New-York tribune., 1910-10-07
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Money Rates Relatively Easy,
with Tendency Toward
Hiuher Level.

ON advances in yesterdays seN-'fltleS
market stocks were offered from "li"'
was considered good sources. Ihe gen
ersl character Of the dealings suggested
that substantial interests were quite
willing to part with holdings accuilu-
lated at lower prices on current opera
.ions for higher quotations, while evil
danca was not lacking of efforts on the
mart of these interests ostensibly 10 WORK
for better market figures while selilhs oll
all favorable opportunities. Well thoughC
ont manipulation appears TO be uhoer
may on the Stock Exchange, and for TINS
reason public operators who nave saiieu
knowledge by past money losing expert
ances are not making commitments on
Io,roU,ed funds for the rise at time
when all indications point to disturbance
in the money market in the event OF an
aggressive bull speculation. In the
larger number of issues final prices
showed net gains after periods or ooth
strength and weakness, but the improve
ment. as a rule, was confined 10 small
figures. with the chief advances in the
CONNER shares. Canadian Pacific, Chesa-
neale & Ohio. Reading, United States
Steel and the electric company issues.
While the copper stocks in recent days
have been "bulled' on the strength OF
actual betterment in the copper metal
industry, it is worth noting that people
who have bought the shares have taken
them from seni-inside sources. Proml-
nent investment securities, as, for in
stance. Canadian Pacific and Manhattan
Elevated, advanced easily on light
transactions, and commission houses re-
ported improvement in the cash demand
for high grade shares. Strength in grain
and cotton was without effect upon
stocks. and, as a matter Of fact, outside
developments received little attention by
Stock Exchange operators, who were in
tent on bringing about a higher level of
prices throughout the list, irrespective Of
factors that ordinarily would discourage
bull trading.
While money rates at this centre are
above the levels prevailing few weeks
ago. call funds are relatively easy, IN
view Of the low position of bank re-
serves. a factor that encourages opti-
mistic sentiment in speculative circles,
where il is thought that a bull move
ment in securities is developing. Never
theless. the money market at present is
not in a position to finance an aggres-
sive campaign for higher stock market
quotations, and il is believed in banking
quarters that any attempt to push the
market up on borrowed money will re-
suit in a monetary situation that will
call for extensive liquidation of loans.
Unless the foreign bankers recede from
the stand they have taken in the mat
ter of requiring an American bank
guarantee on cotton bills of lading our
banks will be under the necessity of
financing the export movement Of cot
ton after October 81, and as October is
not month Of rising bank reserves it is
conceivable that the cotton operation
will ause passing disturbance in money,
though some bankers are looking for a
return flow of currency from the interior
in November and December large
enough to prevent an unusual strain
upon credit facilities in connection with
advances against cotton bills. Absence
OF bull speculation at this time will
make for an active advancing market at
a later period. The Bank Of England
made no change in it's minimum rate of
discount yesterday, but in it's weekly re-
turn reflected the wisdom of the gov
ernors Of the institution in placing the
rate on a higher basis a week ago, as
the percentage of reserve TO liability de
clined almost three points to 4767. Its
gold holdings showed a reduction of
S15,000.oo0. making for the last fortnight
a decline in this item of about $4,000,
600 The demand upon the British cap
ital for gold from the Continent and
Egypt has been exceptionally heavy. and
with sterling exchange running against
the United States London may take ad-
vantage Of any favorable opportunity to
switch the inquiry to our market.