New-York tribune., 1910-11-04
FINANCIAL MARKETS
Prices Advance on Moderate
Volume of transactions.

in the larger part OF the five hours OF
business stock market prices moved In
the direction of higher levels without the
accompaniment Of any marked eXpan-
sion in the volume Of trading. As
rule transactions were for the account
/ Of the professional clement which found
/ in easier rates for sterling exchange.
! fsvorab bic exhibit in the Bank Of Eng
land return. lower quotations for wheat
and an absence OF pressure on the local
money market reasons for covering
shorts and buying for turn on the
/ long side Of speculation. Traders also
found IN Wall Street cocksUreness over
/ the election OF NIr- Dix additional argu-
ments for higher prices. From the point
Of view Of the speculator Mr.. Dix. If
elected Governor, viii devote his entire
time to making profits Cor the Stock
Exchange community. and as the Street
has made up its mind that the Murphy
man will sit in the executive chair after
January / many brokers are advising
their customers to make reservations in
the bull band wagon that viii make avi-
alton speed, they say, on the day follow
ing the election The success Of the
Democratic party would be good news,
Wall Street believes. Wall Street gen
erallv sells stocks on news that has been
discounted. and II Is quite probable that
in the event of the election of Mr.. Dix
a temporary rise would be followed by
q heavy selling movement 1t also IS
probable that the election Of Mr.. slim
son would be ACCOMPANIED by specula-
tive sales and subsequently result in
greater stability IN market movements
and eventually higher prices. ConseTVa-
tive interests will buy stocks on any de
cline that may develop from Republican
success In the state and nation Demo-
cratic victories have never made sus-
tained bull markets. The general mar
ket was dull in the afternoon. but
prices were firm. with substantial net
gains In the leading issues, Steel and
Reading being features. Sentiment on
the steel industry has improved as a
consequence OF the more encouraging
advices received from authoritative
trade sources.
From the character Of the weekly re-
turn of the Bank of England it may he
assumed that monetary conditions at the
British capital are on the mend and that
the possibility of another Increase in
the institutions minimum rate of dis
count this year is extremely remote.
Owing to the intimate relations be
tween the money market here and that
IN London improvement in English
bank reserves is looked upon with great
satisfaction in local banking circles, and
the fact that the banks proportion of
reserve TO liabilities of 1917 per cent is
high for this period Of the year naturally
encourages confidence IN the theory
that the year Will end without any dis
turbance in the financial markets abroad
and no demand upon this centre for gold.
IF London should need the metal il
could draw it from here despite the
fact that foreign trade is now running
in favor Of this country. Exports of
merchandise from New York are in
creasing. while imports are falling off
from the large totals of the early
months Of the year and from this time
in 1910. a reflection Of the latter being
found in decreasing customs receipts,
which In the last three months show a
decline from the corresponding period
last year of SS,000,O00. against gain
IN internal revenue receipts of more
than $10.O0o000