New-York tribune., 1910-08-18
FINANCIAL MARKET
Sterling Exchange Quotations
Move to Hiqher Level.


irregular manner in the early dealings,
while in the afternoon trading sharp ad-
yances were reported throughout the ilst
of Droninent tissues on an increased vol
ume of busine; IS, especially In Union Pa
c;fic Reading. United States Steel. Rock
Island and Ate hison- Strength in United
States Steel followed relatively favor
able trade ad vices. the buying of the
iss1Ie represen;ting in large part cover
ing bv shorts, although there was some
accumulation by houses that are sup
posed to act for substantial wall street
interests. More Steel common is held IN
strong hands than ever before reported
in the history of the United States Steel
CORPORATION, and the same thing may De
said without fear Of contradiction OF the
conner shares, Union Pacific, Readlns'
Rock and, in fact. almost every I'M
1,ortant stock quoted on the exchange.
Soaculators who have been operating on
the short side of the market are be-
ginning to realize that the stocks taken
over by bankers in the panlcky market
of J1,ly % are not for sale at current hg-
ures and that general conditions and
the present range of prices warrant III
yestment buying, notwithstanding tfie
possibility that before sustained up
-d movement develops lower quota
+iops NAV be recorded throughout the
list
Ranking interests who bought stocks
at the low levels Of the year ana VINO
stand ready to buy further amounts OF
good securities on all reactions are not
concerning themselves with current
rsssing fluctuations Their operations
are based on a long time view OF the IN
,-astroent market Intrinsically most
s,,ol-e. and bonds are worth more than
+be;r current prices. Bonds Of our prom
inent railroads are on basls 'iia' soot'
must attract investment puyfhe- y
yunoher OF the So-caIleo Specldi'te"
showed marked strength In the AFTER
noon speculation, notably Na'ioiia1 DIS
omit and American Agricultural Chelnl-
cal and several commission houses le
,,o,ted q fair outside investment inquiry
I,,,. securities Of this character Nhedl
,-,e easier. cotton was strong, cali
money rates remained ct cheap leFel
and sterling e@chanse was Hsnei
Commission houses appeared TO DE oui'e
cheerful at the close of Stock t-Hcllaise
trading over the prospects 1or ne" DUEL
mesa and higher prices. Especially large
margins on all transactions At this par
ticular time are advisable
The visible supply Of wheat in TINS
co,,n*rv "a increasing rapidly, ana an
o.,i;ar marketing Of the crop ana
,,,,;ol-er realization Of profits by the
farmers than usually takes place are IN
dicated by the volume OF grain belhS re-
ceived at interior points heavy ro-
,,+,,+e oF wheat are responsible for lower
,,,ices for the staple, and the active mar
letting Of the crop is reflected IN a grow
;n., demand from the West Tor fnndS at
This centre Farmers have been urged
4o market their crops early, as the attn
I'D az The hanks in the West does not
encourage the holding of wheat Tor
higher prices, while the increasing re-
,aip.g at Chicago, Minneapolis ana Du-
lu,h suggest that deposits or the banks
in grain growing territory VIII DE
strengthened materially in the immedl-
ate future by the cash paid our to the
growers by the market interests al the
cities named. All reports indicate that
tl,e bank position in the West already
has been substantially improved and
that the calls upon reserve cities for
funds in the course of the next two
months will not be heavy enough 10
bring about disturbance in the money
market.
An early movement OF the crops VIII
have favorable influence upon our for
eign trade, which in the last seven
months has been so disappointing from
the foreign exchange market point of
view, though it need not be assumed
that with no trade credit balance in our
favor at the opening of the season. when
our exports are the heaviest. we
ill be able TO bring in gold in the fan
without the development Of heavy Euro
pean buying Of American securities OF
course, II the necessities of the situation
should become urgent, New York could