New-York tribune., 1910-09-09
BANK STOCKS ON STOCK E
FINANCIAL MARKET
Demand for New York Funds
Active at Southern Points.

Stock market prices moved within
narrnyy limits in the case of the larger
number of issues throughout the day,
the chief exception being supplied by
some of the industrials, including
American Hide and Leather preferred,
which continued TO move toward
lower level under the influence Of selling
based Unon the extremely poor earnings
Of the company in the last fiscal year
The position Of the concern is not at ali
promising General transactions were
light in volume with the total made up
chiefly of Union Pacific. Reading, South
ern Pacific, Amalgamated. United States
Steel and Hide and Leather. winch
furnished an aggregate of 10000 shares
ont of the entire business Of 24I64S
shares while in the bond department
the trading was Of insignificant proper
tions Even a favorable government
crop report. showing the condition per
centage of corn high enough to warrant
the expectation of almost a 3,WANhNo
busheI harvest. failed to stimulate ac-
tiyitv in speculative quarters. Room
traders tried TO bring about lower prices
following the publication Of the copper
producers figures, but the market was
too thin to make such a movement sue
cessful. last quotations presenting little
change from the opening, net losses pre-
dominating.
The expected curtailment Of copper
production in August did not material
ize the actual output for the month
being larger than in any preceding
month in the current year, though
stocks on hand showed a small decrease
as {. consequence of heavy domestic and
export deliveries Of the metal In view
Of the fact however, that production
took tremendous jump from the July
o,,+p!It. the statement was far from un-
favorable. as it showed a heavy demand
for consumption. Estimates of the total
Weld Of corn, oats and spring wheat are
above those of a month ago. and unless
the corn belt should be visited by early
severe frosts il Is safe TO count upon
somewhat lower price level in the COM
modify markets in the months to come.
factor that ought gradually to exert
markets. Money rates showed no
change in yesterdays loan market oper-
ations, while the Bank of England main
tanned its minimum discount at ) per
cent. Sterling exchange was easier. An
active demand for funds for the account
Of the South was reported.
Irrespective of political and railroad
J.p dino houses
Wall Street believe that stocks and
bonds are well worth buying at current
quotations. which in the case Of the
larger number of issues represent
much higher investment yield than ordi-
nariIy can be obtained in the securities
markets There is no prospect of gen
eral reduction in dividends in spite OF
. temporary falling off in net earnings
and ouieter trade conditions. and even
if some Of our railroad companies shouid
deem ii wise 70 lower rates for time.
the investment return on the basis or
purchases made at prevailing price
levels still would be quite satisfactory to
the average conservative investor, In
bonds excellent opportunities are now
presented for the accumul ulation of high
grade issues at cheap quotations, both
among railroad. industrial and public
utility offerings. but at the moment the
demand is extremely limited. though
bankers report a somewhat better IN
quiry than recently reported for the So
called gilt edged variety. Any material
setback in our industries will be accom-
panied by an increase in idle money
THAI doubtless VIII find its way into the
bond market. while any large increase
H. the demand for mortgage securities
doubtless will be followed by the ap-
raarance Of the railroads IN the market
for new funds. Offerings Of new securl-
ties in recent months have been con
fired 70 small totals. but many corpora
tons are contemplating some large
financing just as soon as bond market
conditions take more favorable turn.