New-York tribune., 1910-05-10
FINANCIAL MARKET
New York and London Stock
Prices Advance.

higher level in the best part of the
cay, with substantial net gains in the
prominent issues at the close. The
volume of trading was not heavy and
there was little buying for public &C
count, but orders for the account Of i'm
portant Wall Street interests were ex-
ecuted at the opening and again on a
passing reaction in the early operations,
while a large amount of short covering
was reported Stock sold came chiefly
from sources where books showed profits
on recent purchases. London prices for
American stocks and for home issues
were higher under the influence Of ac-
tive banking support, and the improve
ment shown on the British exchange was
an effective factor in imparting strength
to local quotations in the initial trans
actions, especially in the case Of some of
the railroad shares which enjoy an in
ternational market, as, for instance,
Canadian Pacific Sentiment was buIlish
in most quarters of the Street over the
course of prices in the immediate future,
the better feeling in speculative circules
being intensified by the governments s
report on crop conditions, which showed
a percentage for winter wheat as of May
/, of S2.1, against sos on April 1 and
S3.5 on May ], 1909. The acreage
planted to winter wheat last fall was
IA, 900 acres larger than the acreage
Of the preceding year, but as compared
with this time last year abandoned
acreage shows a large increase: that is,
the area at present under growth is
Is per cent less than that sown, against
a decrease of per cent year ago.
On the basis of the percentage con-
dition of the crop on May l and the
actual acreage now under cultivation
the yield this year will be 34.0000O0
bushels below the final harvest of 1909.
The wheat market declined on the pub
lication of the percentage condition
figures, but rallied a little when 1t be-
came known that 4,439.0o0 acres had
been abandoned Traders in stocks.
however, paid no attention TO the big de-
cline in the area under cultivation, on
the theory that the acreage abandoned
would be planted to other crops, the
Weld from hch would offset any loss in
the wheat harvest. The report of the
Copper Producers Association. showing
another heavy increase in the amount
Of the metal on hand. exerted but a
passing influence on stock quotations,
doubtless because the best informed men
in the copper trade predicted that with
the April figures of production out of
the way consumers would soon enter the
market There has been a big decrease
In stocks abroad. and it is quite probable
that exports of the metal from here
will increase materially in the course
of the next few weeks.
The improvement In bank reserves
shown in Saturdays Clearing House
! statement was reflected in an easier
| tone in the local money market yester-
| DAY. without. however. an appreciable
change in actual rates in either the call
/ or time department. There was no de
msnd for time funds and no great &C
tivity in money on call. neither was
there much of an inquiry from mercantile
sources for accommodation on COM
merciaI paper. Discounts in London
were lower and sterling exchange here
was weak. the latter being affected by
| the decline in money at the British
| ca pitsl- and by the expectation of large
offerings Of bills against American
securities placed abroad. though the ez-
/ pectation was not met by an actual in
crease in the volume of bills coming
upon the market Wall Street appar-
entity is satisfied that there will be no
hitch i'm the plans for financing new
American securities abroad, but the
mere fact that the market here is not in
q position TO finance the capital needs
| or the railroads. while foreign markets
are strengthening their hold upon our
gold supply by lending us money al
high rates. does not appeal to many peo-
ple as a bull argument on the future
| II is profita bile operation for foreign
I bankers, and just ss long as industrial
conditions here are sound and our credit
continues TO improve France, with It's
vast cash resources. doubtless will be
willing to be our pawnbroher. France
| not only is the debtor Of no nation. but
II is the banker of the world. The Chi
csgo, Milwaukee & ST Paul has just
! nlsced q large issue OF bonds with Paris
bankers, and ST Paul stock was the only
! active issue that showed 4 net loss lr
| Yesterdays stock market