New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-11
BANK STOCKS ON STOCK
FINANCIAL MARKET
Quotations for Money Unchanged
While Sterling Rates Decline.

While it is understood that certain
powerful Wall Street interests are ex-
tramelv anxious TO bring about hlSher
prices for stocks. 1t is a well known TACT
that the larger number of bankers are
not in sympathy with efforts TO start
an aggressive bull movement at this par
ticular time Moreover, the public SHOWS
an absolute lack of interest in the Sc
ductive appeals of houses that need COM
missions to buy railway and Industrial
shares on borrowed money. AS matter
Of fact. the public has little surplus
money Just now for market purposes,
and apparently IT does not CONSIDER
money market conditions favorable to
operations for higher prices on bank
accommodation. notwithstanding the
current relative ease in loan quotations
at this centre. There was no public
buying of stocks in yesterdays market,
and little in the way of business devel-
oped for professional account, total
transactions amounting to less than
200 600 shares. of which more than one
half was supplied by Chesapeake &
Ohio. Union Pacific, Reading and Unit
ed States Steel.
The monthly report of the United
States Steel Corporation, showing the
smallest untitled tonnage since the end
Of September, 1904, naturally attracted
some selling by the bear clement, but
the volume of trading was too small TO
encourage important declines. AS
rule prices moved within fractional
limits. the general tendency in the last
hour being in the direction of higher
levels. as a result of covering by the
shorts on the strength of the govern
ment's crop report, showing conditions
in the agricultural section of the cOun-
try that indicated a final corn harvest
in excess of 5000, 900, 900 bushels, a rec
ord yield: a total yield of wheat much
heavier than was suggested by the fig
ures reported earlier in the season,
record breaking harvest of oats and an
average return on minor products Of the
farms The general market closed firm,
at small net gains in the larger number
of issues, Missouri Pacific being signiti-
cantly strong as a noI--dividend payer.
The process of manipulating stocks
in turn in the expectation that the pub
lie viii come into the market so far has
failed to attract an outside demand for
securities on borrowed funds. While
there is ample reason why people who
have idle money on hand should buy
stocks outright to hold for future prof
its. the position of the loan market does
not warrant extended speculative COM
mitments, especially as the interior
drain upon this centre has not run its
course, to say nothing Of the possibility
of a further strain on local bank hold
ings incident to the probable financing
by New York banks of the cotton ex-
port movement. In the last statement,
showing the actual condition of the
clearing house banks. reserves present
az increase as consequence of "A re-
duction in loans, but the extent of the
reserve is out of proportion to the re-
Quirements OF an active bull speculation
in stocks Furthermore, in spite of the
loan reduction last week that item is
heavily in excess of deposits and il
materially higher level of money rates
drastic loan contraction will be neces-
sary. Money rates showed no impor-
tant change yesterday from the closing
average Of the preceding week, although
frmer tone was reported. Sterling
exchange was decidedly weak, under
the influence of offerings of cotton bills
against shipments of cotton to be made
| before the refusal of foreign bankers to
accept our cotton bills OF lading with
out an American bank guarantee be-
comes effective