Show MARKET SHOWS LITTLE CHANGE CHANGEt 1 t Speculation More Narrow and Duller if Anything SHORT CONTRACTS COVERED p NORTHWESTERN TOOK A BIG DROP DEOP EARLY IN THE TRE DAY DAYt t New ew York Oct 21 Foreign exchange was again th the tha governing feature of the stock market today There was consid considerable considerable considerable erable speculation In exchange because of the slightly higher rate for fr sterling at Paris Jaris and the resistance offered by bythe bythe bythe the local market to tb the thit volume of or bank bankers bankers ers era bills bUIs put out during the morning These Those offering it was believed rere rented accumulations of oC bills held In re reserve reserve reserve serve for tor such an emergency Most of ot the days business was done at for tor Saturdays steamer Experts Intimated that an outward gold bold movement might soon Boon be Inaugurated although actual ne no negotiations I could not yet be ba consummated I Ion on a profitable basis Later in the day demand sterling broke 20 0 points and was I offered at 00 I Little can be said for the stock mar market market markot ket kot which was duller and more narrow I than on the previous days of or the week weak Some speculative activity was shown at atthe atthe atthe the opening In Baltimore Ohio Read Reading Reading ling ing Atchison Pennsylvania St Paul Missouri Pacific and the St Joseph Joseh Jose h Grand Island securities all of oC which scored slight alight advances The rest of the list was fairly firm with practically no noI demand for tor the tho Industries Further I I activity was shown during the morning session when whon Louisville Nashville ad advanced advanced I 2 points but elsewhere the list made no material change Operations continued almost altogether professional and some traders covered their short contracts on the theory that the market had been oversold The early 6 gains with a few exceptions were soon lost but such issues as Louisville Ii Nashville St Paul Illinois Central and Brio Brie held steady stood tp VI to the tile final hour there was no de tie decided decided pressure to sell but In the late lata trading such suh stocks as Lackawanna Baltimore Ohio Kansas ansas City Southern nOd and a few tew Industrials were hammered down to the tile lowest prices of ot the dav day The Tha liquidation In Northwestern was be believed believed believed to result largely from the un unfavorable unfavorable favorable view taken by traders of ot the new relations of ot the Union Pacific road I with St Paul Rock Island and Illinois Central As proof of ot the extreme tenderness of the market a sale of oC OO f shares of ot North Northwestern Northwestern western we tern early In the tho day caused aused a drop of oC almost 4 per cent The Tho uncovering of or orders In the same stocks caused a further decline of or almost 3 points with a net loss of ot 2 per cent the stock recovering on buying orders at atthe atthe atthe the close For Kor tho the first time In over oer a week Lon Lou London London Loudon don was a buyer on balance balanco but even cen this fact together with the ease of Paris sterling and another h Australian A n gold ex exportation gid v er M to awaken any en enthusiasm The Tho closing was weak and the days daY business was under shares One of or the disturbing features was a report of labor troubles on the Southern Pacific system Call money ruled at from fromI 4 I to 5 per cent cont most of or the days das loans being made at the higher figure No Nit N change was made In time money rates Some of ot the speculative issues in the tho bond market were wore heavy but the move movements movements movements ments were without Importance except in inthe Inthe inthe the Wabash debentures The general list was irregular and dull dun Total sales United States 25 and l d Is advanced and the new is 48 declined U per pOl cent on the last loan |