New-York tribune., 1910-08-24

FINANCIAL MARKET
Interior Demands for New York
Funds Increasing.

-rradinc, in stocks was light In volume
throughout the five hours OF business
+-,,,sac+ions. as a rule. being for the ac-
count of an unimportant proress'oiiaA
element Covering OF short contracts
Unmarried q certain amount OF slrensuh
70 ,,rices in the best part Of the day, pul
tho inward movement failed to attract
commission house buying, while II
brought out little stock from sources
where an active distribution OIL secu-
rites bought at the low levels IN July
s,,T,nlied a substantial amount OF the
selling in Mondays operations. 1he
i,nportant financial interests VINO pld0-
ticalIy were compelled to buy an enor-
mons amount of stock a month ago IN
order 10 prevent speculative demoral-
ization sold on the recent advance WHAT
+bev considered their excess supply OF
securities. but the bankers VINO tooh
o,-e,, tho Pearson syndicate holdings Of
RocI5 Island. Lehigh Valley and other
issues are still in possession OF the
larger part of the original purchases
and If is quite probable that they Will
dispose of these stocks at private SAFE
only. if at all. The stock market mas
had its August rally, as predicted IN
this column at the first of the month
and from current indications there VIII
be no further important rise pendlng
the elimination of uncertainty over the
final outcome of the crops and the prob
able course of money in the autumn.
There is no reason to suppose that the
than q
traders affair for weeks to come,
barring. of course, the development OF
some radical change in conditions AFFECT
Ing, intrinsic values. General conditions,
nevertheless. suggest the purchase of all
good securities on reactions, especially
railway mortgage issues, which oner
splendid opportunities for conservative
investors. Investors who know little
about the actual worth of investment
nronerties should not, however, buy
without consulting well informed bank
ing interests regarding real values. The
general market closed under the best
prices of the day
Receipts of grain at Chicago are run
ming heavier than ever before reported
at this period of the year, the move
ment last week totalling 121i9.oo
bushels. an increase of is per cent over
the preceding week, 80 per cent over the
same time in 1909 and 81 per cent above
the average of the last five years The
movement is really remarkable, and if
the farmers continue to market their
surplus grain as actively as they are
doing at present a car shortage will de-
velop when the regular autumn snip
rnents of breadstuffs and general mer-
chandise get fully under way. Reports
from the West state that business pros
poets have improved and that the rail-
roads are handling more than an av-
erage traffic for this season, especially
in grain. with, however, a lighter bust
ness in livestock as compared with d
wear ago Demands for money in con-
nection with the harvesting and mar
ketine of the crops are increasing, re-
fiection of which is found in the present
declining tendency in exchange on New
York and in the loss by the local banks
on their operations with the Sub-Treas-
urv, the latter representing transfers Of
currency TO New Orleans and the pay
ment by interior banks from their bal
ances here Of internal revenue obliga-
tions out of town banks are no longer
putting out funds in our loan market.
The increase in the loans Of the New
York Clearing House institutions in the
last two weeks has been due more to
the taking over of loan accounts of out
side concerns than to any expansion in
the local borrowing demand. There was
no change in our money rates yesterday.
but sterling quotations again advanced,
in response to further strength in Lon
don discounts