New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-11-16
FINANCIAL MARKET
Stocks Helped by Favorable
FOREIGN Trade Figures.

market prices as q rule moved to a
higher level in yesterdays dealings,
Reading. Union Pacific and American
Smelling and Refining again supplying
the chief advance among the prominent
shares The fact that the new Aneri-
can Smelling and Refining bonds are
convertible into stock at par will help
the price of the stock, while the advance
in the latter will insure a good market
for the bonds, which may be classed
among the highest grade industrial in
vestments. The Hill stocks, St. Paul and
New York Central were among the few
weak features, Great Northern, North
ern Pacific and St. Paul being sold on
the heavy falling off in the gross earn
/ ings Of the Great Northern company,
while New York Central again was under
the influence of bear pressure, based
upon the Streets idea that the Wander
bilt company viii be compelled to do
some extensive financing at a time when
money market conditions may not be ia
vorable for such an operation. The ru-
NOR OF new financing has been denied
by New York Central officers, but the
denial carries no weight in speculative
circles. while in the same quarters 1t is
pointed out that the company on the
basis of its published earnings Will bare
~ earn its per cent dividend in the
current year. An easier tone in the
money market and an extremely favor
able statement of foreign trade for the
month of October were responsible for a
strong closing in stocks and the devel-
opment of bull enthusiasm among COM
mission house customers. The purchase
by Speyer & Co. of a large block of
Pittsburg Steel Company's preferred
stock also contributed TO the improve
ment in sentiment.
So far in the current week the banks
have gained on their operations with the
Sub-Treasury, but they have sent more
currency to the interior than they have
received from out-of-town points, with
every indication pointing TO an active
demand from the Middle West in the
course Of the next few weeks. The local
demand for money is light, and borrow
ers are obtaining funds at concessions
from last weeks rates, although it Is
not expected that easy money viii de-
velop before the latter part Of January,
while in some quarters ii is thought
that exceedingly stiff quotations will pre-
vail before the end of the present year.
The position Of the general money mar
ket in this country will be materially
strengthened in the months to come if
our foreign trade continues to run along |
the lines reported in September and Oc- |
tcber In September there was an excess |
OF exports of merchandise over imports |
to the value of $51. 5S7 ,O97, and an excess |
in October Of So, 1S9, 337, exports in the |
last month being larger than in any pre-
ceding month in the history of our ex-
port trade with a decline in imports |
from October 1909. of more than 81, |
0000Do.
A noteworthy feature of the exhibit of |
exports is found in the fact that the /
gain as compared with the correspond |
ing period a year ago was due to in |
creased shipments OF manufactured arti- |
cles and not TO the outward movement !
OF domestic products, the total Of the |
latter showing a falling off from October, /
1909 of almost S5,00o,oO0. Total exports /
amounted IN value 10 S-US,pos 100 anu (
total imports to $123, SIS, AS. making a /
total Of exports from January / of ST., /
40 sos, 1913, representing an excess over /
imports of S134 724 $50. all of which was
supplied by the excess Of the last two
months. To September ! there was an
excess of imports over exports to the
amount Of 81 .o52,111. The turn of for
eign commerce in our favor does not /
place us in position 10 draw gold from /
Europe on trade account as the present
trade credits are offset by items which .
have frequently been mentioned in this .
column, but if our exports continue 10 |
show progressive growth and the i'm /
port demand slackens to an extent that
viii bring about heavy monthly export /
SURPRISES this country eventually will be .
able TO roll up a credit account abroad F..
that will give us an active voice In the
international money market.