The Washington herald., 1910-09-17
WALL STREET NEWS
Stocks Fall Below Thursday
and Then Harden.
FRACTIONAL GAINS ARE SHOWN
On Resumption of Grain Business
After Days Recess Wheat Adj
vances an Average of n Cent a
BusheI, in Accordance with Crop
Reports I'm Europe.

New York, Sept. R-In the morning SEES
sion on the Stock Exchange to-day the re-
dictionary movement which had attained
considerable Roadway before the close OF
the market yesterday continued until
most Of the active stocks were down a
point below yesterdays closing prices.
The market then hardened. and in the
afternoon advanced on light trading un-
III at the close the early losses had
been recovered, and most OF the active
stocks showed fractional gains on the
day. In the less active stocks the close
was irregular. with gains Of a point in
Virginia-Carolina Chemical. pa points
in Delaware and Hudson. and fractional
gains in many others, and losses Of 3
points in Republic Iron and Steel pre-
Ierred, points in Rock Island preferred
IA points in Chicago Northwestern, and
rs points in Central Leather. Among
the active stocks the Interborough Met
ropolitan shares disregarded the general
trend OF the market throughout the ses-
sion. advancing on comparatively heavy
trading from the beginning 20 the close.
From One TO Three Points.
The common stock gained rs points and
the preferred points on the day, and
the collateral trust bonds also advanced
IN active trading. There was no new
development affecting the issues, the
movement being a continuation OF the
previously brisk upward swing following
the publication Of the Interborough Rapid
Transit Company's annual report. The
bond market was steady with q fair
volume Of activity.
IL grain business was resumed after a
days recess. Wheat advanced an aver
age OF a cent bushel in accordance with
dispatches confirming previous reports Of
crop damage in Europe. The corn op-
tions sold of = to q cent weather con-
tinuing generally favorable.
Neither the foreign exchange market
nor the local money market was particu-
larry affected by the refusal Of New
Yorl, bankers 10 deviate from their posi-
ton in the controversy over cotton bills
OF lading- Sterling exchange was a trife
weaker and the only development OF con-
sequence in money abroad was a de-
crease from to 4 per cent in the MIMI
mum rate OF discount Of the Bank Of
the Netherlands
II Is probable, however, that the bank
statement to-day viii show an expansion
in loans related to some extent 70 ar
ransements for financing the cotton crop,
but the present arrangement in regard
20 cotton bills continues until October L,
and the hope Is entertained as strongly
as ever that the English bankers will re-
consider their demand for a guarantee Of
cotton bills by local bankers. In the
course OF the week the banks have lost
more than 100000 on operations with
the subtreasury and the expectation is
that the bank atement tomorrow will
show moderate decrease in cash hold
ings and in surplus reserve.
Opinions regarding the reactionary
tendency OF the steel trade were modi-
ned by an interview with Judge Gary in
which he represented conditions as better
than had previously been generally be-
lievcd. Otherwise the trade reports pre-
scented the tendency of general business
as still reactionary 1t was the opinion
Of the weekly trade reviews that trade
and industrial reports are rather more
irregular and that domestic commerce is
still retarded by political uncertainties.