New-York tribune., 1910-09-23
FINANCIAL MARKET
Time MoneyRate for All Matur-
tiles Show Easier Tendency.


Wall street r7Ilshed to the conclusion
in the closing hour Of business on
"Wednesday that the railroads in Mime
Gotta had Won a final victory in the So
called Minnesota rate case and immedl-
steIy bid stocks 20 higher levels. The
enthusiasm wore off before the opening
Yesterday, initial prices showing declines
from the final figures of the preceding
dav. on selling based on the realiza-
ton of the fact that the Minnesota de
cision was only n master In chancery's
report in favor Of the companies. The
decision by Judge Otis must go TO the
United states Circuit Court for review,
and if confirmed its influence on the
stock market should he Of farrea aching
importance. one of the counsel for the
railroads said yesterday that in his opin-
ion the masters report would be ap-
proved bv the court from the very fact
of the thOrougilness with which the
question had been gone into. and that in
the event of approval by the Circuit
Court and then by the Supreme Court
railroad building would develop in this
country The country's growth depends
upon the opening up Of new sections by
the railroads. Current needs require in
creased railroad facilities, but it is not
reasonable 70 expect that capital viii
move actively into new transportation
enterprises until the various veNed ques-
tions affecting the present railroad sit
uation have been definitely settled
The advance in Wednesdays opera
tions attracted realizing sales in the
early dealings yesterday, but the move
ment failed to bring out any large
amount of stock. The public was not
factor in the trading. while foreign in
terest was represented by less than one
thousand shares for arbitrage account.
Favorable developments-as, for in
stance, weakness IN the market for corn
on further encouraging reports regard
ing weather conditions In the corn belt
We're without effect on prices. and the
fact that the general market showed no
real rRllying power after the initial
break convinced the bear element that
the market was better sale than a pur-
chase for quic-- results. IL may be we'll
for confirmed bears and little bears who
are following the idea that stocks are
far from bottom prices TO pay some at
tention to the bond market. In which
transactions are increasing daily. both
on the Stock Exchange and over the
counter. Growing interest in bonds
generally is forerunner Of a bull mar
ket in stocks.
So far in the current week the local
banks have lost more than $1,000, 900 on
their operations with the Sub Treasury,
and the chances, therefore. favor loss
ou tho general movement i'm to-norrow's
Clearing House statement. n is not
likely, however. that shipments to the
interior have been much In excess Of re
ceipts. as the course Of domestic eK-
change ON this centre Indicates an
abatement of the demand in connection
With tho financing Of the harvests
Money conditions in the West appear 10
be far stronger than reported earlier in
the season, and from the returns 10 the
Z -Isa'a --i-s W i4lE = sAD6lnS li1G
condition Of the banks on September 1
there IS no reason for the eypectat ion
heid IN some quarters Of serious dis
turbsnce iu money in the current
autumn, especially as the mercsn ntile
demand Is light and likely 70 remain so
for several months to come. while the
speculative inquiry for accommodation
b. All Unimportant factor I'm the loan
market Sterling exchange likewise pre-
sents little Of interest. although il is
quite probable that the cotton bill Of
lading situation soon will inject some life
into the market, as London bankers an
nOunce that they will not change their
position on the matter OF requiring Az
AmeYican hank guarantee on cotton bills
before they can accept them. In its
weekly -eturn the Bank Of England
shows q percentage Of reserve TO liabil-
ity Of 53.36. compared with d ten-year
average of Jof3, and q Is not thought
that any change VIII be made I'm the
minimum rate Of discount before the
second week fn October. when ar ad-
vance doubtless viii take place. as Is
usual at that period 81 Che year Time
money is easier for IL maturities