The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-23
WALL STREET NEWS
Profit Taking Fails TO Stop
the Upward Movement.
DISCOUNT RATE UNCHANGED
Bank of England's Weekly Report
shows High Proportion of Reserve.
Western Union and American TeIe-
phone Make Gafns-Advance Is
Noted In General Bond Market.

New York, Sept. 22-Yesterday the
stock market closed at a net advance In
the railway shares OF considerably over
a point this coming. too. upon sustained
rise throughout the four preceding stock
exchange sessions Inasmuch as the out
burst OF strength yesterday was directly
connected with the publication of the
favorable news concerning the decision
OF the master in chancery. appointed by
the United States Circuit Court In Min
nesota 10 take testimony and report in
the matter of the railway rate cases in
that State, and was undoubtedly accom-
panied with a partial extinguishment OF
the markets short interest, the idea was
very general and was certainly we'll
founded that this would leave the tech
nical position Of the market weaker than
IT was and might be followed by a com
paratively violent recession in prices.
Quotations al the opening to-day were
indeed, a little higher than they closed
yesterday, and then the expected profit
taking set in. but with the unexpected re-
suit that II did not carry prices down to
quarter points iii one OF the most active
stocks was the largest drop that was wit
messed. From this, recovery took place,
spread out over the greater portion of
the day. and carried prices pretty near
~ to the highest seen on the recent up
ward movement
Declines Are Small.
4 ELF rrf IN, Iac
utes of trading again depressed values.
but, although it left the greater number
Of stocks at declines for the day. these
declines were so small and were Offset
by such scattering advances that they
only served TO afford basis for the gem
eral and justified comment that the mar
ket was exhibiting a good deal of in
herent strength
Among the particular features OF the
trading to- day an advance in the West
ern Union and American Telephone and
Telegraph stocks occurred for what espe-
cial reason remained undisclosed United
States Steel common stock seemed In no
way affected by the varying and contra
dictory rumors regarding the state OF the
iron and steel business; the accumulation
OF Tennessee Copper stock that has been
going on for some time continued but 1t
may be doubted whether the most I'M
portant phenomenon Of the day was not.
after all. renewed evidences OF an ad-
vancing tendency in the general bond
market
Discount Rate Unchanged.
The directors OF the Bank OF England
to-day did not change that Institutions
discount rate nor had there been any
anticipation that they would do so. The
banks weekly report Of condition was
strong, showing a proportion OF reserve
10 liabilities OF 1896 per cent. the highest
shown at this date with one exception
in the last six years.
Dispatches from the other side told OF
the likelihood that various foreign loans
might soon be offered in the British mar
ket which, with the usual autumnal
outgo or money from London will in all
probability cause a moderate advance in
the English banks rate some time in the
course OF the coming month. No aspect
OF the present financial situation, how
ever, stands out more prominently than
the fact that there is no likelihood OF any
money stringency here or abroad during
the remainder OF the year.