New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-14
FINANCIAL MARKET
Money and Foreign Exchange
Rates at Higher Levels.

ON an increased volume Of business as
co,nna-ed with the dealings Of recent
davs stock market prices moved toward
higher levels in yesterdays operations
maximum advances running from L 10 =
Dairrs ameng the prominent issues
pools were active in various parts OF the
list without attracting an active pubic
following. but the Street element ap-
neared To believe that the energetic ef-
forts Of substantial speculative interests
+o bring about a favorable market for
distribution Of stocks bought a. much
lower prices would be successful, ire
spective Of the unwllingness OF out
side-s 70 nibble at yesterdays bait and
of ne growing hrnness in money rates.
Wall Street has begun 10 discount the
return Of trade activity. The move
nent. however. IS not expected 10 gam
material headwav until al danger OF
monetary disturbance has been eliml-
mated while n some quarters il IS be
Heved that the speculation possesses
Done Of the elements that foreshadoW
more than passing Improvement me
fact that Ir-ices do not decline on ao-
verse developments Is one Of the
strongest points IN favor Of the bulls
Nevertheless. in view Of prevailing imam
cial conditions. buying on borrowed
nancy does not commend itself 10 con
sentative operators.
The general level Of prices reached an
average higher than that recorded on
the August rise. with the best showing
h,- United States Steel common. which
=11ppIied more than one-ffth Of the total
-ransacrions. No change was reported
IN steel trade conditions but the fact
that the railroads soon must come into
-l7e market for steel cars. rails and ma
-ariaIs was an important consideration
in the minds Of people who believe that
steel common Is selling under its N
+riuslc value as Z 3 per cent investment
II is well worth noting that IN all trade
circles current reactionary tendencies
cause no uneasiness. while supreme con-
fdence is shown over the future Con-
Adence bege1s profits. Western opera
to-s We're somewhat in evidence in the
DAVIS trading. their buying being based
Dron the harvest situation. which gives
The promise OF increased railroad earn
ings. although the general commission
house business WAS OF uEimportant pro-
norrious so far as outside purchases We're
concerned. The best strength was re-
ported IN the late afternoon, when
number Of large short accounts We're
covered.
Money rates are stronger, and from
ig
ming into q period Of relatively stiT
quotations for loan accommodation So
far In the present week the local banks
have lost more than 81. 600 600 on their
ouerations with the Sub-Treasury. while
they also have lost on their direct trans
actions with the interior, and unless
there has been Il material contraction in
loans fo-morrow's Clearing House state
mznt doubtless VIII show a substantial
decline in reserves. II il quite likely
that d large part OF stock market flnanc-
ing in recent days has been handled by
the trust companies, but even these con
Germs arc not in d position 10 provide
enough money for the purposes OF an
aggressive bun speculation in securities
al this particular time on the present
basis Of lending rates. In view of the
heavy offerings Of cotton bills incident to
the desire Of exporters 10 have the staple
reach Europe before October 81, after
which time foreign bankers, unless they
recede from their position ia the mean
while. viii not accept our cotton bills Of
lading without an American bank guar
autee. sterling exchange may decline 70
the gold importing point, but II Is not
probable that rates can be- maintained at
that level long enough to make large
shipments Of the metal possible. In
deed. II IS not improbable that New
York win be compelled To send gold
abroad before the end Of the year The
Bank Of England made no change