Show MARKET OfF IN INTHE INTHE THE fiRST HOUR Then Signs of a Recovery Be Began Began Began gan to Appear in Wall WallStreet WallStreet WallStreet Street Exchange I PRICES FIRM AT THE CLOSE BANK DANK OF FRANCE MAY RAISE 4 THE RATE New York Nov 3 The stock market was weak for an hour and then strong for an hour today and closed firm at the recovery Reading Beading absorbed a large share of or the market and was the only stock to move either way wa with any an vigor The early selling of this stock was plainly due ItiC to a large extent to tho the taking of profits in yesterdays business The whole market was affected in sympathy There was some Bome professional selling also caused by fears of at a weak we k bank statement owing to the weeks large Indicated outgo of ot cash and the probability that credit ac accounts accounts accounts counts had also been extended during the week The bank statement verified the most liberal estimates of ot the loss of cash dur during during durIng ing the week the decrease In that item rising to But whatever Increase of credit may have been made in New NewYork NewYork NewYork York during the tho week It was again kept out of ot the bank statement which showed a loan decrease of ot The tion ton that credits were expanded is based upon the known needs of ot the November N vember money settlements and the process of transferring loans from the London mar market market marRet ket Ret to the New York market which has been Leen going on during the week There Is nothing to show what was the source of the relief for the banks from the Increased loan requirements It is as assumed assumed that the tha trust companies and private vate ate banking houses took their share of tho the burden In addition to this it is known that France Prance loan bills bUls have been negotiated in this market during the week Cables from Paris report a good deal leal of satisfaction thero there with this de development development development and discrimination by the Bank of France against American finance bills In an effort to check it But with the money rate In Paris but slightly above 4 per cent the attraction of the profitable rate for time loans here apparently proves stronger than the obstacles offered by the central banking Institutions have been I able to oppose It is this condition which has lias ms given rise to rumors of an intended advance in the Bank of or France discount rate Total sales of bonds par value 1 Review of the Week The stock market of the early part of the week struggled with some element of depression but more than recovered the losses in the later rally The up J ward movement was initiated in Pennsyl Pennsylvania vania vanla on account of the increase in the dividend rate to 7 per er cent and was sup supplemented supplemented supplemented by the buoyant advance in the Hill railroad stocks The increase In the Pennsylvania divi was taken tak n as renewed of the high degree of prosperity rity of the tho transportation industries and of the I hI ff prosperity of other railroads Some of or the embarrassment which come with high pressure of industrial and busi ross activity was given their share of off mention f In the iron and steel indus try tr itself there were reports of difficulty in securing early arly deliveries of Iron and of premiums paid to secure secure material for carrying on production Imports of for forC C iron were a feature of this situation Railroad equipment companies are over overwhelmed overwhelmed whelmed helmed with orders to relieve the rail railroads roads from blockades of ot freight which they thEW have not facilities to move Last Saturdays bank statement was regarded with general scepticism as a true tion of the course of banking conditions especially es In the reported loan contraction of the clearing house institutions as all aU Indications had pointed to a transfer of leans can on a large scale from London to this market The and the in tenor have continued to draw on New York reserves Some anxiety over the money noney situation has been beert the conse quence This was partly allayed by the restriction or ot the call money rate to a 9 per ncr cent maximum On the side of the foreign money market the outlook is by no means clear The substantial rally In Russian securities abroad has removed one cause of uneasiness but this has bas not resulted in any relaxation of ot the jealous conservation of Its Us resources by the Bank of France Prance The Bank Bonk of England not has affected any recuperation in Its condition but showed a a further decline t in Proportion to reserve to liability In this weeks statement This has given riven rise ri e to suppositions suppositions of a further advance in Sn the banks rate rato of ot discount c and of a possible rise In the discount rate of the Bank of ot France Bonds Bends have been beon dull and irregular United States 25 have hae advanced per tent cent on call calI during the week |