New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-28

FINANCIAL MARKET
Local Money Rates Exhibit an
Advancing Tendency.

In the larger number OF stocks trans
actions were light in volume throughout
the five hours Of trading, activity being
confined to the Hartman issues. Read
ing, United States Steel and chesapeake
G. Ohio, the last named being one OF the
strongest features of the day on buying
evidently based upon the excellent show
ing made by the company in its annual
report AS rule prices moved IN the
direction of higher levels without at
tracing public interest in the market,
although in the bond department indl-
cations were presented Of Increased puy-
ing for investment account, while over
the counter dealings in mortgage securi-
ties also reflected disposition on the
part Of capital TO move into attractive
offerings The strength shown by the
leading shares in the first four hours OF
business was not maintained in the hnal
operations the unfavorahle earnings re
ported by the Hartman lines TOT the
month of August, the absence or actVe
commission house buying on the ad-
vance and the firmer tendency of money
pressure from the trading element. espe-
cially in Reading. Union Pacific and
United States Steel. Reading closed
more than a point under its best hsures'
and little bulls who bought the Issue on
the carly advance on the ancient rumors
of an extra distribution 10 the stock
holders generally liquidated their hold
reason for the reports regarding Read
ING other than the desire of certain
speculators TO make killing IN the
stock. Reading lends itself easily 70 the
manipulation that develops at frequent
intervals. Outside Of the active stocks
anal ouotations. as a rule. were at small
net gains.
While exports Of cotton are belng
made in fair volume, the general out
ward movement Of merchandise is not
heavy enough to offset increasing I'M
norris as an influence in thesforeign ex-
change market Sterling rates exhibit
an advancing tendency, and, althoush
exports of commodities doubtless Will
reach larger proportions IN the course of
to believe that this country VIII be able
TO secure gold abroad in the rest or the
wear except on loan operations, unless
an extensive European investment oe-
mand should develop for American
securities. In addition to the present
relative scarcity of commodity bills In
the foreign exchange market there are
z%-9fN
strength in sterling quotations. Higher
discounts in London. Paris and Berlin,
! London fortnightly settlement demands
interest and dividend rernittances on our
securities held in Europe and the In
| curry for exchange against maturing
New York obligations abroad naturally
tend TO weaken our position in the inter
national money market at a time when
we are without large trade balance.
At this time last year the United
States was a creditor on foreign trade
account TO the extent of more than $780,
100000, while in the year before the bal
ance amounted TO 1891. 100000 in our
favor. These figures compare with a. debit
against us of almost 81 900, 900. as of
1
the moment there IS no indication Of the
development Of conditions calling for
imports Of gold. but IL need not be as
sumed. however. that rates for money
at this centre will continue to rule at
prevailing levels for an indefinite period
Notwithstanding the absence OF a specu-
| latfve demand for accommodation I.
Wall Street, Clearing House bank loans
have Increased more than S1O0,O00.G00
since the second week in August. while
fn the same time reserves have fallen
from SIS, 743.0 900 TO S17,576.O00. More
over. banks throughout the country are
not especially strong in reserve re
sources, the returns TO the Controller Of
the Currency showing the condition Of
all banks on September j. presenting a
total percentage of reserve 10 deposits Of
only 21-57. which is 10 per cent below
/ the figures OF q year ago and LAO per
cent under the figures OF 1908 Com
pared with this time in 1909, loans Of all
| banks show a gain Of S33S 21S, 2S6.
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