The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-11-11
WALL STREET NEWS
Stock Market Shows Distinct
Rallying Tendency.
MONEY RATE AT HIGH LEVEL
General Belief that Bank of Eng
land viii Not Change Discount
Price to Pa Per Cent-LittIe News
Bearing on Security transactions.

New York. Nov. lO.-For the first time
since last Saturday the stock market to-
day evidenced a distinct rallying tend
ency. 1t may be argued. perhaps. that
the recovery in prices was no more than
what was due after the continuous recent
decline, and that il was brought about
directly by the purchases Of stocks made
- cover contracts for the fall
Nevertheless. it was apparent heavy
speculative sales OF stocks, made this
morning at or slightly below the level at
which prices closed yesterday, were not
successful in dislOdging any considerable
amount Of stocks from the hands Of &C
tual holders and also that much more
resistance In the shape of new buying
was presented 10 these attacks than has
lately been the case.
Money At High Level.
It was also clear the all-important feat
ure OF the present situation-namely. the
money questionable not wear quite so
perplexing n face as il did on the day
before. and this in spite Of the fact that
the call money rate rose this afternoon
20 per cent the highest level previously
touched during the year.
This price proved again, or for the time
being at least, 10 represent the utmost
stretch Of whatever possibilities OF money
stringency that now exists
Thereafter the money rate fell. and In
the late afternoon was quoted al l-2 per
cent with money reported from the floor
Of the stock exchange as practically IN
landable. Doubtless the underlying rea-
son for the more cheerful feeling shown
to-day in the financial district was
general belief that the directors OF the
Bank of England at their weekly meet
ing tomorrow. will make no change in
the present per cent discount rate Of
their institution.
II is we'll known that week ago the
directors Of the bank nearly decided TO
advance the rate. Since that time the
condition OF the bank has been steadily
strengthened, gold has been attracted 20
London from every quarter.
The London fOrtnightlv financial settle
ment has passed of without strain and
disclosing a reduced speculative account
open for the rise and especially in
American securities, and the Bank OF
England and English financial houses
have managed 10 largely transfer to
Institutions and firms In other countries
the task OF meeting the demand FOR gold
addressed primarily 20 the British capt.
tai.
our own country has been largely in
strumental in this regard, and has made
heavy shipments of gold TO Brazil this
week which have been Of the same serv-
Ice as II they had been sent directly
from England.
Receives More Gold.
To-day alone the Bank Of England
received from other countries gold 10 the
amount Of $4,000 more than half OF
the amount coming from France. a coun-
try from the clutches Of whose bankers
gold Is always wrung with more or less
difficulty. lt will. therefore. be very
surprising II any change IS made to-
morrow in the Bank OF England's dis
count rate.
There was also no news to-day bear
ing upon the security market other than
that referring % the considerations that
have been noted. and such as there was
was bIf little regarded