New-York tribune., 1910-09-01
BANK STOCKS ON STOCK
FINANCIAL MARKET
Sales of Stocks at Low Record
for the Current Year.

Transa ctious in stocks amounted TO
+he small total of 157, ,S53 shares. Of
which the larger part was supplleo py
Union Pacific. United States Steel and
Reading Prices moved in an irregular
manner throughout the five hours or
business, with more net gains than
losses at the close, the Improvement
being confined, as a rule to small 1Tac-
tions that represented nothing beyond
an insignificant demand from traders
for covering purposes. There was no
commission house business for outside
account, either in stocks or bonds The
investment inquiry was said by one
house to be an unknown factor The
statement was incorrect, for the good
reason that there was no investment
buying in spite Of the attractive prices
at which prime securities could be Sc
cured There either is no capital avail
able for investment purposes or else
people with idle funds on hand are
Ia aboring under the false impression that
high class railroad and industrial issues
are not worth current prices. Business
in the United States is not going to
pieces, and the very fact that we are
having dull and dismal days in Wall
Street suggests the wisdom of buying
good stocks and bonds for cash at
ruling quotations for the rise that
eventually will develop. Stocks are
more strongly intrenched in the hands
of capitalists than at any time in recent
years, and it is not likely that they will
offer their holdings until the public Is
willing to buy at from 10 TO 40 points
above present market values The un-
important character of the days deal
ings on the exchange will be found in
the extent of the business in Reading,
Union Pacific and United States Steel.
which ended at prices unchanged from
the closing in Tuesdays market Total
sales in all stocks were smaller than on
any preceding full day this year.
Local banks made further shipments
of currency to the interior yesterday.
both through the Sub-Treasury and on
direct account, but the outward move
ment failed TO bring about any change
in loan quotations. The Stock Exchange
demand for accommodation is lighter
than recorded at this period in many
years, while business in mercantile loans
is almost at a standstill There are no
important offerings of commercial paper
In the current market, but rates are
maintained on a 51z to s per cent basis
for the best names these quotations
comparing with 3j4 to Az per cent for
| time maturities, 81 per cent represent
ing sixty-day loans and the higher rate
over the year commitments. Although
some Of the banks quoted 3 per cent for
long periods In Tuesdays market. they
found no response from borrowers. APP
parently there is a wide difference Of
opinion between lenders and borrowers
regarding rates. and 1t is improbable
| that in view Of the large reserves held
by the Clearing House institutions
much money will be placed at prevailing
quotations, despite the fact that bank
officers state that the general level may
be higher later in the season than now
reported
The trading in stocks IS so light in
volume that commission houses find no
reason for increasing their loans. while
in the mercantile community business is
being conducted on scale that requires
little outside assistance The larger
number of Wall Street banking houses
have idle funds on hand that they
willingly would lend at present rates If
there We're any demand from Stock Ex-
change sources. Sterling exchange was
strong yesterday, owing to an active in
duiry in connection with September set
Elements, 10 covering of shorts and
speculation in expectation of an advance
in the Bank of EnglandS minimum rate
of discount. open market discounts in
London We're higher. From conditions
shown last week by the Bank of Eng
land there is no good reason 10 suppose
that its rate will be raised to-day The
inquiry for money abroad, outside of
that incident to crop movements and
September disbursements. is about as
insignificant as il is here.