New-York tribune., 1910-08-16
FINANCIAL MARKET
Domestic Exchange Rates Move
AGAINST New York.

in large mart of the transactions or the
professional element, prices for most
stocks moved toward q lower level in the
hest part of the day. although hnal
losses were we'll under the maximum de-
cljnes The absence of commission mouse
b,1ving and the lack of interest In the
dealings from substantial quarters OF the
street naturally encouraged board room
traders 10 operate for lower quotations,
while the failure Of New York 'to secure
anv of the South African gold offered IN
the omen London market. the decline or
British consols TO the cheapest price OF
the season and the advance in London
discounts. together with higher sterling
exchange rates here, appeared to come IN
handy as bear factors The general
snecl1lation however, was too insignlf-
cant in volume TO permit of large nuc-
tuations in prices. At the moment there
is no indication Of an increase IN OUTSIDE
speculation in stocks or of efforts on the
rart of the larger interests to work for
| ANYTHING in the nature of a boom in
quotations.
| Rankers are we'll satisfied with the
/
there are some observers who beleVe
that the recovery in prices of from TO 10
points from the low levels made on july
| os is nothing but a secondary movement
| of a bear market and that the genera
/ lis. will go below the figures established
! on that dav before a sustained bult
| movement develops, there is absolutely
no 71neasiness in the real circles OF
! finance over the future of stocks, money
and business. If stocks go TO lower
range they Will be bought by our chief
capitalists who already are heavy hold
ers and who will have all the bank credit
they may wish to utilize in market trans
actions. especially as the local Clearing
House institutions have In mind the de-
yeIopment of such operations In the tut.
IRE. At the close Amalgamated Copper,
Reading. Union Pacific and United States
Steel showed the chief losses among the
active issues. Canadian Pacific and st.
Paul made q fair response to bull opera
tions: also American Beet Sugar Whlch
ended at net gain of more than
points to the accompaniment of & rumor
Of a dividend on the shares
The local banks have gained upward
Of sS. .O0O. 600 on their operations with the
Sub-Treasury since Friday, but 1t is not
likely the large increase enjoyed by the
CLEARING House institutions last week in
ga eb holdings will be repeated in the cur
rent week, owing to changing conditions
in the domestic exchange market Chi
oapo exchange on New York yesterday
u-as 20 cents discount. certain pro-
nnr-tion Of the expansion in loans shown
bv SATURDAYS bank statement repre-
so,,+ad tho transfer of loans by interior
lenders to the banks at this centre as
consequence of the increasing needs AT
Western points in connection with crop
moving nJrposes, and it is quite prob
able that for weeks TO come shipments
of currency from here will show an en-
Iareiug tendency against decrease in
receipts. though from nearby places the
movement of money may continue for a
while in favor of New York. With act
nal reserves above legal requirements OF
more than $50, 100000 there need be no
apprehension of disturbance IN our
money market, but in view of the de-
,nan6s that must be made upon the East
from, the West and South for financial
accommodation in the autumn and the
heavily loaned up condition of the banks
in those sections of the country, the
wisdom of New York bankers IN
strengthening resources is apparent
The banks are putting out call money
At extremely low figures. and time funds
are somewhat cheaper than recorded last
week. though rates are held at q level
that does not suggest real ease in this
department of the market in the rest OF
the year, despite the fact that some
critics assert that prevailing quotations
are not justified and are imposing
hardship upon the business community
Time money looks high only IN compari-
son with the rates for call contracts. AT
this time of the year the banks practi-
cally are compelled TO keep large per-
rentage of their resources in liquid form, |
and their reluctance TO release substan-
tIaI sums on time loans at this particu-
lar period is fully justified by the de-
mands OF caution and safety. Currency
u tin. amount OF 100000 was trans f,
fe-red yesterday to New orleang by the |
Treasury for the account of local
ba 3ks-
FERRY COMPANIES.