Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-25
START WEEK STRONG
Initial Prices Show Gains Up
to One and a Half.
PROFIT-TAKING GENERAL
New High Prices Attained by Some
Stocks.
RAILWAYS ARE PROMINENT
No Disposition Manifested to Liqui-
date Extensively-Great Northern
Exception to Upward Trend.
RAILWAYS ARE PROMINENT
Special Dispatch ia Tho star.

NEW YORK, cctoher 2I.-NeSdtlFe
factors were very largely responsible for
what took place in today's stock market.
The market for the greater part OF the
session was decidedly strong, but it owed
much of its strength to the failure OF
new reasons to develop for increased ap-
prehenSiunS OF the sort which began to
bulk in Wall street calculations last
week Among other things, the foreign
exchange market did not continue its
upward course toward the point of easy
gold exports. nor did the local money
market indicate new pressure on credit
facilities here.
The Imperial Bank of Germany did
not make the further advance in its
discount rate which was so freely in
dulged in an expectation last Fri
day and Saturday. Finally. no DISPOSE
ton was manifested to liquidate stocks
extensively. AS a result of these con-
siderations the stock market COM
munity felt rather better today and
almost came to the conclusion that it
had become unduly nervous in the last
few days.
Nevertheless the ) per cent rate of dis
count which has been established by the
Bank of England is a fact, and must be
recognized such by the stock market
following. as it is undoubtedly recognized
in important quarters. 1t does not point
the way to an active speculation for the
rise in Stocks, although it is easy to ex-
asgerate the Significance of it and to
draw from it too unfavorable conclusions
with regard to security prices
III. as Is not at all unlikely, the political
situation i'm Great Britain is very largely
the cause of the steps taken by the Bank
of England in the last few weeks to as
sert control over the International ex-
changes there is historical warrant for
1nferring the possibility that it will offer
an obstacle to an expansion of Wall
street activities for the time being.
No Rate Hitches Expected.
On the other hand, information or opin-
ion in well informed quarters here is
that the British political situation will
resolve itself without serious bitches. At
the same time there is the fact Of the )
per cent bank rate. and Wall street will
have to make the most of it that it can.
American stocks were stronger this
morning in generally stronger Lon
don market. apparently because of an
unchanged discount rate in Berlin and
a decided improvement in the position
of the Imperial Bank of Germany. More
over. developments in the London money
market were favorable. The Bank of
of southern African gold which was
laid down in the market, and because
of cessation of continental demand
the price of bar gold and American
eagles was lowered I'D.
AT the opening here the lead furnished
by London was followed pretty closely.
Initial prices showed gains ranging from
p point to 112 points all around. and al
though there was scattered liquidation
and good deal of proht-taking selling
by traders, the market until we'll into
the afternoon, at least, did not at any
time lapse into irreguiarity, and in the
early part of the afternoon the list
averaged new high prices for the day.
Strong Features.
Conspicuously strong features were
Reading, New York Central. Southern
Pacific, Union Pacific. Wabash pre-
ferred. Central Leather, American
Smelling. Amalgamated Copper and the
United States Steel issues, especially
the common. In fact, the early after
noon price movement in the whole mar
ket was of such a character as to in
dictate that mercurial Wall street, which
was unnecessarily uneasy last week,
was threatening to become unnecas
sarily optimistic at the outset of this
week and was no more able to possess
it's soul in patience than it ever was.
The most conspicuous exceptions to he
general market trend were furnished
by Great Northern preferred and Great
Northern orc.
OF ,narketuisc news developments of
positive nature there were almost none
except those hearing on the money mar
ket. Compilations of the engagements Of
gold so far for Canada and Brazil show
about $3.50 600 taken in in the last week,
very nearly equally divided between the
two countries. The subtreasurv presum-
q bly, as a result of gold shipments out of
the country. has gained 81 o73.O 600 from the
banks SD far i'm the new bank week