New-York tribune., 1910-11-30

The weakness that QeVeIopeu All Ih0ii
DAVIS stock market did not extend INTO
dealings, prices showing oe-
cided strength in the larger part OF the
five hours OF business. with the chief ad-
vances in American Smelling, Reading
Union Pacific, Amalgamated Copper, Le-
high Valley. Chesapeake & ONO ana
United States Steel The last named
issue again supplA>< big proportion OF
the total opersAyits price showing
no response . safes for foreign account,
which represented nothing >~ond ar
bitrage transactions. WbiF the general
market was OVERSEE on the preceding
day and the reco1A ~as based chiefly
on technical m1 conditions the de-
niaI by James J. Hill OF the oearisn
statements attributed 10 him regarding
the business situation and outlook and
the encouraging interviews with well
known men in all lines OF trade naturally
induced a more optimistic feeling on the
Stock Exchange and IN brokers' offices,
and discouraged further aggressive Sell
ing by the professional element Market
conditions have been strengthened by
the liquidation OF e number OF overex-
tended bull accounts, but IN view Of the
practical certainty OF disturbance IN
money in the event OF an active bull
movement at this time the prospects for
: sustained rise do not appear promising.
especially as prices as rule are not
cheap.
In the case OF the United States Steel
issues. American Smelling and Refining
Amalgamated Copper and American
Sugar Refining quotations are attractive
for cash buyers, but the general market
does not contain many bargains based
on investment return There was no
liquidation yesterday in American Sugar
Refining shares, holders Of the stock
showing the good sense not TO be fright
ened by the government suit against the
so-called Sugar Trust, which. as a mat
ter OF fact, controls less than 80 per cent
Of the sugar refining business in the
country. and in no way controls the
market for raw sugar. The American
Sugar Refining Company is compelled to
contend with the most active sort OF
competition, but in spite OF this and OF
the gradual decline in the price Of its
product II is paying more than S6.UU,
600 : year in dividends and adding
substantial sum 10 its cash capital
Heavy orders for rails were placed
Yesterday by the Pennsylvania Railroad
and equally as heavy orders were re-
ported pending for New York Central
account. the fact and the rumor helping
the general market in the closing deal
inGs.
on their operations with the Sub
Treasury the local banks have lost up
ward Of SJ.eOo.gyo since last Friday.
the excess OF payments TO the govern
ment representing in large part trans
fers OF money by the latter TO San Fran
cisco and Montreal for the account Of
New York institutions. Interior ex-
change on this centre does not at the
moment suggest Z large return move
ment of currency from the South and
West in the coming month. while rates
for money a Chicago and other West
ern points seem To indicate that New
York funds viii be in good demand from
out-of-town sources in the rest of the
year Furthermore. last weeks state
ment OF the New York Clearing House
banks did not foreshadow the accumula-
ton Of large surplus reserve in the
immediate future Shifting OF loans
from the trust companies to the banks is
going on. and unless the latter are able
to secure a large over the counter in
crease in their cash holdings in the chr
rent week their reserve above legal re-
quiremenIs should show material con-
traction III Saturdays figures OF bank
conditions. AS there appears to be little
chance Of the development OF heavy
bull speculation in securities that would
have 10 be financed on borrowed money
there is no reason for the expectation of
disturbance III the money market but il
is not unlikely. however. that higher
rates for loans viii be reported before
the end of the year. especially in the last
week Of December