New-York tribune., 1910-11-21
FINANCIAL MARKETS
Easier Tendency in Money and
Liuhter Trading in Stocks.

I change, a cessation Of heavy payments
/ to the local Sub Treasury by the banks
! and q lighter out-of-town demand for
! funds al this centre have been effective
l in bringing about an easier tendency in
! the money market. which in turn has
/ encouraged q more optimistic sentiment
4 in Wall Street over the prospects for ag-
/ gressive bull speculation in the new year
I AT the moment no active efforts are De-
ing made by the prominent interests 10
Il carry prices TO higher levels. but II The
closing month OF the year passes with
out disturbance in money and with moi
cations Of expanding industrial actlVl-
ties it is not unlikely that plans Will be
made for q January rise IN all depart
ments OF the stock market. The fact
that the railroads continue TO report
gains in gross earnings as compared
with corresponding times a year ago
does not strengthen the theory held in
some quarters Of light business in 1911.
while the same thing may be said Of our
large crops. Of our improving export
trade and of growing orders from the
railroads for steel rails and structural
materials There are many encourag-
ing factors in the current situation, and
the larger number Of thinking men in
the financial community do not feel the
slightest apprehension over the outcome
OF the corporation cases now before the
Supreme Court, notably the suits against
the Standard Oil and American Tobacco
companies in their relation to the gen
eraI business of the country. Both the
Tobacco Company have made arrange
ments 10 adjust their affairs TO q de-
clsiOn against them. The railroads be-
lieve that the Interstate Commerce Com
mission VIII grant at least & part Of the
proposed increased rate schedules. and
even without higher transportation
charges better net returns are looked for
n the months TO come, although in the
case OF some companies the physical
needs of the properties may eat up in
creased gross receipts at the expense Of
dividends Wall Street developed q
theory last week that the New York Cen
traI. the Hill roads and st. Paul would
be compelled TO reduce distributions to
stockholders in 1911. and considerable
; amount Of speculative stock was liQui-
dated on this idea. New York Central
increased its dividend last April to 6
per cent. St. Paul is now paying per
cent annually, and Great Northern and
Northern Pacific receive the same rate
= New York Central stock at its current
level Yields 5.3 per cent: Northern Pa
cifiC. about per cent. and St. Paul and
Great Northern about 5.7 per cent. If
I,7- oh,
would ne made in the dividends these
stocks would be most attractive pur-
chases at ruling figures, while even in
the event Of reductions Of / per cent each
the issuess could not he called dear at
present quotations.
The financial situation Is being
= strengthened by change in the tide of
5 foreign trade in favor Of the United
: states and while the excess of exports
c OF merchandise over imports in the last
two months does not place rs in q posi-
: ton at present 70 draw gold from Eu-
rope. II encourages the expectation that
- the balance of trade eventually viii ne
\ more than enough to offset the obliEs-
n rians that We contract abroad. interest !
g and dividend payments on American
F. securities owned in Europe. pa rTnents on
O freight 10 foreign steamship companies
: end rarnittances ny foreign born citizens
Z hero 70 the old country, Il is interesting
: 70 note that the latter item Il running al
the rata Of inward Of S1O0. .0eO. 600 annu-
ally in September Of the current wear
there was an excess Of exports of mer-
ciandise over imports to the value Of
S51. .5S1 uq7. ana an excess in October Of
SS4. 1S9. .SS:i1. exports in the last month
being larger than in any preceding
month in the history Of the country. /
Gompared with October, 1909. the gain
amounted 10 $3.50 80. and with the
same month in 1905 70 S36.O13.247. The !
+ gain in exports over 1909 was accom- !
panied by a falling of in imports TO the
value Of moro than S4,o00.00o. Since !
? January ! of the current year to October /
Il the excess Of exports amounted 70 /
S134. .To4 $50. all OF which was supplied /
I by the excess Of the last two months. /
To Senrernher J there was an excess Of /
imports TO the amount Of 81 052TIt.
Cotton turned the balance Of trade in /
favor Of exports both in September and !
October. the value Of the shipments in 1
October amounting 70 $92. .551 .094 al
the total Of breadstuffs, cotton, cattle. |
dairy products and -oiI-was lighter than
reported in October a year ago, the in
crease IN general exports being due 10 a
s heavier outward movement Of manu-
factures With cotton eliminated how
ever, there would have been a large ex-
cess Of imports. Europe needs our cot
. ton, and il Is paying q good price for the
staple. hut. on the other hand. our ex-
: port trade in grain is light. despite the
. lower prices now prevailing for corn and
r wheat. European crops have. as rule.
r. been large, and visible supplies abroad
: are heavy. our enormous corn crop
r means an Increase in stock raising, as
= cattle and hogs can now be fed on cheap
priced corn, and incidentally the country
al large should have better and cheaper
meat. for which the Democratic party
"a viii claim the credit. Il politics has any
> thing 10 do with cheap corn the Repub-
lican party certainly is entitled TO d first
mortgage on any reward OF merit that
z may he given for the record breaking
yield, az from the time OF seeding 10 the
- gathering OF the harvests nature was
= without the benencent services of the re-
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