The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-20
WALL STREET NEWS
Stocks Strong and Market
Acts III Natural Manner.
UNION PACIFIC At NEW MARK
Reaches Highest Point of Current
Upward Movement, and Interna-
tionaI Steam Pump Also Makes "a
Good Gain-MOney Rates Below
Ruling Rates in other Countries.

New York, Nov 19-stocks We're again
strong to-day, and were rather generally
So Indeed. for the first time during the
week the market acted in a more or less
natural manner-that is to say. that the
trading was no longer concentrated in
two or three issues. with the advances
in these stocks followed In a laggard
and hesitating way. if at all, by other
issues.
Union Pacific common, which, with
United States Steel common. has been
the leader of the market recently, sold
to-day at a new high price on the current
upward movement. Among the inactive
shares International Steam Pump made
a gain of a point. and other relatively
-sttong features We're Missouri Pacific,
Missouri, Kansas and Texas common.
American Car and Foundry and the
Western Maryland preferred shares.
Beyond the fact that for the first time
in long period the fortnightly report
Of the American Railway Association
showed an increase in the number of idle
cars. the only news of the day of any
Importance whatever was that contained
IN the weekly bank statemSlt
Bank Surplus Larger.
The returns We're fully up to the fav-
orable predictions as to its character
made in banking circles yesterday and
was. indeed, in all its aspects a rather
surprising document. The bank surplus
increased in the average statement over
100000 and in the actual statement
over 100000, this being brought about
in both returns by a heavy gain In cash
and a large decrease in loans.
Money rates here are below rather than
above the ruling level in foreign coun-
tries, and the assumption has been all
along through the week that the lower
price of call loans has served to stop
social private" lending to Wall street
in our own country
Throughout this week the stock mar
ket did not change at all the profess
sional and cut-and-dried character that
it has assumed ever since the rise in
prices began on October 10. The word
prices Is used. although the advance
has conferred almost entirely in two
stocks-Union Pacific and United States
Steel common-and operations in these
shares are so Enthusiastically OF the clique
description that the outside public has
II anything been repealed from the mar
ket and the disposition even among
professional traders is To abandon opera
tons The most prominent development
Of the week has been the Increasing ease
in money, which has been accompanied
also by relaxation In foreign financial
capitals.
England Strengthens Position.
The Bank Of England continues to
strengthen its position, and its weekly
statement on Thursday showed a pro-
portion OF reserve against liabilities OF
52as per cent. as against a ten-year
average at this season Of IS per cent
The Imperial Bank OF Germany has also
lately gained ground. Sterling exchange
has fiuctuated in a way suggesting that
no movements of gold Of any magnitude,
either IN or out Of the United States,
are imminent in the near future.
Rank ceaTings this week made a little
better showing than last week. but are
still bflOW those Of last wear