New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-05
FINANCIAL MARKET
Money Easy, While Sterling Ex
chance Rates Advance.

So many contradictory reports reached
Wall Street yesterday regarding the
position of the crops and the orders
being received by our various industrial
corporations that traders on the Stock
Exchange were unwilling to make i'm
portant commitments on either side OF
the market, their operations being based
in large part on opportunities to secure
small profits on fractional price changes.
There was no indication Of outside SELL
ing, and. according to statements made
to The Tribune, liquidation for the ac-
count of overextended operators was
completed in the market Of the preced-
ing day. At the. close the larger num-
Der of prominent issues showed small
losses as compared with the final fig
ures in Tuesdays dealings. Sentiment
among professional traders was bearish,
although there were no aggressive OPP
erations for lower quotations, expressed
pessimism from speculative sources evil
IDENTIFY being based upon the uncertainty
over the outcome Of the years harvests
and the rather mixed situation in ma
the election Of a Democratic Congress
would interfere with industrial progress,
and the idea that the family troubles in
the Republican party may bring victory
to political element that is untried and
distrusted naturally causes apprehension
in the financial community.
Wall Street always discounts real or
basng it's ideas on market values at
present on the belief that chaos might
develop if dreamers and inexperienced
men of the so-called party of Jefferson
and Bryan should secure control this fall
of the wheels of government. Fortu-
nately, there is no chance of such a de-
veIopment, as we have a Republican
President at the head of the govern
ment. Furthermore it may be well to
bear in mind that disagreements in the
Republican camp seldom are reflected in
the November election results. In the
last hour the general market showed an
improving tendency, and, although there
was no real bull enthusiasm in specula-
tive quarters, many issues ended at net
Pennsylvania and Union Pacific. Read
ing closed unchanged, while Amalga-
mated Copper, American Smelling,
Southern Pacific and United States
Steel showed net declines.
Money market conditions were respon-
sible for higher sterling exchange rates
yesterday. Discounts in London ad-
80 II arvl n a
weekly return made less favorable ex-
hibit than expected, while money at this
centre was almost unlendable, making
the issuance of finance bills out of the
question Moreover, London showed no
disposition to buy stocks here, which,
of course. served to impart strength to
the foreign exchange market. as there
was no substantial amount OF CONNER
cial bills to meet an active demand for
remittance. Traders on the Stock Elk
change thought that the advance In de-
mand sterling might reflect buying OF
exchange by bankers in expectation of
importing gold next week, but in well
informed quarters 1t was not considered
likely that any important operations on
this account were under way. Domestic
exchange is beginning to move against
New York. Exchange In Chicago on
New York is now at discount, as COM
pared with a premium week ago, and
il therefore is probable that the bank
statement on Saturday will show a con-
traction in the receipts of currency from
the interior. while 1t is reasonable to look
forward to an Increased demand on the
New York banks from out-of-toWn
points in the course of the next few
months So far in the current week the
banks have gained heavily on their OPP
erations with the Sub-Treasury, and,
notwithstanding the possibility OF loss
on the interior movement. the Clearing
House figures ought 10 show further
expansion in reserves. especially as there
has been a large reduction in loans
against speculative commitments in tine
last six days.