New-York tribune., 1910-09-08
FINANCIAL MARKET
Sterling Exchange Rates Again
Move To a LoWer Level.


on 2 movement Of prices that showed
rnin1portant changes. net gains predon-
inating at the close. Leading bankers
recently expressed the opinion that the
hest interests Of the financial situation
would he served by a quiet market on
the stock Exchange. and the same bank
orc a7,nounced Yesterday that no COM
-Iaint could be made over the present
course of speculation Furthermore
they said that they saw nothing IN cur
rent conditions that could bring about
an active movement on either side or the
.oco,,r,t II remains to he seen, how
ever whether substantial banking in
tarests are not taking advantage OF pre-
z-aiIing low prices and the apathy OF the
general n1IbIic toward the stock market
ouietiv TO increase their holdings in eX-
pectation of an old-fashioned bull spec
1Ilation later in the autumn or IN the
,a7,- 1-ear Stocks are not in weak
hands. and the market is in position
10 respond to favorable developments,
particularly as price movements in the
last eight months have discounted the
various so-caIled bear factors, such as
roIiticaI uncertainties, declining net
earnings among the railroad companies
the transportation rate controversy ana
efforts of the government to compel the
corporations TO obey the law.
When our corporations live up to the
spirit and letter of the law, and when
they recognize the fact that the federal
government is working to protect the
interests of the carriers as well as the
shippers, and of the manufacturers as
well as the consumers, there will be
,e+ter home and foreign demand for
American investment securities The
fact that we now have law that pro-
vides for a government COMMISSION that
fe 10 be an arbiter with wide power IN
matters of dispute between the railroads
and the shippers is a strong bull argu-
ment on our railroad stocks and bonds
! Some shippers evidently believe that the
railroad rate controversy is a one-Slded
affair. with every argument IN their
fa,-or hut the railroads may rest as
sured that their plea for higher charges
Will be granted if they can prove that
tbev are in the right, as the Interstate
Commerce Commission is composed OF
troad-minded unpreiudiced men. The
| only feature in yesterdays duH STOCK
market was supplied by American Hoe
md Leather Treferred, which declined
moro than eight points following the
nuhlication of the company's annual re
mort showing a large deficit after all eX-
rar,sas and charges compared with d
comfortable surplus a year ago. biNl-
derde have not been paid on the issue
since August H. 1905. and as the STOCK
* cumulative. with 73 per cent IN PACK
dividends due, the question OF d re"I-
ganization of the property naturaiiS -
receiving some attention in Wall Street
Tho preferred stock has been ftagrantiE
,,,, inundated in recent days. and some
traders have bought it on the false
s.,+a,,,an+ that the company would re-
,urn encouraging figures for the year
ended June 80.
While more wheat has been marketed
IN the last thirty days than ever
reported for corresponding PERIOD IN
preceding years, the export demand Is
1igl7+ in spite of an easier tendency IN
nrices- and lower quotations doubtless
will cause material reduction in the
movement Of the cereal from first hands.
The absence of heavy shipments OF
wheat TO other countries is offset al the
moment by an increased foreign inquiry
for cotton. and IN view of the fact that
since the opening of the new cotton sea
son there has been gain in exports OF
marc than sixteen thousand bales as
compared with the same time last year
sterling exchange should move to
lower level under the influence OF good
s,,nnl,, of cotton bills. although bankers
do not look for a level at which any
snount of gold could be brought from
abroad II. however, the demand upon
this centre for funds from the interior
sbould reduce bank reserves to the DAN
ger poiut, the yellow metal could be Sc
cured in London as d regular money
market operation, unless the Bank of
England should raise its minimum rate
of discount TO prohibitive point. Lon
don open market discounts have been
easier in recent days, and apparently
there is little chance of an advance IN
tbe hank rate to-day or for some time
ia come. The local inquiry for accom-
mediation is extremely light, with a total
lack of pressure for funds from Stock
Exchange sources. More commercial
--.1, ,;,za re9aut1v rapoTfed iS beino