New-York tribune., 1910-11-03
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Call Money at 4l2 Per Cent and
SterIinu Rates FiTmer.

call money advanced to IL per cent
Yesterday without attracting liquidation
in the stock market. although through
ont the day quiet selling was reported on
all advances. while sentiment on the
floor as a rule was bearish, not because
Of underlying conditions. but owing to
the absence Of a good demand for stocks
and d disposition on the part Of the
/ larger interests 10 distribute their hold
/ ings in one part Of the list under cover
/ of strength in other quarters Of the mar
/ ket At the close however. there were
more net gains than losses. Lack Of
support in Big Four" for which the
bid price at one time was 81 against
/ - TWO weeks ago, caused selling OF the
Vanderbilt issues, but the amount of
stock offered was not large enough TO
cause important declines. Wall Street
has an idea that the recent sale Of Mich
igan Central notes in Paris was only ac-
conpIished AT heavy cost TO the com
pany. and as 4 consequence It believes
that the big Four system will be un-
able 70 secure accommodation for future
needs at reasonable terms. while its pes
sirlisrn also covers the New York Cen
trial which viii need more money 70
carry TO q successful close the important
improvements il now has under way.
There is no pressing need at present.
however. for new New York Central
funds. while the larger number of rail
roads that viii require additional money
fer improvements and new construction
are in q position TO wait until money
market conditions arc more favorable TO
the requirement of new capital In the
afternoon the general market was firm
1Inder the lead Of American Smelling and
Amalgamated Copper. but with the eX-
ception OF the issues named the list Of
prominent shares did not show especial
gains American Smelling is now selling
at a level that appears to be attractive
for accumulation Of the stock by in
terests who are well informed regarding
the affairs Of the property. There is
good reason for the statement that com
ing developments viii give the com
panv-s securities a stronger position in
the actual investment market
So far in the current week the local /
hanks have lost more than S2.50oUW on /
their operations with the Sub Treasury, /
while the course Of domestic exchange /
suggests that the banks also nave lost I
on the direct currency movement with /
the interior. Call and time money rates /
are tending toward a higher level but at /
the moment the demand for accommoda- |
ton is too light 20 bring about material /
advance. the inquiry for both demand /
funds and fixed period loans being un /
inactive for this time Of the year. /
The banks, however. are not disposed 10 |
make concessions in rates. and borrow
ers who are holding off in the expecta- !
ton Of easier conditions in the near fut- (
,rre are not likely to find a better mar
ket than that now prevailing at any
time in the rest Of the year. Bank re-
serves are low enough TO warrant a
sharp advance in rates on the develop
rnent Of a real inquiry for money. In
view Of the factors affecting the none
tary situation it is fortunate that spec
,1larive activity on the Stock Exchange |,
has subsided. and the chances OF big /
bull market I'm the new year will be ma
terjallv strengthened if transactions are l.
confined TO small totals in the last two
months Of 1910. Many commission
bouses are advising their customers to
sell on any. advances that may occur be-
fore Election Day.