The Washington herald., 1910-10-20
WALL STREET NEWS
Prominent Stocks Figure in
Slight Decline.
MOVEMENT CAUSES COMMENT
Fan Considered as Merely Normal
by Traders, While Others Hold that
Decline Was Due 20 Substantial
LIquIdatiOn-Reading and Steer In
eIuded in the Decline.

New York. Oct l9-To-day for the frs
time IN eleven successive DAVIS the nrice,
OF many prominent stocks In the security
market sold az unit figures lower than
those recorded on any day immediately
preceding throughout the period. Fina
prices were above the days lowest but
III me last quarter OF an hour Of The
STOCK exchange session a selling nova
meht' which had run vigorously in ,be
early portion OF the day, and from which
recovery had taken place. was again
resumed AT one time IN the day gross
oeoIihes OF nearly two points. nom the
Mghest levels. touched on the inward
6loVeiheht We're common In stocks OF the
class OF Union Pacific, United States
Steel. and Reading.
naturally the movement IN the market
was the subject Of varying and con-
uaFy comment in Wall street one view
taken or the fall was that IL was a mere
normal and If anything. delayed reaction
toHo"ing a market upspurt that had real
~ Deen unduly prolonged. A contrary
opinion was that indications favored the
probability that a great deal OF sph-
"a
iaVoring market factors had been nrett,,
thoroughly discounted, and that the ON
look Tor the moment was for lower
prices.
London Starts Decline,
The decline was started to-day lust as
II was yesterday by selling for the ac-
count OF London and an estimate ~
Quently made was the effect that Lon
don houses had disposed Of here IN the
neighborhood OF 1900 shares Of stock
To-day and Tuesday. This selling for
the account OF London was also accom-
panied by rather general weakness IN
the London market itsel. and uas A.
ostensloly 10 something more than ar
prehension that the Bank Of FngIsr'Jf,
discount rate tomorrow might he raisea
70 ~ per cent or even To 6 per cent
ears or this kind were likewise enter
tanned by financial interests here and
IN banking circles after the close of
business The impression appeared 10 be
mat the chances Of an advance IN the
BANK or England rate or of a retention
or It's present rate were about equal
Discounts in the open market IN Lon
don rose 10 point y per cent higher
than the present bank rate OF 4 per cent
60 TINS Wouiu ordinarily be taken as
rather positive proof that some advance
IN The bank rate is impending.
The situation IN this regard seems 70
De that the Bank of England must re-
plenlsh from some quarter the gold re-
serves that are being rapidly depleted nv
metal remlttances from London To the
continent of Europe In view OF the
cheapness or money here, II seems 20 be
probable, rather than otherwise. that
sustained per cent discount rate hy the
Bank OF England would result in gold
exports from this side. even II these
might be OF obviously temporary char
acter. II would then become a question
as 10 Just what effect such a movement
would have upon our own stock market
sterling Exchange Firm.
Sterling exchange was again fr,ner
here to-day, despite its advance vesrer-
day OF 4 cent IN the pound. Can and
time money rates were without notable
change 4 slight advance occurred i'm
the quoted price OF copper metal because
or larger buying by consumers. and tha
grain markets again exhibited what has
been OF late chronic heaviness. Cotton
prices, which advanced sharplv mis-
morning, upon the idea that great iniIIr,,
had been done 10 all Southern agriculture
IN the seaboard States. lost their rise
later because Of evidence that the storm
was losing its force.