New-York tribune., 1910-11-12
FINANCIAL MARKET
Money Rates Unchanged and
Sterling Quotations Lower.

There was material contraction in
the volume Of Stock Exchange business
as compared with dealings Of the two
preceding days, the general market pre-
senting few features of interest, with the
movement Of prices suggesting further
distribution of speculative accounts. In
the initial operations the rally that de-
veloped In Thursdays late trading on
the covering of shorts continued for a
brief period. but in the subsequent fore
noon transactions and in the early after
noon the larger number of issues made
n, progress in either direction, While In
the last half hour weakness was re-
ported throughout the list, New York
Central leading the decline. New York
Central will end the year with balance
available for dividends in excess Of divi-
dend requirements, but the idea in the
Street that the company will be COM
PEELED TO do new financing at heavy
cost makes the stock a good target for
bear attacks in a nquidating market
such as We are having at present. There
is, however, authority for the statement
that the company will do no additional
financing until it can conduct the opera
tions on terms satisfactory TO the
directors. Southern Railway preferred
was conspicuously strong, while most Of
the leading shares were declining.
American Smelling and Refining also
was in demand, its movement being
based on the financing Of the American
Smelters Securities COmpany's require
ments by the leading banking houses in
the Street. The Guggenheims have the
largest banking interests in the country
behind them, and as a consequence Gug-
genheim properties have increased in in
trinsic value in the eyes Of investors.
Stock market prices are not fulfilling
ante-election promises Of Wall Street
traders. and from current indications
there will be lean pickings for the bulls
in the rest Of the year.
The known movement Of money in the
current week does not suggest important
changes in to-day's bank statement but
il IS possible that the liquidation in
stocks in the last few days has been eff
fective in reducing loans to an extent
that will bring about a material ex-
pansion in the reserve above legal re-
Quirements. In and out interior move
ments Of currency since last Friday
about balance, while receipts of new
gold offset a loss on Treasury op-
erations, the total net estimated change
in the week amounting TO $4,000 in
favor Of the banks at this centre. Re
ceipts OF currency were heavier than in
tho week before, while shipments were
larger. Receipts were chiefly from
nearby points, shipments from the West
and South being light and well under
the outgo from here, the demand in the
West on New York balances being espe-
cially active. The interior requirements
in connection with the marketing of the
crops have not yet been satisfied. and
from current indications New York will
be called upon TO send funds to the West
in the rest Of the month, although such
shipments may be offset by q movement
OF currency from the South Call money
did not go above per cent YESTERDAY
against a high Of per cent in the Lon
don market. Sterling exchange was
easier, without indications of gold i'm
port negotiations.