New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-03
BANK STOCKS ON STOCK
FINANCIAL MARKET
New York Secures More Gold in
London for Shipment Here.

ket reflected marked Improvement IN
commission house buying, both for
sneculatiye and investment account
Prices moved toward a higher level in
the hest part Of the five hours Of trading,
in spite of an unfavorable government
report on cotton showing condition as
expressed in percentages Of lo-o, as OF
July %, decline of more than points
as compared with the exhibit OF a month
ago and a loss of almost points from
the ten-year average for this period OF
the wear. Acreage for 1910 is much
larger than in 1909, when a yield of
more than 100000 bales was reported,
but prices on the Cotton Exchange ap-
parently do not represent a bellef on the
part of the speculative interest IN the
market for the product that the oecilne
in condition in the last thirty days VIII
he offset bv the larger area planted,
notwithstanding the fact that the July
nosition OF the crop at present Is lar
better than 1t was at the corresponding
time in 1909 Cotton prices showed an
advance of from to points, according
10 the option dealt in 1t is peheVeo
+ba+ a weak bear account exists IN the
Auo,,st option. and it is therefore prob
able that adverse crop weather before
delivery time will bring about hlgher
,,rices in the general cotton market A
factor that led 10 covering or shorts III
Yesterdays stock market and buying py
q number of substantial interests was
the understanding that the chle1 weak
accounts on the bull side of speculation
had bean Inundated, and that certain in
vastment interests that had suffered
heavy losses in commercial enterprises
that had become temporarily emnar-
rassed had disposed of investment stocks
+o strong people in order to raise needed
cash
Wild stories regarding losses by f1nan-
cia1 interests have been going the rounds
=; raoart DAVIS More fiction than truth
nav he found in such reports When
traced to responsible quarters, ana IN
+ba nresent case of the rumor that
man well known in the financial COM
r,unitv has been forced to the wall II
may he stated on absolutely Trustworthy
Information that nothing of the sort mas
y
ooc,,rrod The individual talked about.
&c af474ated with the strongest bank
irey interests in the Street, simply has
liouidated some of his holdings IN order
~ raise ready cash to offset his tempo
-,.,- 1oss il, income from the passing OF
the dividend on the common stock OF
largo industrial company. In perlodS Oh
.b;s sort many wealthy men are com
r,e1Iad m sell securities without seeking
bankruptcy. The very fact that IheS
are in 2 position to raise money WITH
ont going into the loan market is one OF
the many elements Of strength IN the
current situation. Western liquidation
Of speculative accounts in the stock mar
kat annears to have run its course, while
for the present at least the general sell
ing movement has been checked In the
last hour yesterday all stocks were
strong. and ct the close net gains or
from ! TO moro than points were SHOWN
among the active issues. Chesapeake
e Ohio ended 43s points above the final
figure In Mondays market Amalga-
mated Copper, American Smelling. ST
Paul. New York Central, Reading,
Southern Pacific, Union Pacific and
Tinted States Steel were from . to more
than 3 points up at the close.
The entire amount of South African
gold. 81 5aO0 600. offered In the open Lon
dor market yesterday was secured by
local bankers for shipment To New York.
This country already has imported more
than Sll 100000 of the yellow metal
from London on the current movement,
and from present indications if is safe to
further considerable sum before interna-
tionaI money market conditions move
against this centre. Gold is coming
here in response to low exchange rates
created in large part by sales of our
securities abroad at a time when the
foreign trade balance is changing in
favor of the United states, advantage of
which IS being taken by our bankers,
who realize the necessity of increasing
bi.nk holdings in order to meet the com
ing demands for accommodation from
the interior in connection with the
financing of the harVests. Although the
New York banks are still gaining on
their operations with ut-of-town points
certainty that Western and Southern in
stitutions will not be compelled to draw
heavily on their balances here in the
near future, while there also is no GER