New-York tribune., 1910-09-21
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Money Rates Unchanged and
SterIinu Quotations Lower.

After exhibiting a moderate degree Of
strength in the early dealings on fair
volume Of business stock market prices
developed a sagging tendency in the
afternoon. under the influence Of selling
by professional interests who attacked
the general list following the withdrawal
Of the commission house buying that
marked the course of trading in the
forenoon transactions. Doubtless the
development Of bull speculation in such
stocks as Interborough-Me Metropolitan,
American Beet Sugar. international
Mercantile Marine preferred and Ten
nessee Copper had a good deal TO do
with the refusal Of conservative opera
tors to maintain a position on the bull
side Of speculation in the last two hours
of business. as the days news con-
tanned nothing Of a disCouraging
nature. Although the weekly weather
report was favorable and advices
from the corn and cotton belts showed
further Improvement in the condi-
ton of the respective crops. While
money rates remained at a relatively
easy level and the political situation
contained elements of encouragement
from a Wall Street point Of view, the
DAYS speculation did not suggest the
development in the immediate future Of
an aggressive public demand for stocks
from margin traders There was, how
ever. further indication of a better in
ouiry for railroad mortgage issues.
The market for stocks cannot be called
weak. in spite Of passing declines that
traders are able TO bring about. In
deed. in recent weeks prices have with
stood adverse news in a manner most
gratifying to the advocates of better
quotations. although it is thought in
some circles that the present quotation
level would quickly collapse in the event
Of an active liquidating movement The
best feature Of the current market Is
found in the opportunities for investors,
and as one substantial Wall Street house
said yesterday in its market letter. by
balancing one argument against another
and taking into consideration the prices
Of securities. investors seldom have had
2 better chance. 50 far as interest re-
turns are concerned. TO secure solid.
permanent income payers than at pres
ent." it may ne we'll to note that i'm
provement in the bond market generally
is 4 forerunner Of increased interest in
stocks. The general market closed quiet
and heavy. without noteworthy losses,
Notwithstanding Unfavorable steel trade
reports from Pittsburg-
In Wall Street circles II is believed
that prices for finished steel products.
with the exception of rails. viii he
placed on 2 lower basis in the near
future It may he recalled that when
the United States Steel Corporation De
clsTed an open market for steel in the
early part of 1909. the result of which
was = substantial lowering Of quota
tions on most finished materials. the
common stock of the concern declined to
Az. and that in the period of dis
turhance in the trade the issue was
heavily bought by substantial interests.
who subsequently, liquidated their hold
ings q a profit Of more than 40 per cent.
On all declines in the price of steel COM
mon in the months 10 come il is quite
probable that the same sort of buying
VIII take place. while il is likely that al
ready there has been an accumulation
Of the shares on the theory that lower
prices for finished products already have
been largely discounted by the market
movement OF the issue In recent months.
the current quotation Of 667s comparing
with the high 81 the year, made last
January. Of al.
Excepting the loW level reached for
prices on finished steel in the price war
Of 1903 present figures are lower than
Al any time in several years. owing more
10 increased capacity of the mills than
10 any other known factor Declining
prices viii affect earnings for a time, but
in the long run they viii bring about d
better situation in the trade by attract
ing an increased demand from con-
sumers. There appears TO be nothing
III the iron and steel situation that need
alarm holders OF the United States Steel
securities. and, for that matter, there is
nothing in the general business situation
that warrants uneasiness on the part of
owners OF American investment securi-
ties