The Washington herald., 1910-11-04
WALL STREET NEWS
Bank of England's Good
Showing Aid to Market.
STOCK ADVANCE IS GENERAL
Trading Along Broader Lines and
Tendency Il Observation-Disclosures
Copper Makes Gain, while Ameri-
can Smelling Likewise Moves IN
a Littie-steeI Ascends.

New York. Nov. 3.-There was the
usual comparative activity in the first
two hours of the stock exchange to-day.
followed by duIness thereafter stll.
dealings in stocks were considerably
above the late daily average. and the
tendency OF the whole market was firmer
or course impetus was left TO rising
movement at the very outset by the
highly favorable weekly statement OF the
Bank Of England, published to-day.
showing an increase in gold holdings OF
SIOlooo and a proportion of reserve to
liabilities OF 1917 per cent. as against
4o,H per cent In the preceding week.
This better showing was made possible
by pretty heavy decrease in the volume
OF the banks loans.
The statement OF the Bank OF France.
also issued to-day. showed that the in
stitutiOn lost some gold, but the amount
was so small as 10 render il doubtful if
the better condition of the Bank OF Eng
land was because OF remittances from
Paris.
England Gets Gold.
The fact seems TO be that, for the time
being Al least. the per cent discount
rate Of the Bank of England, coupled
also with large borrowings by the bank
from the open London market has en-
abed the bank 10 acquire at a fair price
practically all OF the gold lately sent 10
England from South Africa. and has also
induced unusually heavy shipments OF
sold from Brazil. Talk of per cent
bank rate later In the year was therefore
to-day abandoned
AT the same time discount rates in the
open London market were to-day a little
firmer. Here exchange was again weak.
being now more than a cent IN the
pound below the recent high level: and.
according TO all current if unofficial. in
formation, this phenomenon is due TO
the negotiations on a relatively heavy
scale OF finance bills by our bankers in
London and Paris.
These bills are known 10 pay the for
eign bankers. thus extending credit con-
siderably more than the current rate OF
interest obtaining for time funds in our
oWA country but here il is altogether
improbable that any large amount of
borrowing of money on security similar
10 that furnished for the finance bills in
question could take place without the
payment Of fully as high a rate Of in
terest as that paid 10 the foreigners if.
Market Is Broader.
There was no denying that to-day the
market was broader and stronger than
it has been az any time thus FAR during
the week. The rise. instead of being
confined 10 one or two stocks, was gen
eTal. even if large advances were still
only shown in two OF three particular
issues among the leading stocks; that
is 10 say. almost exclusively the United
States Steel. Union Pacific and Reading
shares, and if relative heaviness was
shown in certain quarters. notably the
New York Central group. The sluggish
ness IN this direction was doubtless
caused by the poor statement of earn
iugs submitted the day before yesterday
by the different New York Central lines.
Amslgamated Copper stocks made only
a fractional net gain, while the Ameri-
can Smelling and Refining common
shares did but little more Also. the
Canadian Pacific group of stocks were in
no way inclined TO book so much as
earlier in the week