The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-10-25
WALL STREET NEWS
Movement in Stock Market
Is Toward Liquidation.
STERLING EXCHANGE LOWER
General Money Situation Such "a 10
Induce Conservatism I'm specula-
tive Ventnres-Inter.-Met Shares
Practically the Only Ones to show
Advanee-Wabash Also Strong.

New York. Oct. 24-The whole move
ment In the stock market was toward
liquidation. Prices at the opening were
IN few stocks little higher than they
closed on Saturday. but the market i'm
mediately declined under comparatively
heavy selling for the account OF London
The sales kept up until the hour closed.
during which business could be trans
acted for foreign account. and the mar
ket relieved or this pressure rallied mod
erately.
But realizing sales again made their
appearance and continued with inereas-
ing vigor until the end OF the stock ex-
change session. final quotations being
usually at the lowest and at recessions
running from ! 10 81 points in the active
shares from the highest prices made last
week.
To-day's decline was In no way directly
traceable 10 any unfavorable develop
ments in the days news. for upon the
whole matters of this sort were friendly
rather than unfriendly 10 the constructive
side OF the market There was no further
evidences here OF money market firmness.
Sterling Exchange Lower.
Sterling exchange. although il rose In
the early part OF the day 10 the highest
ngure recently touched receded lower and
left or at a lower level than AT the close
OF last week. This might have been due
especially 70 the circumstances that to-
day the Bank OF France announced that
II would discount 100000 worth or three
months bills drawn on the Bank OF Eng
land, this amounting, OF course, in sub
stance 10 a release OF gold for the Bank
or England's benefit.
At the same time discounts were firmer
IN London, consOls declined 10 a new
low record. and there was a heavy tone
in the market everywhere. There was
big break In cotton. carrying the lead
ing cotton options down to a point cent
IN the pound below the highest price
touched little more than week since.
This was due TO the anticipation that
the governments report, which Will be
issued tomorrow. concerning the amount
OF cotton ginned VIII be greater than gen
orally supposed
Wabash Issues Strong.
The marlborough Metropolitan shares
were practically the only stocks making
advances to-day, and their rise was based
upon rumors of favorable developments
attendant upon reorganization plans. The
Wabash issues were also specifically
strong for some unknown reason. As
regards the general market. a sufieing
reason for the recession that occurred
was doubtless more a desire 10 take prof
its on the part OF the spectators TO
whose Efforts the recent rise In the mar
ket has been almost exclusively due.
The general money situation both here
and abroad is plainly such as TO induce
conservatism in speculative ventures
Wall street banks continue to lose heavily
10 the interior on currency shipments
the outward movement OF money from
this center being notably heavier since
last Friday than II was in the same
period last week.
While the Bank OF France Is sending a
little money 10 England it is not unlock
irB its boards except in a meager way
and IL is we'll known that the adversitias
that have beset French agriculture this
year as well as other financial reasons
will impell the Bank OF France 10 keep
. close hold on its gold until the years
annual settlements are over,