New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-16
FINANCIAL MARKET
Call Money Frmer, While
Sterling Rates Decline.

TRANSACTIONS III NtSitl Nr'N '-t'OiN NO.
lzet were light in volume on movement
of nrices that showed substantial losses
throughout the list of prominent issues
While there appeared to be fa1r
arount of stock for sale. the selling was
moi aggressive. and failed to attract out
side liouidation TO any extent, the chief
operations for public account represent
ing profit taking on purchases MADE AT
lower levels The larger part OF the
business was made up of the transac-
lions of the professional element. when
found in a weakened technical market
position and the lack Of buying orders
from responsible Wall Street sources
good enough reason to operate for lower
nrices. especially In Reading, Union Pa
cif7c. Amalsamated Copper and United
States steel Traders are baSlns ufelr
o1,erat ions on the line Of least resistance,
and in spite of the fair character ot the
hrIvins reported in Mondays advance
opinion in speculative quarters as rule
fayors the theory that cheaper quota
tinns Will hc made before anything IN
the nature Of "A sustained advance can
devotion
current situation naturally tend to re-
strict buying on margins, but the out
come of these uncertainties. If untaNor-
able according to the Wall Street point
% view. can hardly exert more than
nassing effect upon quotations winch
already have discounted the factors that
the financial community believes contain
cotton market on reports of excessive
rains in Texas encouraged some seiilns
of stocks. while the cotton bill Of ladlnG
nix-up was twisted into bear argu-
men1 Furthermore. the street showed
alarm over the announcement that the
Illinois Steel Company, one OF the most
ir,,nortant subsidiaries of the United
states steel CORPORATION. had ordered
reduction of from - to 50 per cent in its
working forces at its mills Thls acuoh
anpears to mean that the Improvement
in the steel trade for which Wall Street
has been looking is not close at hand
The general market closed weak.
The Bank of England in its weekly
return showed an increase in the proper
with last week and in the corresponding
time a year ago, and presented general
position of strength that discouraged the
idea of an advance in the minimum dls-
count rate in the immediate future
strong American demand for gold at the
British capital doubtless would ne loi-
lowed by a much higher bank rate, out
10 DE il1IIe
chance Of an important movement OF
gold to this country. unless in their az
surd stand on the question or cotton
bills the London bankers are compeieo
to send actual coin here TO pay for the
staple, which London viii need IN iafs
quantity owing to the light stocks OH
hand n foreign cotton spinning centres.
40 alarm Is expressed in cotton TRADE
circles over the refusal of London bank
ers To accept cotton bills of lading WITH
out an American bank guarantee, as
people who have cotton for export should
! experience no difficulty in securing the
exchange necessary from their bankers.
il the refusal OF London to take Ger
tificated bills Of lading leads to the elm
inatlon Of irresponsible exporters VINO
seeks 10 do business without adequate
capital or banking credit. so much the
better for the general exporting bust
ness. Although the action Of foreign
bankers may cause some confusion for
time in the sterling exchange market,
the fact remains that we have the cotton
to sell and that Europe will be compelled
to buy il. The financing of the opera
ton will work out in a satisfactory man
ner in time. There may be some delay
in the outward movement of cotton
when the new rule OF the London bank
ers goes into effect. on October 81, which
viii call for further caution and con-
servatism on the part of the local banks
in the autumn season. Call money was