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Show Weekly FinaiiWal Review. NEW YORK. Nov. 9. Money was the pivot around which this week's stock market revolved, re-volved, sometimes with furious rapidity. Important Impor-tant industrial and iolltlcnl events were for-gotten for-gotten or Ignored in progressive financial developments, de-velopments, which pointed to world-wide tlghl-eninc tlghl-eninc of credits. The advance In discounts by the federal reserve bnuk was accompanied by too intimation acnlnst the excessive use of e.tpilal for speculative purposes. This was followed fol-lowed by lite virtual depletion of time money, higher rates' for bank acceptances, nud an advance ad-vance the first since early in 1017 or the Hank of England rale. These several episodes were sufficient to effect ef-fect a sharp revision of speculative estimates, but the recession gathered fresh momentum vl,eu local bunks began to curtail loans. Call money several tiroes ojeoed at 12 per cent, the highest Initial rate of the year, and twice mounted to the year's maximum of 20 pvr cent. Selling naturally centered in steel, equipments, equip-ments, motors and oils, rails most of the time displaying conspicuous strength. Extreme reactions of 5 to 20 points in the more volatile, shares were partially retrieved, but selling developed at the week-end of the more acute labor situation, the market closing with a weak and disorganised lone. 'In well-informed banking circles the opinion prevailed that money would show little It any relaxation until the turn of the year. Divers features of the international financial situation were presented by further weakness lit foreign exchange and the successful flotation of the British and French municipal loans. |