The Washington herald., 1910-10-14
WALL STREET NEWS
Market Most Active Since
Latter Part of July.
DEVELOPMENTS MIXED SOME
copper Shares Strong and Metal
Market Firmer-CaII Money shows
an Administrative Operations of
Spinners Cause Jump in Cotton.
Bank of Engiand's Statement.

New York, Oct l3-The stock market
to-day was the most active since the
latter part of july when it rebounded
spasmodically after the break preeipi-
tated by the difficulties of the Pearson
Farquhar syndicate
on one OF the DAYS in the COURSE of
that recovery the turnover was greater.
but to-day the market was much broader
the large number of 10 different stocks
being dealt in. and to-day the upward
movement was not impelled by purely
technical considerations, as was the
movement in July.
Then the market was heavily oversold
and the advances were due principally
10 the precipitate covering of short con-
tracts: to-day the movement was In ac-
cordance with matters logically and prop
eriy conducting toward higher prices and
the maintenance OF higher prices.
Increase In Activity.
To-day, also. the upward movement
IN stocks and the great increase Of ac-
uvity was accompanied by an activity
IN the bond market that has not been
witnessed for much longer period than
that Intervening between the present and
July. Sales of bonds on the stock
exchange aggregated about sS.50O.O0O.
whereas so recently as on Monday of
this week the turnover was considerably
Below 100000.
There was no question whatever that
these greatly increased purchases CT
stocks and bonds and the great gain In
the range Of the security markets, rep
resented prar9rfore IN No., H..
cial Judgment, who, for the time being.
al least, see no reason for hesitancy In
the important matters that have re-
tarded progress in the security markets
for several weeks
Other developments of the day were
Of mixed character, though the tendency
was 70 place bullish construction upon
them, sentiment having been favorably
impressed by the more important news.
The Rio Tintos Copper Company reduced
its dividend rate. but the explanation
was officially made that the company had
made effective a policy of curtailment of
output under an agreement with important
producers In this country and elsewhere.
Copper shares strong.
Accordingly, Notwithstanding the cut In
the Rio Tintos dividend, the copper
shares were strong and the copper metal
market firmer on the idea that a world
wide policy OF curtailment will readjust
untavorable conditions in the trade
Similarly, an advance Of more than 81
a bale in cotton was not received I'M
favorably for the reason that the ad-
vance was brought about by no bad crop
news. but principally by the more ac-
tive operations Of spinners in this coun-
try and by the settlements Of the trou
bles between spinners and employees
abroad, with consequent increased ex-
port movement Tor the staple
Call money touched 3A4 per cent. the ad-
vance being due In part 10 increased &C.
tivity I'm the security markets and in part
10 the circumstance that since the crous
are larger than had been supposed more
money would be required 10 move them.
The banks have this week lost more than
100000 on operations with the sub
treasury, and have made direct ship
ments 10 the interior necessitated by the
extraordinary crop yields in many Sec
tions.
The Bank OF Englands weekly state
ment showed no material change from
last week, and both foreign and local
time money rates were practically un-
changed.