New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-11-17
FINANCIAL MARKETS
Call Money Easier and Sterling
Exchange Rates Advance.

Transactions in yesterdays stock mar
Ilet were made up almost entirely Oh Inc
operations of the professional element
commission houses having few orders
for public account and reporting the an
sence of any indication that might sug-
gest the DEVELOPMENT in the near future
Of an active outside demand for securl-
ties. The public apparently has no IN
tention of buying stocks at prevailing
nrices. which are from 10 to - points
above the low figures of the year, ana
notwithstanding the promising OUTLOOK
for our industries in the new year the
so-called outsider is quite willing TO let
Wall Street have an entire monopoly OF
+be Stock Exchange machinery Price
movements Yesterday showed great
irreg1Ilarity. with the general tendency
until the last half hour Of trading in the
direction of lower quotations, maximum
losses in some Of the leading issues
reaching a point or more on selling that
represented in large part pressure from
the trading clement In the Hill shares
and New York Central there was evil
dence of quiet liquidation, and in the
case of the last named security the sell
ing was accompanied by rum0rs Of a
lower dividend
Ii is conceivable that If the earnings
of the New York Central company do
not show material Improvement in the
new year the dividend may be reduced
from the per cent basis established
last April but even as a per cent stock
the issue would not he especially dear at
its current quotation. In the late after
noon the general market rallied under
the lead of United States Steel, which
was helped by reports of heavy orders
frc:lI the railroad companies for new
rails and by firmer tendency in pig
iron prices while the covering of shorts
in this issue and in other parts Of the
list also was encouraged by a decline in
call money rates to 2A per cent, the
latter factor creating an impression that
Saturdays bank statement would make
4 favorable exhibit. Steel common ad-
vanced is from the low; Union Pacific.
2ss: Reading. lhs; Southern Pacific. 1ss:
Amalgamated Copper, IL. and Ameri-
can Smelling and Refining. H.. on the
advance stocks We're offered in fair vol
ume. the character Of the selling war
ranting the belief that there was large
amount Of stock for sale on all rallies
Net gains were shown in most issues at
the close.
Efforts have been made by local bank
ers in the last week to secure gold from
the Bank of France, but that institution
has shown no disposition To part with
the metal except al premium that
would make the operation Improbable
for the importers. A few days ago for
eign exchange market conditions would
have made shipments of gold from Paris
possible as an exchange transac tion, but
rates are now at a level we'll above the
shipping point. with the tendency ap-
paFently in the direction Of q higher
range in the rest of the year, in spite of
our growing export trade. There are so
many offsets to the merchandise export
balance in our favor that we cannot
hope TO bring gold from Europe on this
account in the near future, while it does
not appear likely that we can secure any
of the metal in London in the nature Of
a loan under current money market con-
dltions at that centre In recent DAYS
there has been some borrowing by local
stock market interests in London on
finance bills. but the accommodation
thus secured has not been effective in
bringing about an active movement on
the long side of speculation Reports
from Chicago note Improvement in finan-
s.fg1 Ia,
change at Chicago, st. Louis and other
Western points now indicates an alb
sence Of demand for New York funds.