New-York tribune., 1910-12-19
FINANCIAL MARKETS
Little Interest Shown in Current
Transactions in Securities.

houses having few orders for the public
on either side Of the speculative account,
while the larger financial interests are
unimportant factors IN the daily opera
tions. Prices show little change from
/ day TO day, but the general tendency ap
pears TO be In the direction of lower
| levels before the development of sus-
tafned advance, although at the moment
the market is in a technical position that
would enable it to respond to news Of =
| significant bullish character. The Idea
| held in some quarters of the Street that
the market will run into a bull affair in
January is based upon the expectation
that a large proportion of the January
interest and dividend disbursements will
! seek reinvestment in securities, but it
should be borne in mind that the average
investor depends upon the income from
his stocks and bonds for his living.
| which is expensive, owing to high costs.
| and that the investor who may have a
surplus from his income available for
stock market purposes may hesitate TO
| buy stocks at a time Of SO many uncer-
! tainties in the general situation. There
| are not many stocks that are really
cheap at prevailing figures. and the fac.
| that SO few people are willing TO buy at
present suggests to many minds that the
general list will have TO move to ma
terially lower level in order to stimulats
an active outside inquiry.
The larger Wall Street interests are
in favor Of a quiet market at this par
ticular period and from what may be
couragement will be given to attempts
to bring about an aggressive bull move
1nent in the rest Of the year, owing to
the weakened position of local bank re-
serves. Just as long as transactions in
stocks are confined within narrow
bounds, as they are at present, stiff
rates for moneK are not likely to develop.
although high quotations may be looked
for over the end of the year incident to
the financing of the January settlements.
Demand for funds against stock market
commitments is extremely light, while
the mercantile inquiry likewise is of
unimportant dimensions. Commercial
jpaper rates in recent weeks have been
well under those reported in the early
fall but even the lower figures have not
been effective in bringing out important
offerings. In most lines of industry the
volume OF business is not such as to
call for extensive operations In the loan
market
L Wall Street is somewhat upset over
the labor situation on the Western rail-
roads, but from current indications the
difference between the engineers and the
he a
strike through mediation under the
terms Of the Erdman act. An engineers
strike. Of course. would be q. serious mat
| ter for the railroads of this country,
even il the trouble should be confined
! to one particular section. and it is not
unnatural. therefore. that the mere sus-
/ gestion that the man at the throttle VIII
leave his cab for an indefinite period ex-
erts q depressing effect upon influence
I in the financial community. It is not
conceivable, however. that the engineers,
who are an unusually intelligent set OF
men. or the great financial interests be
hind the American railroads will per
| nit the development of s. condition of
chaos in the railroad industry Of this
country In the mind of the ordinary
| Wall Street trader unfavorable features
! outnImhar various favorable factors in
! the general situation. but a close study
of basic conditions does not warrant the
pessinisn that is found in many finsn-
| cial houses.
| Two Of the most important factors
/ that are laying the foundation for bust
| ness activity on a large scale are our
| increasing excess OF exports OF mer-
chan1ise over imports and enormous
| crcps gathered in the current year. Our
corn crop is valued at Sl,523, ,96S.OoO,
wheat at S621 .443 Goo oats at 1884,
10000. barley at S93.7S5.00O, and rye
AT So, $4,000, i total value for all cereal
csops of s.. .735, $4,000. While with cot
,cp and other products Of the ground the
year shows an aggregate Of S9,O0O,OoO,-
unt of new wealth as the contribution
of the farms toward national progress
and prosperity. Statistics of the De-
rartment of Commerce and LABOR on the
country's foreign trade in the month OF
November show an excess of exports
of merchandise to the amount Of about
SIG 600 600 compared with an excess IN
the same time last year of S5o,4S9,tsp.
and an excess in October of TINS year OF
SS4 1S9 337. which compares with Sio,-
no9 oa2 in the corresponding month IN
1900 or an increase in The excess OF ex-
merits in the last two months Of TINS
tear of s33, ,676, ,345. In the last three
months exports have exceeded imports
To the value of upward Of S212,0o0,Oo,
while in the preceding eight months ex-
ports and imports just about balanced
Imports OF merchandise IN November
were less rhan in the same month iast
year While exports were materially
heavier. and although the increase IN
evrgorts has been due in part TO the
rushing forward Of cotton, as a conse-
ouence of the bill of lading controversy.
! the fact remains that the enormous I'M
rrorr trade Of recent months has been
checked and that we are ending the year
With foreign exchange rates at ieVe!
! that suggests gold imports II the metal
/ should be needed It is worth noting
| that for the first three months OF the
| current cotton year exports of the staple
| have been heavier than ever before re-
! corded for a similar period of the cotton
trade. amounting in value to S234.9oG,-
Ri the average price a bale being
S71 20 The absence of demand Tor
Tnoney in the local market has enabled
the hanks to finance the falls exports
with their own resources, which, OF
course. has given US the full benefit OF
- o~aait- ;17 E7lror,e. The general