The Washington herald., 1910-10-22
WALL STREET NEWS
Heavy Dealings Along with
an Uprush of Prices.
DISCOUNT RATE IS ADVANCED
To This Cause Is Assigned the Rise
Which Does Not Brighten SDecu-
Iators-LOss shown by Banks Is
FigU-ative Rather Than Actual.
New High Level by some Issues,

New York. oct H-The speculation in
stocks started of this morning Al a rate
far more lively than any that has been
noticed in the course of the present
movement. Transactions in the first
hour of business reached nearly 10000
shares, the largest total that has been
witnessed in similar period in several
months and these heavy dealings We're
also attended with another up-rush IN
prices IN nearly all the active stocks
quotations rising, Of course. TO a new
hish level.
The basis of to-days advance again
appeared 10 be so far as any one could
understand the fact that the Bank OF
highlands discount rate was not regard
ell by spectators for the rise as any,
thing that was likely 10 interfere with
their operations. The feeling was very
general in Wall street to-day, or al
least in those quarters Of Wall street.
where demands for higher prices We're
numerous, that while the Bank OF Eng
lands higher price for money might in
duce some elevation OF money rates here
the same rise To money on our side
would be sufficient 10 staye of gold ex-
ports inasmuch as this is the season
when our shipment OF commodities 10
foreign lands is AT its greatest height
for the year
Low Level for ConsOIs.
In England too. to-day the action OF
the directors Of the Bank OF England did
not seem 10 cause any particular dis
composure. although cOnsols sank 10
new low record level. and 1t was said
that the sustaining influence Of pur-
chases IN the American section of the
market was the one thing that prevented
prices as a whole from going lower
All things taken together. developments
IN the International money situation We're
plainly not such FOR the moment as 10
scare spectators here cut OF the market
position that they have lately assumed,
but whether the last word on the subject
has been said remains 10 be disclosed.
The stock market after its opening
rise and fury. sobcred down considerably.
and thereafter during the day tended 10
become duu and 10 sag, even II The total
volume of the days trading was over 90l-
coo shares, and was the largest OF any
day. with bat one exception since July
81 The declining movement was rather
mere noticeable Ia the last hour OF trad
40 declines. Greater activity was again
manifested In United States Steel com
mon IMAM 50 anything else. the trading
acre being almost One-QuarJer OF the
gross dealings in the market.
Money Rates Firm.
Sterling exchange rose about fifteen
points al tie beginning OF the day, but
reacted lately until money rates were
c-all firm. and money on call remained
unchanged So FAR as there were any
Indications al all OF tomorrow bank
statement. they were favorable and for
The repetition Of q statement of similar
character as thar made q week ago
According 70 the published estimates,
the banks have lost during the week be-
tween 10000 ana 100000 Neyerthe-
less. il would not be surprising if an
actual Increase in cash was shown, and
IL Is all but absolutely certain that bank
loans and deposits have again decreased
owing to q renewed transfer OF credits
go private lenders and trust companies.