Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-13
PRICES HOLD UP WELL
More or Less Speculative
Pessimism Today.
MONEY RATES THE KEYNOTE
Five Per Cent Basis for Both Call
and Time Loans.
AMERICANS DROP IN LONDON
Heavy Local Opening Followed BY
Rallying MISUNDERSTANDING
Show General Gains.
MONEY RATES THE KEYNOTE
AMERICANS DROP IN LONDON

Special Dispatch to The Star.
NEW YORK October 13.-With the
money market established on practically
a five per cent basis all around for call
and time accommodations, the stock mar
ket nevertheless had a stronger appear
ance for the greater part Of today's SEES
sion than characterized 1t during the
week I'D to yesterdays holiday. At the
resumption Of business Wall street was.
indeed, filled with more or less Of the
same sort of speculative pessimism which
has been so much In evidence since money
worked away from the abnormally low
level which had obtained for more than q
year.
London had encouraged discourage
ment by scoring further declines tor
American stocks over the holiday and
furnished evidence OF further harden
ing Of money rates abroad. Albeit thare
has. perhaps, been too much London
and London opinion plus continental
sentiment In the consideration recently
presented to American investors and
spectators.
Wall street has been made the target
for severe foreign criticism because OF
its so-calied disposition to speculative
excess. but 1t is hardly Questionable
that affairs abroad have had more to
do with the blue tinge Of foreign finan :
cial feeling than Wall streets activi-
ties either at home or in the London
market.
When consols break overnight as they
have broken In London this week. and
when the favored mediums of British In
vestment and speculation are neglected,
az they have been neglected for months,
1t Is about time for adequate recognition
of the real causes. These are to be
found in the violently upset state Of Brit
ish politics chiefly. and next in the far
from comfortable status OF European In
ternattonal relations.
Excel in Comparison.
Wall streets speculations are negligi-
BILE factors 50 far a. concerns the money
market in comparison with the foreign
forces that are affecting financial calcula-
tions.
II Is hardly too much to say that, con-
sidefing the prospects for our country q
growth and expansion, together with the
through which they have passed. Ameri-
can stocks are now on the average gilt
edged investment In comparison with the
other issues In which Europeans have
been wont to place their money.
Perhaps some growing appreciation Of
this fact may serve to explain the sour
tone Of much contemporary European
comment on our stock market.
The market opened this morning gener-
ally heavy at declines about matching
the lower levels recorded in Lendon over
the holiday. There was an accumulation
Of early selling orders. much OF which
appeared to be OF a bearish nature. de-
signed to depress prices in order to facil-
ftate short covering. In the flrst half hour
with business on an active scale the mar
ket sold of still further. but thereafter
prices hardened. and displayed q raliying
tendency. which was subsequently borne
out in q good recovery. BY the early
part of the afternoon railroad stocks
were up from one to two points above the
low forenoon figures. and showed gen.
erai gains of from a. half point to point
or more over Mondays close.
There was no particular news to &C.
count for the price movements Of the