The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-11-09
UPWARD IMPETUS
IN STOCK MARKET

New York. Nov S.-The initial up
ward impetus to stocks today came
from professional buying to cover
short contracts. and was based on the
decision of the Imperial Bank of Ger
many to leave its minimum discount
rate unchanged The closing was
easy, The weekly return of the I'M
perial Bank of Germany. while show
ing an improvement in condition. went
but short way toward making up
the deterioration of the previous week
in connection with the November set.
dement's. The bank regained this
week but $1.94G.200 Of the S10.554 900
IN gold lost last week The Bank OF
England secured $2,5000OO OF South
African gold available i'm the London
market but the London control OF
New Yorks gold was reasserted in
the resumption OF the outgo OF gold 10
South America, engagements Of more
than million being announced for
that destination on Wednesday. The
bank of England also borrowed from
the London open market This and
the contemplation of The complexion
OF the Saturday bank statement here
corrected any danger OF overconfi-
dence over the clearing OF the fnan-
cial outlook The movement OF the
sterling exchange rate at Paris, which
advanced 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 abundantly sup
piled of all the international money
markets. and the discrepancy In the
interest rate in London Is prompting
purchases OF financial paper in Lon
don by French banks. The influence
of the cotton speculation upon the In
ternational exchange became percepti.
ble today in connection with the yiO-
lent slump in the prices OF cotton.
Cable rcmttances by foreigners to re-
pleniSh margins on cotton holdings
caused 4 decline Of several points n
cables on London. Exports OF grain
are now running heavy and making
exchange. The rush OF imports from
France to anticipate the exploration
OF the reciprocal trade agreement on
November / has subsidized and will re.
ducc the demand for remittance in
payment. The published outline of
some OF the subjects To be treated in
llit DlSolhtlll iil'oooht w ''HSlNoo
recalled attention to the approach of
the assembling of that body and TO
the rcgulative measures that may be
directed against corporations.
A notably strong feature of the mar
ket was Amalgamated Copper, The
influence back of this movement was
the persistence of TumorS of the prog
less toward a working agreement OF
the various important interests among
the copper producers. The London
price of the red metal rose in connec-
ton with these report9. and in spite
of the expectation that the statistics
for October of the Copper Producers
association would show further addi-
dition to the surplus stocks of the
metal.
A luu in tho sales of pig iron since
The first of November was another
item which may have aggravated the
selling pressure on United States
Steel. The late rise in call loans TO
Der cent also was against the market
Foreign exchange rose strongly In the
face of the stiffening of the money
market, and New York exchange at
Chicago fell back TO 45 cents discount
per $1,000.
Bonds were steady Total sales.
par value, $685. 600.
United States bonds were un-
changed on call.