The San Francisco call., 1909-11-09
TONE IS EASY
ATTHE CLOSE

NEW YORK Nov. s-The initial up
ward impetus to stocks today came from
professional buying to cover short con-
tracts and was based upon the decision Of
the Imperial bank of Germany to leave its
minimum discount rate unchanged.
The closing was easy. The weekly re-
turn of the Imperial bank of Germany,
while showing an Improvement in condition,
went but a short way toward making up
the deterioration Of the previous week in
connection with the Nousmber settlements.
The bank regsined this week but 81, ,946,-
200 of the S1o,554, 900 in gold lost last
week.
The Bank of England secured the $2,3lb,-
600 of South African gold available in the
London market, but the London control Of
New Yorks gold was reasserted in the re-
sumption of the outgo of gold to South
America, engagements of more than
81 100000 being announcedf for that des
ination Wednesday.
The Bank Of England alsosborrowed from
the London open market This and the
contemplation of the complexion Of the Sat
urday bank statement here corrected any
danger of overconfdence over the clearing
of the financial outlook The movement of
the sterling exchange rate at Paris. which
advanced q full centime TO above the par
of exchange. raised discussion of a possible
movement of gold from Paris to London.
The Paris money market is the most
abundantIy supplied of all the international
money markets and the discrepancy in the
interest rate in London is prompting pLr-
chsses Of fnsncial paper in London by
French banks.
The influence of the cotton speculation
upon the international exchange became
perceptible today in connection with the
violent slump in the prices of cotton. Cable
remittances by foreigners to replenish mar
gins on cotton holdings caused decline of
several points in cables on London. Ex-
ports of grain are now running heavy and
making exchange. The rush of imports
from France TO anticipate the expiration
Of the reciprocal trade agreement on No.
vember has subsided and viii reduce ths
demand for remittance in payment.
The published outline of some of the sub
jects 10 be treated in the presidents mes
sage 10 congress recalled attention TO the
approach of the assembling Of that body
and TO the res,ietive measures that may
be directed against corporations.
& notably strong feature of the market
was Arnalgamafed copper. The influence
back of this movement was the persis-
tence Of rumors of the progress toward
working agreement of the various import
ant interests among the copper producers.
The London price Of the red metal rose in
connection with these reports and in spite
cf the expectation that the statistics for
October Of the Copper Producers associa-
ton would show a further addition to
surplus stocks of the metal.
A lull in the sales of pig iron since the
first of November was another item which
may have aggravated the selling pressures
on United States steel The late rise in
call loans to per cent also was against
the market. Foreign exchange rose strong
Il in face of the stifening of the money
market and New York exchange at Chicago
fell back TO IS cents discount per $1,000.
Bonds were steady. Total sales, par
value, SO. .oSS. 900.
United States bonds were unchanged on
call.