New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-27
FINANCIAL MARKET
Sterling Exchange Rates Again
Decline.

On a light volume Of business STOCK
market prices moved toward a higher
level in the best part Of the day, the
Improvement being due more to cover
ing of short contracts than to buying
for long account by substantial inter-
ests. The fact that the decline in
Wednesdays operations failed to attract
outside liquidation at the opening was
an effective factor in encouraging pur-
chases by the professional element while
later in the day the weakness In the
commodity markets and the offlclal an
nouncement Of the sale of SoOOoo,ooo
Chicago. Milwaukee & ST. Paul bonds to
French bankers served to carry prices
for many prominent issues point or
more above the initial quotations. Al
though banking interests were not &C
tive there were reasons to believe that
they were ready TO support stocks In the
event of a resumption of the selling that
marked the course of the preceding day s
trading, and it was generally believed
that they would lend their influence to
preserve stability in prices as a part Of
their campaign for the establishment OF
Il better foreign AOl
railroad mortgage issues.
There appears to be little prospect
of the development of q bear campaign
in the near future, for the good reason
that stocks are in strong hands, while
speculation is absolutely controlled by
Wall Street interests whose present
financial operations would hardly be
successful in declining market. Wheat
markets were extremely weak, the
course of prices rejecting the improved
conditions on the farms and the larger
receipts of the old crop grain With
the lower quotations prevailing Tor
wheat exports should increase to an ex-
| tent large enough to be an important
! factor IN foreign exchange, the rates Tor
which showed further weakness in yes
terday's operations. Total dealings m
stocks reached an unimportant total
with the larger part of the business sup
piled by the metal shares. Reading and
the Hartman issues Last prices were
at or near the best of the day.
Money was not in active demand
either for Stock Exchange or mercantile
account. but rates, however, remained at
a level which was relatively strong, In
view of the large bank reserves at TINS
centre Gold, to the amount of S4oo,ooV,
was senc TO Canada, with indications OF
further shipments Of the metal In tnaL
direction, while local banks continued TO
gain on their operations with the In
terror, although the movement was less
i'm favor OF New York than recently re-
norted. London discounts were firm at
unchanged quotations. and the Bank or
England maintained its minimum rate
of per cent on a weekly return that
showed a material falling off in the pro-
norton of reserve to liability as com
pared with a week ago of q little more
than 4 per cent. The percentage, how
ever. was above the average for this
period in the last ten years. The changes
in the return account for the stiff money
market at the British capital In recent
DAVIS and the movement of the ex-
changes in favor of London. reserve
decreasing more than $3!cO,Ooo and
loans showing an expansion of SZo'"o'-
! 600. the latter being due to rediscount-
! ing for other banks in connection Win
| the financing of income tax arrears col
! lections.