New-York tribune., 1910-11-02
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKETS
Call Money at ~ Per Cent and
Sterling Rates Lower,


ume and made up in large part OF the
operations Of the professional element.
Commission house interest in the deal
ings was Of Unimportant proportions.
either on speculative or investment ac-
count, the heaviest buying by leading
firms being in Union Pacific, American
Smelling, Reading, United states Steel
and Canadian Pacific. the last named
issue making d new high record, while
throughout the list prices We're higher
at the close after irregular movements
in the early transactions. The character
of the buying of American Smelling sUg-
gested further accumulation of the
shares by substantial interests. and in
well Informed quarters it was suggested
that coming developments affecting the
American Smelling and Refining prop
erty would tend TO enhance the price Of
its securities materially. As q rule the
course Of trading did NOT present any
feature of significance, except in the
falling off III the business from recent
heavy totals which appeared to fore
shadow d period of dulness and d check
10 aggressive operations for higher
quotations.
A large amount OF stock has been dis
tributed in recent days, and it is not un-
likely that various market interests viii
exercise their talents to bring about
level favorable to the accommodation Of
lines on which paper profits have been
converted into cash The wise men of
the Street who have taken profits doubt
less viii hammer prices in the event Of
the election Of Mr. Stimson, because the
speculative community for weeks has
been figuring upon the election Of its
candidate, Mr.. Dix, VINO. according 10
the ideas Of speculators will make the
whole country hum with prosperity.
Wall Streets present ideas on politics
are amusing but not instructive. Wis
cOnsin Central advanced in sympathy
with Canadian Pacific ana 500" al
though the earnings OF the company
seemed II warrant a higher price for the
stock
Big -Four" made spectacular exhibi-
ton Of itself, dropping from Il. the clos
ing Of the preceding day, to I'll, and
quickly recovering TO 20, the only ex-
PLANTATION for the decline being alleged
misgivings as 10 how the company could
arrange its financing in view OF the fact
that Michigan Central was unable TO
sell its notes in Paris on especially
favorable terms. The subsequent ad-
vance. however, robbed this theory Of its
strength. The general market closed
strong. in spite OF an advance III call
money at AZ per cent.
Domestic exchange al Chicago OIL New
York declined % points yesterday. while
at most other interior points rates We're
e gainst this centre. The local banks lost
on their operations with the Sub-Treas-
ury. but there was no material change in
time money rates a trmer tendency in
quotations for demand loans being the
only development Of an inactive market
worth reporting. While interior ex-
change was unfavorable To New York.
foreign exchange was weak, with de
mand sterling OF 10 points, the latter,
however, presenting no reason for the
expectation Of imports II gold. uotWith-
standing the fact that exports Of mer-
chan1iSe Tor the week ended yesterday
showed an increase 20 the value of ST.
2J9,096. as compared with the same time
last year. OuI export trade is imprOE-
ing, but even with heavier merchandise
exports than imports we are not IN
position To bring il the precious metal,
OWING 10 the long period OF adverse for
eiEn trade through which the country
has PASSED and the heavy financial obi
cations against as abroad II viii re-
quire many months Of growing exports
and declining imports 10 give the United
states ii trade balance large enough to
offset the amount OF money our travel
Iers spend in Europe, the large sums
that foreign born citizens send TO the
old country. the neavy interest and diyi-
d4nd payments due to foreign holders Of
our securities and the enormous freight
charges paid ou our commerce carried in
foreign owned ships