New-York tribune., 1909-11-12
FINANCIAL MARKET
DULNESS IN STOCKS.
Call Money Still High-Good
Export Sho5cing.

Ihe ACTIVITY Whlch the STOCK market
enjoyed in the late trading on Wednes-
day was not sustained yesterday. despite
the reinsurance given in the excellent
showing made by the Bank OF England
in its weekly statement and the favor
able figures Of domestic exports. for oc-
tober. attention being chiefly centred
upon the money market outlook here and
the uncertainty Of that outlook being re
flected in : lessening eof stock market
operations and a nervous and fluctuating
tone. with the general price tendency
downward. The opening was fairly firm,
but on renewed short selling, encouraged
by the continued high rate for call money,
prices soon began 10 sag. and during the
rest Of the day the market moved Up
and down within . narrow range lapsing
into extreme dulness in the last hour and
closing al or around tho lowest. with
more net losses than net gains. The
weakest features were American Sugar
Refining, which suffered q maximum de-
cline of points on selling probably in
duced by the developments respecting
the corporations alleged -misdeeds in the
It's loss before the close. and Northern
Pacific and Great Northern. the pressure
upon which vas reported 20 be due TO
liquidation Of part OF the holdings Of the
Kennedy estate. The heaviest dealings
were. as usual. In United States steel
common. which was inclined to weakness
as a result of the trade reports of slight
s. ,aI IN, he ind 4s-V IS
compared with the record breaking pro-
duction Of last month.
The call money rate opened at per
cent. at which figure most Of the days
loans We're effected. and touched 5ii,
easing off in the course Of the day and
closing at per cent. and the market for
time accommodation hardened further.
although rates for the several maturities
were unchanged. The high rate for call
loans attracted a considerable amount
of funds from foreign institutions. the
placing OF which perhaps prevented
rather sharp furry. The local banks had
up 20 yesterday morning lost more than
Sc. .OO0. 900 cash since Friday not includ-
ing the sl.550.O00 gold coin shipped 10
Brazil on Wednesday, and the prospect
seems to be that the end of the week
will find the surplus reserve eXtin-
guished. although some authorities be
lieve that a small surplus will he shown.
The sub Treasury forwarded to Chi
cago yesterday by teiegraphic transfer
s400, 900 for account of banks i'm this city.
besides . small amount 10 the South. the
Chicago national hanks. according to ad-
vices from that centre. being anxious 20
strengthen their position in view Of the
probability Of an early cali from the
Controller Of the Currency for state
ments Of condition.
The fears that Tho Bank OF England
might md II necessary 20 advance its
discount rate from . per cent v.ere
shown 90 have been unfounded by The
highly satisfactory condition disclosed
by It's weekly statement yesterday.
which showed an increase m reserve n
S63ooDD9 and a decrease in loans OF
about lG.7Jocco the proportion OF re-
serve 10 liability rising from i5.I3 d
week ago 20 Jo7i. the highest Al this
date. with only cne or two exceptions.
IN ten or a dozen years
The excellent showing made by the
governments monthly statement Of do
mertic exports Cor October Was made
possible by the heavy outward move
ment Of cotton. Wh.cn Il the high prices
now current for the staple amounted in
value 70 nearly Ss9.9e0O9 or more
than SSUgD0.gpD In excess of the figures
for the corresponding month of 1905
while all of the other commodities rep
resented i'm the report showed decreases
ia total value As compared with last
year. The total excess over October
l.ais, vas about N22vppso. while for
the ten months OF the current calen lar
year the aggregate IL S.i;J0o.DD under
the total for the same period last year