New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-28
FINANCIAL MARKETS
Bull Interests Resume Opera
lions for Higher Stock Prices.

Aggressive opera tons for higher prices
:, the stock market were effective in at
tracing active covering by the shorts
but they failed TO bring out heavy buy
5rc orders for the long account from
oo,,777,ission houses. The presence in the
market Of substantial speculative inter
ests identified with the bull side Of re
cent Stock Exchange transactions Gre
ated the impression among traders that
nriees would not be permitted 10 move 10
more than temporary lower levels IN the
course of the next few weeks, while II
suggested TO the ordinary trader that
the people back of the bull speculation
were in z, financial position TO conduct
their dealings irrespective Of money con-
di,ions Time funds were stronger. but
the inward trend was without influence
as 2 stock market factor The idea mat
% sustained bull movement can be engl-
Dae-ad in the face OF an adverse none
+ar,- situation often has prevailed IN the
Street. with unfortunate experiences Tor
GENERATORS on small margins, and whlle IN
the present case stiff rates have not Yet
developed. the position OF the banks
ought TO encourage extreme conserYa-
risrn in the matter Of making commit
merits for higher quotations on borrowed
money. despite the fact that the market
for securities doubtless eventually will
move to better figures as result OF the
countrv's increase in material wealth
erom the products OF the ground
on the advance yesterday selling was
reported for the account Of SPECTATORS
who are not newcomers in the So
their sales being especially heavy in the
issues that recently We're advanced under
the Influence Of professional manipula-
ton. American Smelling was one Of the
strongest features. making new nigh
record on the current movement. while
other metal shares made fair response
10 the advance. The upward movement
in American Smelling and Refining an
nsrent1v is based upon forthcoming
financing plans which viii ne Of benefit
?, the Guggenheim properties. which al
ready possess intrinsic merit that is
,o,,nd 70 increase with the development
If the metal industry. The advance IN
the dividend on Consolidated Gas was
responsible for a sharp gain in the price
Of the company's issues. The general
market closed strong at or about the
hest prices Of the day. Steel common
showed a net gain Of points
Go far in the current week the local
hanks have lost more than SoV"voo on
their operat lions with the Sub-Treasury,
while they also have lost on the direct
movement of currency 20 the interior. TO
say nothing Of the withdrawal Of 500
oo0 gold coin for the account Of Canada.
II s. therefore quite likely that unless
The Clearing House institutions have
baan able TO reduce their loans through
the shifting Of accounts 10 the trust
COMPANIES and out-of-town banks, or
through actual liquidation Of loans
against stock market commitments, to-
norrow's statement showing actual con
7itions at the close of business to-day
will make a poor showing. Last Satur-
da,- the reserve q bove legal requirements
stood al S1O57O. $50. The Bank Of Eng
land in its weekly return issued yester-
daV showed prOpoTIto OF ie0ei NS w
liability Of 4611 per cent which is not
at all bad for the last week in October,
but a further loss in reserve doubtless
would be followed by another advance In
the hanks minimum rate Of discount.
which is now quoted at > per cent and
which so far has been effective in re
lie,ing the institution OF the strain If
supplying gold for Continental and
Fgvptian account. The Bank Of France
has helped out the Bank Of England.
and no real disturbance IS looked for in
the London money market. Sterling eX-
change here at the moment is more in
or favor. and as a consequence OF the
Willingness Of Paris. where call money
rules at ] per cent. TO buy English bills
and to ship gold IL is not expected
that the yellow metal Will leave our own
market in the immediate future. Weak
ness in British consols does not fore
shadow trouble in London. The yield on
these securities is low, and many holders
have sold them TO reinvest their funds in
issues that return better investment
income. Moreover, the strength in
money rates at the British capital tends
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