The Birmingham age-herald., 1909-10-26
FOREIGN MONEY
 CONTROLS STOCKS Influences However Are Re-
 verSed from Last Week DUE TO RELAXATION
Imperial Bank of Germany Falls To Increase Discount Rate and Is Followed By Other Money
 Interests in Europe.

New York, October 25.-The speculation in stocks today continued to find prac- tically all it's incentive from the changes in foreign money markets. although those influences were reversed from tho effects shown last week. This was due to the relaxation of the foreign money mar l1ets; partly actual and partly from re- suits that had only been dreaded but not realized. The latter. was the case with the action of the Imperial Bank of Ger many, which was expected on Saturday almost certainly to raise It's official dis count rate today.
 Foregranted that this action would have been followed by a further increase of the Bank of England official discount rate, 1t was known by the time of the opening of the New York Stock Exchange that the German bankers decided 1t was unnecessary to advance the minimum dis- count rate and the report of the con dition of the bank offered explanation for this decision in the strengthened po- sition disclosed
 Not only was the bank shown of good effect on Berlin, but that center also had a report that the Bank of France had determined on measures to aid In reliev- ing the international money market. What these measures were did not appear, but the undoubted ability of the Bank of France to effect relief, if such a policy were to be decided to be wise, gave the report much influence. The gold holdings of the Bank of France now stands at S725, ,OO0 900, which is 900 increase / over those a year ago, while the Bank Fpf England holds but $194, 400 900, which is \ SIS GOO less than this time last year. ' This strong position OF the Bank of France, therefore, has caused longing glances to be cast in its direction from q feel the pressure of. rising interest rates. The Bank of France Is possessed of such authority over its holdings of gold as to make the parting with it largely a matter of discretion of its government, and up to today no suggestion has been heard of a likelihood of that institution coming forward to supply any part of the demand for gold.
 It was this situation which made New York the most probable point for the di- version of the demand for gold from London. With the new aspect of affairs there was an easier tone in the London discount market and in the foreign ex- change market in New York. There was another small engagement of gold for shipment from here to Brazil and $750,OOO additional went to Canada. The pros pect of any direct shipment from here to London seemed less likely.
 The Saturday bank statement also had its influence in reassuring sentiment over the money outlook. There was some re- vision also of the estimate of the volume of shipments of American securities com ing home from London and which, on arrival here, would call on bank opera tions that would make further demand on the money market. Some of these contemplated shipments, it was reported would be averted by the easing of the rnenex Ffension fWealSness in the copper metal market in London was ascribed partly to the light money market the heavy stock of copper which is being held