New-York tribune., 1910-12-09
FINANCIAL MARKETS
Sterling Exchange Rates Near
the Gold importing Level

There was nothing in the character OF
the trading in yesterdays stock market
that suggested the probability OF the de-
-afoprnenr in the near future Of active
opera tions for higher prices. In the
larger par7 Of the five-hour session
quotations moved in the direction OF
lower. levels. with sharp declines in most
OF the prominent issues. based upon
pressure from the professional element
and further liquidation by people who
bought stocks early in November in the
confident Expectation Of a big rise IN
market values before the holidays
There appeared 10 be no willingness on
the part Of the larger interests to buy,
although they practically We're compelled
10 take d certain amount of stock on the
decline. while in spite Of the attractive
figures recorded from the investment
point Of view there We're few purchases
for actual investment account Senti-
ment in all circles seemed TO be un-
settled and even the favorable showing
made by the cotton ginning returns up
to December failed to tighten the bur
den of pessimism which the Street as
sumed- The census figures giving TO-
1:99. .9Si bales Of cotton ginned are, with
one exception. the largest reported in
the last six years. and, based on the per
centage Of the total crop ginned TO De
ceuber l IN former years. the entire
crop OF 1910 should be in the neighbOr-
hood Of 12.400,000 bales, & total far
above recent trade estimates
on the Cotton Exchange prices on
futures declined following the pubiica-
ton OF the ginning figures, but the prom
inent bull operators refused to revise
their ideas on the cost of cotton few
months hence. The report Of the Copper
Producers Association, showing a de-
crease OF S.872. 600 pounds in stocks Of
the metal in the last month. failed TO
exert the influence that might have been
expected upon the copper shares, Anal
gamated Copper being one Of the weak
est features on the list. while ofTlclal de-
mails Of d reduction in the working
forces Of the United States Steel Cor
porstion likewise were without favorable
effect upon the steel stocks. In the late
trading. however, the general market
rallied, and losses, as rule, We're re-
covered. the advance being based almost
wholly upon covering by the shorts and
buying by interests who apparently be
lieved that technical conditions var
ranted temporary higher prices
The frner tendency that was reported
in Wednesdays money market was again
IL evidence yesterday, without. however.
any material change in loan quotations,
Sterling exchange declined 10 q point
DANGEROUSLY near the gold importing
level. but the character Of the opera
tions Influencing quotations did not sug-
gest actual importations Of the metal
Foreign exchange almost invariably IN
the past has been strong at this period |
OF the year. owing to the demand for re-
rnittance for end Of the year settlements,
and Il is thought that the present weak
ness Is based upon manipulation with the
view Of accommodating exchange at low
figures for remittance purposes. The
Bank OF England showed in its weekly
return a further gain in strength, but II
made no change in its minimum rate OF
discount from the ~ per cent level
established q week ago. Its proportion
Of reserve TO liabilities at 5O.oS compares
with q ten-year average for this period
Of - u per cent