New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-11-15
FINANCIAL MARKET
Sterling Rates Higher and Money
a TrifIe Easier.

on a moderate volume Of business
stock market prices moved to higher
level in Yesterdays operations. cover
ing of shorts and buying for a rise on
the theory that weak spots had been
eliminated in last weeks decline, sup
plving the lever that carried the leading
issues from / 10 points above Satur-
DAYS closing figures. In the industrial
list American Smelling and Rehnlng
was the strongest feature, the price OF
the issue responding quickly TO rumors
OF the purchase by the company of the
t,rsgenheim Exploration Company's
holdings of American Shelters Securi-
ties common stock: also to the favorable
impression created by the financial IN
terest taken in the GuggenheIm prop
critics by the largest banking houses IN
the Street. 1t is a noteworthy fact that
the underwriting by Kuhn. Loeb co.
! of the American Shelters SecurlueS
! Company bonds is the first instance or
financing by this conservative firm OF
| an industrial proposition. The metal
shares are selling as a rule at relatively
| low prices. and. according TO the char
aCIer OF ltlt current pbN ms - -A4-0--
can Smelling, Amalgamated copper
and United States Steel quotations for
the group will advance to higher levels
as market conditions warrant.
In the railroad list Union Pacific sup
piled a large proportion of the total deal
ings and led in point of strength, the
advance being accompanied by re-
mort that the stock soon would be listed
in Paris. The same report has been
heard before in the Street. Paris would
do well to admit both Union PacInc ana
United States Steel to trading on the
Bourse, but unfortunately the French
men have not awakened to the knoWl-
edge of the intrinsic merit OF these Sc
c,lrities The general market was dun
in the afternoon and lost some Of It's
carly strength. but sentiment in specu-
1a+iye quarters appeared TO favor the
idea of further Improvement in the cur
rent week St. Paul was inclined TO
heayinesS, its price doubtless belhs
based on the theory that the poor snow
ing made by the Great Northern gross
earnings for the month Of October fore
Swallowed similar results by The 81
Paul property. A decision by the Su-
r,rene Court of Missouri which IN deny
ING the Missouri Pacific Railways ap-
cal in a case involving the long and
short haul upheld the provision in the
rate law against charging more Tor d
short haul than for long haul passed
without notice in the Street.
Sterling exchange rates advanced yes
,erday. local loan quotations showed
somewhat easier tendency and foreign
discounts were frmer. The showing
made by Saturdays bank statement
discouraged the idea in speculative quar-
ters that money would advance to
high level 1T any time in the rest OF the
YEAR. but in conservative banking quar-
ters this theory was not entertained eX-
cept on the assumption Of quiet stock
market in the remaining weeks OF I3lo'
Bank statement figures showed an m
crease in reserve, a decrease in loans
and a reduction in the excess Of loans
over deposits. the changes suggesting
a determination on the part of the local
institutions to strengthen recources
through the liquidation of loans until
currency begins to move TO TINS ceilie
in volume The demand for money IN
London is active and there does not APP
pear to be the slightest chance of snip
rlonts of gold from that centre to Ne"
York in the near future; indeed, exports
If the metal from here would be more
in line with actual international money
market conditions. Since Friday the
banks here have gained substantial
amount on their operations with the
Sub-Treasury, hut their shipments to
the West have been heavy. General
business in the West is more active, and
as money is dearer in Chicago and other
Western cities than in New York cur
rency doubtless will continue to move IN |
volume to Western points for some time |
TO come In the last. week there has
been a considerable shifting OF local |
stock Exchange loans TO Europe.