New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-14
FINANCIAL MARKET
Better Outside Inquiry Reported
for Stocks and Bonds.


Street commission houses on the stock
market. the light supply of stocks oelhs
carried by these concerns and the re
alization of the fact that prices are OK
tremeIy low, based on dividend returns
were responsible for a, fair inquiry IN
Yesterdays trading for public account.
Furthermore, the existence of MOD
cratic sized short interest and indica-
lions of better inquiry for railway
mortgage issues encouraged buying pE
professional spectators to an extent
that created an impression that, IRE
spective of political and railroad rate
uncertainties. securities in general were
A safe purchase for higher quotations
While there was no great outburst OF
activity. dealings of more than four hun
dred thousand shares appeared large IN
comparison with the small daily totals
of the recent past. Advances of point
or more were made by many OF the
leading issues. the chief strength being
exhibited by Reading, Union Pacific and
Southern Pacific, which, with United
States Steel, supplied more than three
quarters of the entire business, the last
named issue leading in point of activity.
although its gain in price did not equal
that of Reading and the Hartman
shares.
l. Commission houses are doing their
best TO work up a bull market, and as
they are carrying little stock, have an
ample supply of time r-0ney on hand
and can secure call loans cheap hg-
1Ires they naturally believe that excel
lent opportunities are offered for specu-
lation for long account, especially as the
decline that has taken place in market
quotations from the high prices OF 1903
more than discounts various unfaVor-
able factors in the outside situation
High class bonds and preferred INDUS
trial stocks of sound companies present
a particularly attractive chance for the
ga fe investment of idle funds at prevail
ing levels. One of the strongest arsu-
ments in favor Of good railroad stocks
IT the present time is found IN the
mower of the Interstate Commerce Com
mission to protect the interests OF the
holders of these issues as well as the in
terests of the shippers. At the moment
Wall Street does not take kindly to this
idea. but the time will come when it will
acknowledge the truth of the argument
mentioned The general market closed
at or neat the best prices Of the day,
with sentiment in speculative circles
more bullish than reported in many
weeks.
So far in the current week the local
banks have lost more than S3Oc0,ooO on
their operations with the Sub-Trea sury.
due in part to excess government re-
Ceipts over expenditures. For the month
to date the federal Treasury figures
show an excess Of receipts of more than
s.. 600. GOO. against a deficit in the same
time last year of almost the same
amount on ordinary account, while from
July ! the general deficie is less than
half of that reported year ago. Al
though the New York banks have suf-
fered a loss in the reserve above legal
requirements aggregating S22.500.00O in
the last three weeks, they are still in
strong position to handle interior re
nuirements in the rest Of the crop NOV
ing sea son. and from current indications
there appears little probability of dis
turbance in the money market, espe-
cially as foreign exchange conditions
suggest the possibility Of our bankers
being able to negotiate imports of gold if
the needs of the situation here should
become at all urgent. Any large import
movement, however. is not likely. as in
the event of an active demand for the
metal the Bank OF England undoubtedly
would advance its minimum rate of dis
count. In connection with the sterling
exchange market it is interesting 10 note
that exports Of domestic products from
the United States enjoyed a gain In the
value OF 50 499 401 in the month OF Au-
gust, owing to a large increase in the
outward movement of cotton. Europe is
replenishing its depleted stock of tie
stable. and furthermore ii is doing so at
stiff prices. Shipments of grain are
light but heavier exports are looked for.
The financial markets in this country
will pe materially benefited by marked
change in foreign trade movements IN
our favor. and the August report OF OK
rorts Of domestic products affords some
encouragement for the theory that much