New-York tribune., 1910-06-24
FINANCIAL MARKET
Sterling Exchange Rates Ma
teriaIIy Lower.

volume on a movement OF prices that
showed net losses in the larger number
of issues, though declines as a rule were
confined to fractions. The failure Of the
advance of the preceding day to attract
an outside demand and conflicting re-
ports regarding conditions in the spring
wheat belt naturally encouraged bear
sentiment In professional circles, but
pressure from this source was no more
effective in bringing out stock than
were Wednesdays bull operations in IN
ducing public interest in speculation. 1t
is a fact, nevertheless, that in Wednes-
DAVIS transactions considerable amount
of the buying was for the account of
strong Wall Street interests. Owing to
the low level at which gilt edged secur1-
ties are selling, representing decline
from 20 to 30 points in the leading issues
from the high points Of 19O9, there Is
no good reason why actual investors VINO
happen to have idle funds on handS
should not now become buyers, irrespec-
tive of the possibility Of further losses IN
the general list. Good stocks may be
obtained to yield from 3 to per cent.
Fundamental conditions are sound and
people who are worrying over the ad-
verse reports from crop centres should
bear in mind that crops cannot be killed
In a few days. There has never been
June in the history Of the commodity
markets when there has not been a crop
scare. At the close prices We're at or
near the lowest Of the day, with, now
ever, few instances, where more than
fractional declines were recorded,
Amalgamated Copper, Reading, Union
Pacific, United States Steel, Chesapeake
& Ohio and Minneapolis & st. Louis
supplying the chief weak features. The
last named issue declined on the passing
of the dividend on the preferred. Con-
ditions responsible for the action of the
directors of the Minneapolis & St
Louis in suspending payments on the
preferred stock do not apply to the gen
eral railroad situation.
A slightly firmer tendency in money
rates may develop over the end of the
month as consequence Of the prepara-
tions for the July interest and dividend
disbursements, which will reach a heavy
total but nothing in the nature Of high
loan quotations are looked for before the
autumn, barring an active demand for
accommodation incident to an extended
bull movement in securities. The gem
eral situation will be strengthened II
speculative dealings on the long side of
the market are kept within narrow
limits There is no indication of borrow
ing by Wall Street IN Europe on finance
lii ot ha time tfera \
no necessity for such an operation as
the local banks are well supplied with
idle funds but if stock market demands
should become urgent foreign money
doubtless would be put out here in
volume, which in turn would lessen our
chances OF bringing in gold in the fall
as maturing finance bills at that time
would Offset our exports of commodities
as an influence upon sterling exchange
rates The Bank Of England made no
change yesterday in its minimum rate of
discount, though it showed in it's weekly
return a decline In its proportion of re-
serve to liabilities, the falling off re-
f1ecting the arrangements for meeting
the half year interest payments. AT
1885 the proportion of reserve COM
pares with a ten-year average of 4J.9l.
Money was easy in the London market,
with rates under the levels prevailing 1T
this centre, the difference in quotations
between New York and the British capi-
tai accounting in large part for the
weakness in local sterling exchange.
Money in Paris was firmer and discounts
for the first time in several months We're
above the London rate.