New-York tribune., 1910-11-24
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKETS
Call Money Easy, While Sterling
EXCHANGE Advances.

Transa ctions in stocks were light IN
volume. and price changes as a rule
showed unimportant differences from the
closing Of the preceding day. Although
many traders favored a position on the
buH side Of the market they We're un-
willing 10 make extended commitments.
owing in large part to the refusal Of the
outsiders to exhibit interest in the deal
ings. the latter failing TO interpret the
speech Of the chairman Of the Inter
state Commerce Commission as q bull
argument on the railroad stocks. despite
the fact that Wall Street insisted that
Mr.. knapp's words indicated disposi-
ton on the part Of the commission u
grant the railroads request for higher
freight rates. Brokers apparently dld
not read the ch8irman's remarks care
fully. He did not commit himself 20
higher rates. nor did he say as reported
in the Street that an increase in rates
was necessary. He simply said that the
railroads were entitled 10 rates which
would serve for certain specified pur-
poses without saying whether or not ex-
listing rates did not meet all require
nents. Speculators who had little else
10 do than theorize after reaching the
conclusion that rates would he ad-
vanced went home satisfied that with
higher rates lower wages would develop.
Who is loony now may we'll be asked
of operators who bring forth such an
argument. Higher rates would keep the
executive officers Of the railroads busy
receiving delegations from the railroad
unions with requests for increased pay.
The general market closed strong on
covering by traders who had sold earlier
in the day on the expectation Of liquida-
ton based on the troubles in Mexico.
Local bankers with correspondents in
Mexico are not alarmed over the situa-
ton. Cau money was easier and sterling
exchange was strong. London discounts
advanced.
The demand for money for stock pur-
poses IS extremely light, in spite OF the
fact that money rates have been made
easy in the hope Of attracting an active
outside participation in current specula-
ton. Large Wall Street banks that con
t1-ol the money market are ready 10
finance speculative requirements 10 al
most any amount. hut they are unable
nevertheless 10 induce the public to buy
trading al the moment being made UP
almost entirely OF the operations Of the
professional element. which apparently
has no well defined ideas on the proba |
hie course of prices in the immediate
future. although the fact that no en-
IN gr
teurrod hear movements suggests to +
some traders the improha bility of mate /
rally cheaper quotations. except in the I.
event Of adverse developments affecting /
real values or sudden determination on |
the part Of the banking interests that .
the best way to bring about a bull mar
l5ot would be 10 place present support |
ing pegs several holes lower. A year /
ago the volume Of Stock Exchange bust /
ness was enormous. total transactions in /
this week at that time amounting 10 /
upward Of 5.oo00nO shares. with call /
loan renewals at = per cent From pres /
ent indications the current week will end |
with total sales in the neighborhood Of
/ 800. .096 shares, with the ruling rate for
call money under > per cent.
The stock market Is in a position that
many elements of danger for
the outsider who buys on borrowed
funds Notwithstanding the fact that
prices have been maintained at a firm
level in the last month. with the eXcep-
ton Of the few days following the recent
election one Hronth ago the leading
"a IIrocd shares showed an average price /
Of 117.O7 and the chief industrials an
average Of S501. The closing yesterday
averaged 1860 for the same railroad
issues and $500 for the same indus
trials compared with 1875 for the rail
roads and $500 for the industrials at
this time in 1909 and 1880 and 1862
the low points Of the present wear
There are some stocks in which there is
Z margin for further Improvement, based
on intrinsic worth. but in the larger
number Of issues market prices are not