New-York tribune., 1910-11-23
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Wall Street Has Easy Money, but
Mercantile Borrowers Pay
Stiff Rates.

Stock market prices moved in an frreg-
ular manner in the larger part of the
five hours of business, with the closing
as a rule under the final figures Of the
day before. There was no decided weak
ness until the last hour Of trading, when
the general market sold off on increased
dealings which represented both press
ure from the bear element on the ex-
change and liquidation by commission
house interests, the selling OF the latter
being encouraged by an underlined feel
ing in commission house circles that the
artificial character of speculation in re-
cent days had placed long marginal ac-
counts in an extremely dangerous posi-
ton In some cases selling represented
operations by traders who had bought IN
the early morning on the theory that
prices would be advanced in the clos
ing dealings, just as they had been on
many days in recent weeks. The chief
difference in yesterdays trading from
that Of preceding days Of the week was
shown in expanding transactions on de-
clines, the tendency of business for sew
eraI preceding days having been in the
direction of contraction on the appear
ance of weakness. Among the leading
issues afternoon losses from the high
points OF the forenoon ran from good
sized fractions to IA per cent, while net
declines were smaller Union Pacific,
Reading and United States Steel again
supplied more than one-half of the total
operations. An abundance OF money
available for speculative purposes and
q weekly statement of exports Of mer-
chandise from this port showing an in
crease to the value of more than So
100000, as compared with the same time
last year, were without effect upon stock
market speculation. In the bond depart
ment there were small sales Of Mexican
Republic Is at a decline of 212 points
from last weeks closing.
It is easier to borrow money from the
Wall Street banks against speculative
commitments in stocks than il is to Sc
cure accommodation for mercantile pur-
poses. Money rates are relatively cheap
on collateral loans, but the margin be
tween quotations on loans Of this char
acter and those on high grade CONNER
Cial paper is unusually wide ninety day
To six months loans, for instance, rul-
ing from IA to Az per cent, compared
with 512 to g per cent for the best four
to six months single name merca ntile
bills. Less desirable paper runs from
Ga to 6Ia per cent, while sixty to ninety
days indorsed bills receivable are Of
fered at 512 to 6 per cent. Call money
is lending under . per cent. yet the dis
elimination in favor Of stock market
borrowers so far has failed to attract an
outside demand for securities for specu-
lative account. and from current indi-
cations the public has no intention Of
coming into the market at prevailing
price levels. 1t is not unlikely that the
manipulation of the market in recent
weeks by a few powerful spectators,
who evidently can secure all the ac-
commodation they need from the largest
banks, has created uneasiness in some
quarters over the future of prices from
the bull point of view, and furthermore
there is we'll maintained belief in other
quarters that in spite OF the surface
strength of the market lower quotations
VIII develop before a sustained bull
movement can he brought about.
Money for speculation has been made
easy by Wall Street, not by a return
flow of currency from the interior or by
drastic contraction in loans. On the
other hand there is no probability that
merchants and corporations that need
money will secure accommodation at
lower figures than those now current in
the rest of the year. There is more
truth than fiction in the statement often
heard that the money market is con-
trolled by money trust; and the money
trust is the best customer of the Stock
Exchange both directly and indirectly.
There is too much concentration of con-
troll Of the money market for the best
interests Of the business community.
This condition to a large extent would
be eliminated by the institution Of