Star.
NEW YORK, October 11.-Although
Wall streets talk was all Of money
today as the cause Of the further de-
cline which took place in stocks fol-
lowing the reactionary movement which
developed last week coincidently with
the tightening OF the money market.
it seemed almost certain that interest
rates did not furnish an adequate ex-
PLANTATION. To be sure, the Imperial
Bank Of Germany advanced it's dis
count rate to per cent this morning
and there was an all-around advance In
open market discounts at foreign finan-
cial centers. albeit the rising tenden-
cies of discounts abroad is no more
than has been customary at this sea-
son for many years back.
The rate Of the Berlin bank has been
3 per cent or higher in every October
since 1902. Still, the realignment of the
money markets. especially after period
of low rates, would be sufficient to ac-
count for any readjustment which might
take place in the speculative markets.
which are most directly and easily az
fected by changes in the price Of credits
This being so. perhaps the movement
downward which defined itself in the
Wall street stock market last week might
properly be regarded as an effect Of
monetary developments.
Situation Puzzling.
However, there have been certain fea-
lures Of the reaction in stocks which have
been somewhat puzzling. and in thought
full quarters there was toward the end
of last week a disposition which was
more pronounced today to seek for fur
Their reasons than those which Wall street
has been lately discussing.
Perhaps the dispatches from Washing
ton relating to the hasty summoning Al
our new minister to China to the capt.
tai on the eve of his departure for the
far east furnish them.
At all events. this is the only importa mt
piece of news of the last fortnight which
could have such a marketwise bearing
as to deserve more consideration than
the money market.
There was no doubt about the char
acter of much OF the selling. indeed. IL
rot most of the selling. during the
days stock exchange session. 1t was
real liquidation and apparently con-
market with all the stocks which it
would take. without breaking badly.
The opening was generally firm, at
fractional advances all around.
Prices Fell Steadily.
were scored. but the list developed ir-
regularity before the end of the first
hour and toward noon became heavy.
During the noon hour. while business
was not active, pressure was persist
ent. In the early part of the after
noon prices fell steadily away under an
increasing volume of sales.
The liquidation was most impo1 tune in
recently active issues like Atchison. New
York Central. Reading. Union Pacific,
Southern Pacific. American Smelling,
Amaigamated Copper and United States
Steel. Amalgamated Copper was one Of
the earliest stocks to show weakness and
its specia! decline was facilitated by the
report Of the Copper Producers Associa-
ton. showing that last month copper
stocks increased 15.s40.GOO pounds
There was no other definite news to &C.
count for particular price movements. al
though it was rumored that a postpone
ment of the new Missouri Pacific financing
mad been definitely decided upon. London
was a rather heavy seller on balance
Call Money Firm.
Call money was firm around the high
average rates which obtained last week.
Time money was firmer in tone, but there
There was a rather free demand for
loans at Az per cent to carry over the
year. but offerings were firmly held at
4s4 and were limited in supply. The banks
started the week with a substantial cash
loss to the subtreasury of s. S46, 900 Friua
and Saturday, and the calling of loans
today indicated that the process of i'm
proving the banking positions which
was reflected in Saturdays bank state
ment was continuing.
New York exchange at Chicago was at
10 cents discount