New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-19
FINANCIAL MARKET
Time Money Firmer and Demand
Sterling Up Is Points.

Stock market prices reached new high
levels in the morning transactions, but
showed reactionary tendency for a
time in the subsequent dealings under
the influence of heavy realizing sales
and a falling off i'm the demand from
public traders. London was an active
seller on the advance. and distribution of
the prominent shares WAS reported for
the account Of substantial interests. es-
peciaIly in the case Of Union Pacific,
Reading and United States Steel the
character of the selling suggesting that
large number Of holders of stocks
purCha sed at lower figures were quite
willing to let the other fellow relieve
them Of their possessions. Although the
ordinary professional trader was not in
clined TO work actively for a reaction
the fact that the market showed little
ability to maintain its rallies encouraged
the idea that short sales on advances
might prove profita BILE Nevertheless,
there was no apparent change in senti-
ment over the prospect Of prices NOV
ing to a materially higher level before
the close Of the month under the inf1U-
ence Of aggressive manipulation which
has been the chief factor in the advance
OF the last few days. Among the lead
ing stocks Canadian Pacific. which lends
itself easily to bull operations. and New
York Central enjoyed striking improve
ment, the latter being helped by crude
stories regarding the future development
Of the property i'm regard to the acquisi
ton of other lines. In the last fifteen
minutes Of trading resumption of spec
ulative buying induced higher quotations
throughout the list
Bull operators on the Stock Exchange
have made up their minds that uncer-
tainties which recently engulfed them
in the throes Of mental depression win
develop conditions wholly in line with
what they consider favorable to their
personal interests. From their point Of
view the November elections already
have been settled 10 their entire salts
faction. meaning that Murphy and his
crew viii control state legislation in
favor of Wall Street spectators: the
federal government. they assert. will
make no further trouble for law break
ing corporations. the Supreme Court will
decide in favor Of the corporations in
cases now pending. the Interstate Com
merce Commission viii give the rail
roads all they ask for in the matter Of
rate increases and the banks viii ad-
vance unlimited funds for the promo
ton OF speculative orgy on the long
side of the stock market. New traders
are ingenuously told that all these
things Will come 10 pass, and many
more good things i'm addition The spec
Ulative element in the Street now sees
rainbows where a few weeks ago moth
ing but sOmbre clouds could be dis
cerned The public would better not
concern itself with the current talk it
hears in certain commission houses,
which are intent in attracting at any
cost outside buying, but turn its atten-
ton 10 basic facts for arguments in
favor Of placing its money in sound
American securities. Notwithstanding
the advance in prices so far recorded
there still are good opportunities for the
investment funds to yield satisfactory
incomes. At prevailing levels, however,
there is the danger Of losses incident to
all rapidly advancing markets in buying
on margins A good sized speculative
reaction is due.
The extension Of the date OF expiration
% the validity Of the form Of cotton
bills Of lading now used to December
81 removes from the local money mar
ket the problem Of financing cotton OK
ports. while il will serve to provide am
pie time i'm which more complete con-
sideratiun can be given TO the question
with the probable result Of a satisfac-
tory agreement To all parties concerned
at the opening Of the new year Before
that time the bulk OF the cotton under
export enga cement will have been
shipped under existing methods without
involving a strain on New York bank
resources. From the beginning OF the
cotton crop year, on September /, TO De-
cen1ber y exports of cotton usually
amount To upward Of 20 per cent Of the
total movement and foreign buyers of
the staple this year therefore viii be
able TO provide for the larger part pf
their needs before any change in the