The Washington times., 1910-11-20
STOCKS STILL CONTINUE TO ADVANCE
UNDER VERY ABLE MANIPULATION
Reading Union Steel
Situation Viewed Through Wall Street Ls-Moy Working
Higher Rates Necessary o Bonds
DATER,
Representative MunHev Publications

these higher interest rates Tor corporate
borrowing come at q time when money
rates are showing relaxation. This
would seem to indicate that the easing
tendency Of money is regarded as OF a
more or less temporary nature, or that
investment capital-this Is, surplus FUNDS
available for fixed Investments IN
the case. for one notes that capital is
worth more the world over, measured
by such declines as have occurred IN
United States bonds and British con-
soils. and other high grade investments
COnSOls, by the way, established a new
low record price during the week IL
Huenced, Of course. b. the impending
dissolution of parliament. and a general
election In England. invoking the dts
Jurbing issues Of 2 reformation OF the
house OF lords ard the Irish home
rule bill.
Time money rates experienced a de-
cided relaxation during the week The
closing quotations are practically ~ 10
~ per cent for all maturities, as
against "a for 90 days, and ~ 20 -
per cent for other periods earlier in the
week Gail money also eased OF. not
going above ~ per cent. and lOaninE
repeatedly et ~ per cent Commercial
paper was not QuOta,bIy changed, but Il
moved with great freedom. owing TO
an increased inquiry from Out-Of-tOwn
buyers The temperance OF st Louis
banks and trust companies In the mar
2
was regarded as marking the end Of
the period Of stringency In the South
west due 70 the crop moving demand
The easing in local money rates was
followed by sharp recovery IA sterling
exchange, and with higher rates for
money ruling in London than IN New
York. bankers are actually discussing
the possibility Of gold expo 6 # money
relaXeS much further at this point
The Trade Statement.
Bearing upon the International money
market the Government trade statement
for October IS Interesting This showed
exports reaching the record breaking
total FOR the month Of SOS o.. 600, with
imports Of SI23. So. O00-zn excess Of ex-
ports over Imports o. sSs.Iss. 600 For
the ten months OF the calendar year 70
date, exI Jrts exceed Imports By S194
10. S36. While this IS a gratifying show
ing compared with the trade statement
ED 70 August, which resulted IN a slight
excess. CT imports, the surplus ship
ments Is stu the smallest total Of ex-
cess exports for the period since 1899.
However. the tendency IS now IN the
right direction and bids fair 20 continue
so for at least two or three months
longer, and II meat and commodity
prices decline as they have during re-
cent weei-s, the country IN the end mas
be able 20 regain satisfactory trade
balance
Today's Ez,k statement made a high
~ favorable resentment fCfsy explain
ing the weeks relaxing tendencies 81
money. In TIE statement showing the
average condition. loans decreased ST.
S02. 100. and deposit liabilities contracted
S,u6,O00. Actual cash holdings inCreas-
ed s9.6I3 OJ0 while the surplus reserve
increased $4,000. and now stands at
sI7.773,SS above requirements Loans
still exceed deposits by S1.1s35eo but
the disparity between the two, which
has been the most untavorabie feature
OF recent reports, IS nov narrowing. II
was IN excess Of $4,000 600 3 week ago