The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-23
Carefully Manipulated Rise
That Began Month Ago Is
Yet i'm Evidence.
NOW GETTING ATTENTION
OF THE BUYING PUBLIC
Whether Gain Will Show Per.
manency Is Problem to Puz-
zle Spectators.
METALS
WOOL
PRODUCE
BY RALPH EMERSON.

BY Leased Wire to The Tribune.
NEW YORK. Oct 22.-The marked
rise In the stock market was the over
shadowing development In the financial
world during the week Absorption OF
stocks invariably takes place on n mar
ket that acts like a bull market So
IL was In this case. The consequences
are that bankers. manufacturers and
merchants who do not gamble on mar
gins are accustomed to regard the stock
market as useful. although not infaI-
lible barometer OF underlying tendencies
In money. trade and industry.
That the rise. which practically began
In the early part OF September. has been
manipulative Is patent, but. what is more.
II has been rewarded with success In that
following which makes up the public
Commission houses In Wall street and all
concerns which make business OF car
rying securities on margins for custom
ers, nave increased their lines lately, es-
pecially la the last fortnight.
1t Is more than likely that some OF, the
news helped the task Of raising the spec
ulative structure. On this account much
must be said of the foreign trade state
ment for September This showed ex-
ports OF record amount for the month,
aggregating almost $3.50 900 900. an in
crease OF $4,000, 900 over the shipments
last year while imports declined
$4,000, 900 in comparison with 1909, TO
little more than sl17. 1000. 900 AS re-
suit. an export balance was reached
amounting to $51 500, 600. whereas August
showed an import balance OF $500 900.
and the slight import balance for the
first eight months of the calendar year
was converted 10 an export excess Of
about $50 100000.
Most OF the export gain was owing to
the overstimulation OF cotton shipments
on account Of the BILL of ladlns contro
yersy, and the cotton market, In the last
three months Of the year. may make less
favorable comparisons with last year on
this account
Next to the stock market for the week.
the most important news was furnished
by the money market, The Bank Of
England advanced Its minimum discount
rate TO per cent, an occasion which
has occurred rarely in mid October I'm
the last quarter century. The Bank OF
France shows discounts at the present
time almost e-third larger than the
average at this season in recent years,
and holds S5o,Ooo,ooo less gold than last
year
The bank statement showed by It's ac-
tUal weekend figures that the associated
banks OF New York had been shifting
loans again, not only 10 the trust COM
panies, but to other outside lenders. pre-
sumaby interior banks. The weekly
trust company statement reported an in
crease of $4,000. 900 in their loan account.
the loan reduction at the banks was $12,-
500. 900. and their showing by daily aver
ages showed the figure much larger. De-
spite this heavy curtailment OF lonns and
liabilities the weeks $4,000. 900 loss OF
cash caused decrease In the surplus.
The average statement" II Is true.
showed 81. SOC. 900 increase. but In week
OF continuous speculation for the rise
the actual showing gives the real infor-
nation. The week END surplus reserve OF
$40. 500 900 Ia sc, 600 900 under that OF
year ago. Equally interesting Is the fact
that eXcess OF loans over deposits. which
was $25, 400. 900 week ago, rose today
TO S3l zoo 900. That Is by far the high
est excess of the sort reported since the
seCond week of JanuarN. 1908.