New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-30
BANK STOCKS ON STOCK
FINANCIAL MARKET
Home and Foreign Money Rates
Moving Toward Higher Levels.

market prices were firm in the best part
of the day, with fair degree of strength
in some Of the more prominent issues
especially in the early morning and late
afternoon operations when successful eff
forts were made to run i'm the shorts
Trading was made up almost entirely
of the operations of the professional
element. and contained no interesting
feature and nothing on which com
mission houses were able to form any
idea Of the course of the market in the
immediate future From the hardening
tendency in money rates it naturally
may be assumed that the outlook does
not favor anything in the nature of
bull movement for weeks TO come, while
there are some observers who believe
that the next sustained bull campaign
Will start from materially lower quota
tons This is a possibility that need
not alarm actual holders of stocks, nor
should il discourage investment pur-
chases of mortgage issues, which are
far more likely to advance in the next
six months than they are to decline. The
pond business is slowly improving, both
on the Stock Exchange and over bank
ers' counters. The best prices of the
Gav were made in the late afternoon,
with the chief strength in Union Pacific,
Reading. Amalgamated Copper, South
ern Pacific, the Hawley issues and some
of the specialities, including Manhattan
Elevated. The last named stock is
worth intrinsically more than its cur
rent market price. Selling of American
Sugar Refining. which was based upon
the intention of the government to pro-
coed against the company under the
antitrust law, did not bring out invest
ment stock. and it was not thought
likely that any holder of the company
securities would become alarmed over
speculative attacks upon the shares IT.
respective of the outcome Of the govern
ment's suits against the American To-
bacco Company. the Standard Oil Com
pany and the American Sugar Rehmhg
Company, the concerns will continue TO
do business. although they may be com
peIled to readjust their affairs to new
conditions Holders of the stocks will
lose nothing.
Developments in yesterdays money
market were all in favor of higher rates
for funds in the rest of the year CAN
money advanced to the highest Level
recorded since the last week In April
any appreciably firmer tone was reported
in time maturities and abroad discounts
wore stronger. including an advance by
the Bank of England in its minimum
A
time. sterling exchange was easier mere
with demand quotations, however, not
far from the gold exporting level Inc
fact that the cotton crop in this coun-
try is late together with the complica-
lions over bills of lading at time when
tbere is a large short interest in the for
eigr exchange market, brings shipments
~ the yellow metal within the range OF
,robabilitv. although dwndling local
hank reserves doubtless will encourage
our bankers to place every obstacle III
the way of an outward movement 1here
- q, 'strong Continental and Egyptian
demand on London for gold, and II is
conceiva BILE that the Bank of Englahu
min endeayor to shift the inquiry 10
,t, eide of the water. Interior with
,,au-aIs Of cash from New YORK are
heavy. while interior obligations 10 'ne
federal government are being hquidated
b,- drafts upon local banks. turthel-
more customs payments at THIS centre
are running heavily in excess OF govern
,oent disbursements. Since last FrluaS
,ba Clearing House banks in tins city
- ,oet more than SS.oGo0oo on their
operations with the Sub lreasuI y, anu ~,
-, ,,.vernents with ouf-ot-toWh
,,,,,l,e to-oorrow's statement propapiy
,,'iii show further material contraction
IN reeerNfS