New-York tribune., 1910-12-08

FINANCIAL MARKETS
Call Money Firmer, with No
Chance in Time Funds.

IN We'll informed quar- LS1S III AAAC
financial community it is understood that
Z large bull pool that several weeks ago
started out 10 run the stock market into
4 boom has been wound up with sub
stantiaI losses. It was said yesterday
on excellent authority that the last Of
this pools holdings had been taken over
and that the stronger tendency reported
in prices in the afternoon, after an early
break in most parts of the list, was due
entirely TO the knowledge that d dis
t1IrbinC element had been eliminated
from the market. Furthermore, it was
stated that while this bull pool started
,-9t with the assurance OF support from
u-onineut banking interests. some hitch
Gevclaped in the proceedings, and that
through the calling OF loans the pool
was forced out Of business. The general
market showed an increase in activity
and strength in the last hour, although
before the close reactionary tendencies
again developed, which, however, ap-
reared 10 represent little beyond selling
by professional traders who were short
o4 stocks and not inclined TO follow the
advance. despite the idea that the i'm
15rovement was based upon factors that
might lead 70 substantial Improvement
IN prices.
Doubtless a good sized rally viii de-
vefop before long. but II is not thought
likely that d sustained advance viii be
brought about in the Immediate future,
owing to the many uncertainties in the
situation which are keeping the public
or,t OF the market and restraining activ-
i-z- on the part Of the chief banking
7rrsrests. Reports from Washington in
tInlate that the hearing before the Su-
n-erne Court Of arguments on the Stand
ard oil and American Tobacco suits
viii be POSTPONED from the date set-that
* January (which if true, will not
-rud 10 encourage aggressive stock mar
Jzer operations. while the belief in the
minds IF many people that the iron and
steel industr7~ will show increased de-
uression before II enjoys better times
Is another important consideration
working against speculative enthusiasm
IN Wall Street Moreover, the poor
showing made IN the first report on win
ter wheat Is apt TO encourage uneasl-
ness II speculative quarters The Iron
Age'' saws IN its weekly review Of iron
trade conditions that the industry is set
rlinS into further dulness, with an in
c-easing number Of steel mills working
II 20 per cent Of capacity. flrrner
tendency was reported in government )
ner cents IN yesterdays market
The sterling exchange market was
subjected 10 manipulation yesterday
that caused an irregular movement
with weakness in the early trading and
q frmer tendency in the subsequent
operations. That a large amount OF eX-
change will have TO be secured in the
course Of the next few weeks in con
necrion with the end Of the year settle
rnents has been reflected III active ef-
forts to bring about lower prices IN re-
cent davs. and in yesterdays market
fictitious rates were quoted, demand
sterling at one time being extremely
near the level al which gold can De
brought 10 New York from London
Natural conditions gradually should
carry rates TO a higher range although
# money continues 10 exhibit its pres
ent hardening tendency sight sterling Is
not apt TO approach the level at Which
4bf yellow metal could be shipped from
here. II is thought that to-morro"
estimates Of the weeks movement OF
money will make an unfavorable snow
ing. owing TO the losses by the banks on
their operations with the Sub-Treas asurS'
which represent in part payments py IN
terror interests Of obligations 10 the
government by draft 20 the Assistaii'
United States Treasurer mere on 'iiei
New York correspondents Another
transfer Of money was made TO Ne"
Orleans yesterday. while exchange at
out-of-town points did not reflect I'M
nortant movements of money TO TINS
centre. The demand for call and time
funds is light and no great amount oi
activity Is reported In the market Tor