New-York tribune., 1910-07-21
FINANCIAL MARKET
Money Rates Easy, While Ster-
Iinu Exchange Advances.

ume total sales amounting to only oo4'-
| 400 shares, with. the heaviest dealings IN
the early afternoon. when prices were
strong under the lead OF the copper
issues. Price movements in the morn
ing were without significance and gen
ersTlv in the direction Of lower quota
tions. although losses were confined TO
! fractions While the general list SYM
/ pathized with the advance in the copper
1 stocks. there were few gains that ran
! beyond half a point. and no inolcatlon
/ of the development in the immediate
| future of an aggressive buying move
nent in any part Of the list, the improy-
| ing tendency in Amalgamated Copper
falling to attract an outside inquiry, IN
spite of the extreme ease in call money
rates. The present cost Of carrying d1V1-
dend paving stocks is more than OFFSET
/ by the dividends paid. In view OF the
unfavorabIe position of the copper in
dustry the advance in the copper stocks
encouraged the idea in speculative quar-
| ters that efforts might be made by the
| larger interests in the trade to curtall
production. and the fact that much or
the buying of the copper issues in recent
! days came from abroad, where some of
the leading American copper men are
now visiting suggested that develop
ments of Importance might be looked for
/ no distant time. On the early after
noon advance there was some liquida-
| ton for Western and Canadian account,
while in the late trading prices were in
clined to sell off on pressure from opera
! tors who were disappointed over the
small extent of the rally, but who ad-
mitted that with the slightest encour-
agement from the substantial Wall
Street bankers quotations would move
quickly to higher levels. Just now the
so-calIed big men are doing nothing to
bring about a bull market, but they are
BUYERS on all concessions. They are the
chief holders of stocks but apparently
do not consider the time ripe for bull &C
tiyity. Sterling exchange moved to a.
level that makes gold imports unpToflt-
able.
The na ationaI banks of this city and in
the state at large. according to their re-
ports to the Controller OF the Currency
under his recent call. show increased re-
serve strength, as compared with the
exhibit made under the call Of March,
while from the figures so far compiled
Of banks in other parts of the country
it is evident that the statement that
proba bly, will be issued al the close of
t,-a week. giving the massed- figures of
ALI national banks IN the United States,
will present substantial improvement in
ra5 nit n
the showing of three months ago. In
the Middle West conditions are decidedly
stronger. Our bankers see nothing In
the outlook that warrants the expecta-
ton of trouble in the money market in
the autumn. but they believe that rates
for loans will rule much higher than at
present. and that New York will be conf
PEELED to meet a heavy drain from the
interior. It is likely that steps soon will
be taken to form currency associations
under the provisions of the emergency
currency law in order that the banks
may be prepared to meet the possible
development of abnormally high quota
tions for money. but the fact that such
associations are TO be formed should not
be accepted as an indication that an
emergency is to occur.
The emergency currency law grew out
OF the panic of 1907. and the fact that
the banks are now in a position to safe
guard the situation against a money
panic should serve TO quiet the fears of
people who believe there will not be
enough money 10 meet the fall require
ments. II is true that the emergency
currency law is nothing but make
shift. but until reform in the currency
system is effected IT will serve TO ward
off monetary stress Timid people may
become nervous over the proposition TO
form currency associations. They may
believe that ii is q sign OF unsound con-
ditions in this country, but II they ex-
ercise their brains for a moment they
G3ubtless viii realize that il is merely a
procedure To prevent disturbance. The
provisions Of the emergency currency
Law TO certain extent already are at
the command of the banks and could be
Tesorted 10 at any time when. in the
judgment Of the Secretary of the Treas
ury. conditions justify extraordinary ac-
ton for the relief Of business conditions
Extraordinary action of this sort is not
l~-.a a-ol f.1rf he hos