New-York tribune., 1909-10-14
FINANCIAL MARKETS
STOCK PRICES HIGHER.
Local and Foreign Money Rates
.Strong-SterIing Quotations Up.

Stocks were strong in the best part of the day
maximum advances Of point OF more being
recorded in the active list on buying that repre-
sented 10 great extent covering by the short
interest In the early operations professional
traders made a drive against prices. but no inn
pnrtant amount of stock came out on the move
mont the course of the market disclosing an un-
wieldy short account which subsequently was
directly responsible for the Improvement report
cd especially in the Hartman shares. Reading
and United States Steel. In view of the recent
decline the upward tendency was not at all sur
prisng but il was not considered probable that
with the elimination of the short interest there
would be enough general buying TO sustain prices
at the levels recorded yesterday at time OF
rising money rates. There is more genuine bear
sentiment in the Street at the moment than
there has been at any time in many weeks, and
unless there should be radical change in
the monetary situation favorable to the bor-
rover il is not likely that operators Tor lower
prices Will rest satisfied with the declines so Tar
reported as long there is no public buying In
the market and as long as there is any chance
of forcing Liquidation. Disturbance in the money
market would induce heavy selling. Reckless
bull speculation, however, apparently has been
checked and there is little reason for the eXpec-
tatiOn OF trouble in financial quarters. as money
is rising under the influence of q legitimate de-
mand for accommodation in trade circles ana
for the needs Of the agricultural community III
the marketing of its crops. Wall Street heard
yesterday by the way of Boston that the real
cause of the advance in money rates at home
and abroad could be found in the Far Eastern
situation apparently referring TO Japan and its
hoa riding of cash; in the activity on the part Of
Germany and Great Britain in increasing their
naVies. and in the recall of Mr.. Crane and his
summary dismissal the report stating that the
action of Secretary Knox the Crane case rep
resented something far deeper than appeared OH
the surface. Evidently Boston is short of stocks.
There is nothing mysterious about the advance
in money. The situation is working out along
lines foreshadowed many weeks ago, but, OF
course, the adverse position of the market from
the borrowers point of view would be intensi-
fed by serious international political develop
ments. Call money did not get above per cent
yesterday, but time funds were marked up while
d London open market discounts were higher,
with indications pointing to advance in the
Bank of England's rate to-day.
AS a consequence of an increased volume of
exports of cotton the report of the country's
shipments of domestic products in September
makes favorable comparison with the state
ment of the same month year ago and unless
there has been material falling off in the out
ward movement of general merchandise and
heavy expansion in imports the detailed exhibit
Of foreign commerce for the last month.
which will be issued At the close of the week
should present substantial improvement over tho
summer months in final results affecting the
balance of trade. Though there was \ falling
off i'm exports Of breadstuffs in September 10
the amount Of s5.7s7. 522, the loss was more than
offset hy gain IN shipments of cotton 10 the
value of S1362e.023 comparison being made with
the corresponding period in 1908, while the total
movement showed gain of s45S4T79 From
January l exports of domestic products have de-
cined ss6,056Os3 from the same period last year
and in the same time there has been heavy in
crease in imports. reflection Of which has been
shown in foreign exchange for many months
the position Of the market discouraging the idea
If important gold imports in the current autumn
and suggesting the wisdom of greater caution
on the part Of stock spectators who have been
financing their operations on accommodation Sc
cured in Europe through the, discounting Of
American finance bills Sterling exchange was
strong in Mondays transactions and a further
advance reported yesterday. in spite of the
higher rates ia the money market. Exchange
a Paris and Berlin on London also was strong
and foreign discounts rule were advanced
quotations at London ruling 5-l6 above Tues
days level and h AT Paris and Berlin. Foreign
bankers working to check speculation in Sc
should impress the speculative element with
the fact that reckless operations for higher
prices at the present time will not be counte-
nanced by the lending institutions which are
being called upon for large sums OF money i'm
connection with the harvest and general mer-
camille requirements. The local banks have lost
so far this week more than $4,000 900 on their
operations with the Treasury while direct
shipments OF currency TO the South and West
have been heavy.