The Washington herald., 1910-10-21
WALL STREET NEWS
Rise in Prices Along with
Increase in Transactions.
DISCOUNT RATE IS ADVANCED
Sterling Exchange Greatly Confused
by Net Rise, Although About One
half Was Afterward LOst-VoIune
of Dealings Heavy, Being Ex-
ceeded but Few Times Recently.

New York. Oct &.-The volume o,
dealings in stocks to-day was $50 o,s
: shares, total that has been exceeded an
several occasions since the violent rise
IN the market started a week ago last
Monday. The increase in the number
or transactions over those Of Yesterday
was, however, so great as TO give 70 the
market at times an appearance OF decided
excitement; and the fact that this was
accompanied by another general rise in
prices. although reasonable grounds for
hesitation in speculative operations for
'he rise seemed 10 be afforded by the
ADVANCE IN the Bank Of England's dis
count rate made the market. assume as
d "hoie. a somewhat peculiar aspect
Inc reason commonly assigned for the
action or prices to-day was that events
quickly demonstrated that the eveIation
OF the Bank OF England's price for money
had been thoroughly discounted. and that
the occurrence so far as our own stu
euon was concerned. was more or less
academic in its nature since il was AL
together unlikely that at a time of year
When the country's export trade was at
It's height gold exports would also be
necessitated.
No Influence Here.
The argument was in other words that
no matter at what level the Bank Of
Englands discount rate was fixed II
did not mean anything 10 the Americn
stock market, as long as it did not en-
1orce the shipment Of money from New
York to -ondon. II may be said that on
This poAt opinions differ in the financial
district and that 1t is held In more than
one substantial quarter that exports OF
gold from this side of the Atlantic are
not at all improbable in the near future
especially K the present excited rise in
the stock market continues.
10 IS varlously said that tO-day's action
by the directors Of the Bank of Eng
land was brought about by the fact that
money remittances from England 10
india and Egypt proved 10 be larger this
season than had been calculated upon
and that the recent sensational rise i'm
our own security market with its at
andant large negotiation Of finance bills
American bankers in London has
7layed a part in making money
the British financial capital.
Trading VIII he Cautious.
e TINS as IL may, of one thing there
no doubt and that is that a Der
cent rate in England al this time Of
the year. an event that has only been
witnessed on one or two occasions in the
last decade will be accepted by all think
Ing people as a sign for cautious rad
Ing financial matters in the near future.
and the circumstance too is in no wav
made less by strong indications Of a
strain upon capital in the German en-
Iire
To-day sterling exchange here was
greatly confused making a net rise al /
the opening OF business OF one-haIf a /
cent IN the pound about half of which I
was afterward lost Time money was /
active and irm5r although the call money f.
rate was but little disturbed. In general /
Il may be said that sterling is now al 4
a point slightly less than a cent in the /
pound from the figure at which under 4
ordinary circumstances gold may be /
proftably exported.