New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-06
FINANCIAL MARKET
Easier money Helps Securities
Prices.

4 fair degree Of strength marked the
course of stock market prices in the early
operations yesterday, but in the larger
part of the five hours of business the
movement of quotations showed great
irregular with, however, substantial
net gains at the close Liquidation and
bear pressure in Amalganlated Copper,
which were responsible for decided weak
ness in that issue, served to encourage
professional selling in other parts of the
list and in the noon hour trading de-
clines of a, point or more from the high
of the morning We're reported among the
prominent securities, though the final
dealings We're accompanied by improve
ment on buying. based on the announce
rnent that the reported sale of S5O00O,0o
st. Paul bonds to Paris bankers had been
confirmed. Whether or not the genera
market will enjoy further advances as a.
of the Willingness of foreign
fnanciers TO take new American railroad
bond issues depends entirely upon the
extent of the uncovered short interest
and the ability of Wall Street to attract
= nlblic inquiry for stocks at a time of
low hank reserves. The money market
is not in g. position TO finance a sustained
bull speculation, and overenthusiasm on
the part of buyers on margin at THIS
particular period may result in heavy
speculative losses. Nevertheless. at pre-
zailing prices the larger number of
stocks should appeal TO people who can
afford 10 take them out of the market.
In the last half hour the entire list ad-
yanced in an aggressive manner and at
the close gains of from 1 TO more than
points were common among the leading
issues. even Amalgamated Copper ana
American Smelling recovering all their
carly loss and ending above the hnaI
level IN Wednesdays market. Transa-,-
tions again were poorly distributed,
seven stocks supplying more than two
thirds of the total dealings of S15,401
shares. Strength in Chesapeake q ONO
and Brooklyn Rapid Transit was helped
bx, reports that both stocks would be ad-
vanced 10 a higher dividend basis in the
current month
Offering of bills against foreign pur-
chases on the local Stock Exchange has
heeu the chief factor in the decline in.
sterling exchange rates in the last few
DAYS. while the withholding of bids
pending definite information regarding
the reported arrangements for the plac-
ing of large American railway oohd is
sues abroad has also contributed TO the
weakness in the market Demand ster-
ling opened yesterday 80 points under
the closing of the preceding day. but re-
covered a mart of the decline in the sub
seouent operations. our foreign trade
does NOT lend itself to lower quotations
for exchange, and unless Europe pc
comes a heavy buyer OF American Sc
curities hoped for easy Levels IN the
sterling market are not likely TO mate
rialize though in view OF the improve
u1ent IN London monetary conditions
There IS little prospect OF a resumption
Of the outward movement of gold from
here. There appears to be little doubt
over the willingness Of foreign bankers
70 finance forthcoming security issues
b. various railroad companies in TINS
country and il is owing to tins prospect
more than 10 any other known factor IN
the situation that Wall Street sentiment
has undergone such q marked change in
recent days Call money in this market
was lower yesterday, as compared with
the prevailing range Of the carrier days
IN the current week, and time FUNDS
showed an easier tendency, the improve
ment in the money market mere being
accompanied by cable advices of better
ment in the London market and n Bank
OF England return that showed higher
proportion Of reserve To liability than
ever before reported for this period OF
tie year ~ modern times. The British
institution. however, mace no change in
It's minimum rate OF discount from per
cent. The level established when London
found il necessary 20 draw gold from
New York st this tiiae last yeaT the
bank rate was 2ja per cent On q pro
orfion Of reserve 10 liability OF ~ s..
against b2.sS Al present. the lstter com