New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-27
FINANCIAL MARKETS
Weakness in Stocks During
Greater Part of the Session.

Opening at fractional advances. the
stock market moved gradually upward
during the first hour. Then weakness
developed throughout the list. which
continued until practically the close, a
rally in the final few minutes operating
to reduce the earlier losses Of some of
the leading issues, notably Union Pacific,
TO such an extent as 10 bring their net
declines for the day within fractional
proportions. Outside of two or three
specialties the only stock scoring q sub
stantial gain was American Smelling
and Refining common, which advanced
IL points. The Steel report was not un-
favorably received, the net earnings
being close TO the expectation and much
better than had been predicted several
weeks ago, and the small showing for
September being accepted as a reflection
of the known depression in the iron and
steel industry. which is expected soon to
he relieved by the receipt of long de-
ferred orders from the railways. The
leading journal devoted to the interests
Of that industry in its current weekly
review OF the field expresses the feeling
in the trade as one of confidence that
conditions are not likely to grow worse,
although their Improvement in the near
future is not yet clearly indicated.
It is now less than two weeks to Elec-
ton Day, fact which is probably
among the influences combining TO de-
press the market for securities, since the
progress Of a political campaign without
at least one election scare is almost
unprecedented: and there are beginning
to be evidences that the cocksure conf
dence of Wall Street in the success of its
chief candidate is lessening. The most
important consideration. however, is the
state Of the money market. The call
money rate was only q trifie lower than
on Tuesday. touching 324 per cent, and
is not unlikely TO advance before the
end Of the month above the 4 per cent
level of Tuesday. which was the highest
since spring. and time money rates are
hardening Further heavy Withdrawals
Of currency were made yesterday for &C
count of Western institutions. and there
was some shifting of loans from Clear
ing House banks to trust companies.
with the object Of terrifying the banks
position as affected by this drain. The
IND of the month is approaching. with its
cnncomitant OF necessary preparation
for the November interest and dividend
disbursements. and sn additional dc
1nand upon the local money market may
he looked for in the shape Of call for
several million dollars for payment in
taxes. which viii be subject 10 heavy in
terest charges if not met by November !.
The < per cent discount rate put in
force by the Bank Of England week
ago. the further decline yesterday Of
consols 70 1874. a new low record since
ss47. and the G Per cent rate exected in
the London stock Exchange as the
carry-over charge for American stocks.
conapar ring with per cent two weeks
ago. are indications n the tightness Of
the foreign money markets and of the
in1proba bilitv Of the success Of recourse
to Europe Of possible borrowers DESTROYS
cf obtaining support there for a move
nlent in the direction Of advancing secu-
rites prices. Whether not the vari-
Gus signals viii he Needed and specula-
ton kept within moderate bounds for
The next few weeks remains to he seen.