New-York tribune., 1909-10-29
FINANCIAL MARKET
MOST STOCKS STRONG.
Call Money and Sterling Rates
Shoe Easier Tendency.

Transactions in yesterdays stock mar
ket were made up in large part of The
operations of the professional element
commission houses having few orders lot
nublic account, in spite of urgent APP
peals by many brokers to their custom
ers to buy at the prevailing levels Out
side of the leading speculative issues
trading was light in volume on move
ment OF prices that showed strength In
the early dealings, a sharp reaction IN
the last hour and further advances in
the last few minutes of business that
left the final range we'll above Wednes-
davis closing, except in Union Paclhc'.
which ended unchanged, Consolidated
Gas. which lost 284, and the INTERIOR
ough- metropolitan shares, which We're
flactionally lower. Speculation IN the
last named was heavy, with the selling
1ressure great enough to create an un-
even movement in their prices. Wall
street believes that the local traction
situation is drifting into the hands 81
the Morgan interests. on the general
advance quiet liquidation was reported
throughout the list, the selling being
similar in character to the operations
that have marked the course of the mar
ket in the last few weeks. United States
Steel common again supplied a large
proportion of the total transactions, and
with ten other stocks furnished more
than two-thirds of the entire business il
all issues.
The various favorable factors in the
general situation affecting the intrinsic
value of securities have been so thor
oughly discounted that there is little in
centive at the moment for operations on
the bull side of speculation, especially as
at this time aggressive transactions n
stocks on borrowed funds would tend to
bring about disturbance in the money
market. There viii be no trouble n
money if stock market trading is held
in check, and apparently the leading in
terests in the Street are endeavoring to
prevent the development of a demand
for stocks that would impose a heavy
burden on money at a time when the
harvest and general business require
ments are keeping bank reserves at low
levels. The Bank of England made no
change in its discount rate yesterday,
but its weekly return made most un-
favorable showing and suggested an
other advance in the bank rate in the
event of a resumption of active specula-
ton or a renewal OF the Continental
inquiry for gold Call money in London
advanced to 5 per cent and open market
discounts were firm, but in spite of the
higher rates local foreign exchange quo
tations declined Most of the days call
loans in Wall Street were made at 4
per cent.
Foreign trade conditions are improv-
ing in favor Of this country, and at the
current rate Of increase in shipments of
cotton and food products the monthly
excess OF exports over imports soon
/ should reach figures large enough "a
bring about ii material change in the
course Of sterling rates, which are still
al d level mat permits the settlement Of
London obligations in South America at
the expense Of the local market For
the week ended October % exports Of
merchandise from New York amounted d
IL value 10 $14,3S00lS. an increase OF
SSH 800 over the same time a wear
= %
compared with the corresponding period
ia 1891. Cotton is going forward at a
moderately active rate. and j. the total
experts for the cotton year reach the
normal average foreign consumers will
pay this country more than $500, 0,UE0 OOl
on the basis Of $40 a bale. On the same
basis with an estimated crop Of H.
2.Jo.O0O oales there would be a value of
S1I5.0U0,nD0 on the total yield, 10 which
should be added at least S100,ODO,OOO FOR
cotton iced and linters, making Il total
OF 7J,DD0,G0O. against $GS1 100000 i'll
1893 ana %1UO9JO,OJO liz 1907. I.arye
shipments OF currency have been made
Ia the South IN connection with the
marketing of the cotton harvest, and the
fact that quick progress has been made
in the operation, together with the high
prices received by The planters for Tie
STAPLE, iasures return movement Of
nlnn-Y to this centre at an earlier period