New-York tribune., 1910-11-22
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKETS
Current Speculation in Stocks in
Hands of Few Large Operators.

In the course of reaCtionary ten
dencr in stock Exchange quotations in
,-es- -erdaz-'s transactions floor element
bulls announced that- prices were al
lowed u sell off in order TO make the
market more ;sttra ctive for traders Who
had contracts TO cover and for com
mission house interests VINO had ex-
pressed n desire 10 accumulate proflts
on the long side Of speculation Ad-
vantage. however. was not taken Of tins
generosity. nor vas there any indication
Of the development in the near future Of
an active demand for securities in spite
Of the easier position Of the money mar
Let. as reflected IN loan quotations ana
; in SATURDAYS bank statement Appar-
eiitIv il viii require something more than
+ 2 fractional decline in prices 10 attract
an active inquiry for securities. although
the ase with which 4 few large opera
! tors have been able TO maintain ii gen
erslIr firm market with many DAYS of
/ advances in the recent past encourages
the idea in some circles of a quick re
/ eronse from commission houses to es-
! r,ee.ially favorable Developments. The
larger banking interests are doing
/ T,ractfcaTIv nothing IN stocks at present
I Iu- r certain big spectators continue
their ma nipulation. which has placed the
market II ar artificial position. the So
called interests may exercise some "f
7bair veil known disciplinary measures
in order TO eliminate the operators who
II the present time believe that they
s-. absolute masters Of speculation
Total dealings in the hTe hours 81
business : ssterday amounted 10 :'l4-!'o"
shares of which the larger part was
S7nrIied F-- Reading. Union Pacific and
United states Steel. the thre" ISSUES
that have -1onopolized the trading for
many weeks. United States steel com
mon MAJ 90 lower before il crosses par,
b,1t I'm view Of tho strong people behlnu
the Issue, and the probability OF mate
rial expansion In the iron ano steel IN
,jl!srrv in The new year there IS no soou
reason for the expectation Of deciine
that viii not be quickly recovered Inc
steel trade has made the turn and Is nc"
moving in the direction ot SLOWLY IN
--e4 sing activity. The steel trade IS
--o4ng "a make more money from the
railroads in the near future. and the rail
roads are going to show better net earn
ings even without an advance in treight
rates. Some people are beginning TO De
1i4,-e that net earnings have been
! erun+ed in recent months by clever
+oollaaninz. And some people think
that the shippers are making arguments
against higher rates that the railroads
cannot ,.crt-0-ert. especially the argu~
-,a,,+ made --ssrerday before the Inter
z+s+e Commerce Commission by LOUIS
/ u Brandeis counsel for the traffic com
r7i+fee OF the commercial organizations
/ - the Atlantic seaboard. The general
/ market closed weak. the heaviest &c
ol;,ss If the dav being recorded in the
/ final trading.
! Reserves Of the local banks are no"
/ larger than usually reported At TINS
neriod of the year. and unless there
should he heavy drain upon them from
etocl- market interests the closing month
Of 1910 should pass without any uls-
,urhance or abnormal rates IN the money
,,arl,a+ A. this time last year call
money ruled from tn IA per cent. while
/ IN December MAXIMUM Of per cent
vas reached In yesterdays market
-t.c ,re~ailing quotation for demand
funds was 29A per cent with no lndica-
tion of an pressure from borrowers
+ The inuuiry both for call and time ae-
/ .,crnmodation is light. and there Is niue
activity in the commercial paper mar
ke, although from the current level oI
rates on the best bills II might be sup
nosed shat an urgent dem@rd existed
perassiors in the price Of collateral
Il,.ns have not been accompanied 10y an
easier tendencr in discounts on com
t ne-,isl bills. nor has the decline maze
/ II possible for corporations 10 rhahe
I .bcir requirements on better terms tfiar1
-eeer+lv noted Doubtless this is Que
- the conservative policy generally
rr,c-ise6 in the Iast six weeks Of the
/ vaa- when Tie money market IS quite
/ l;Eel-- % be subjected t" unusual de-