New-York tribune., 1910-09-10
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Show Small Loss on In
terror Cash Movement.

Efforts on the part of commission
houses by word of mouth and through
their written appeals to the public to
take advantage of prevailing prices on
the Stock Exchange to accumulate Sc
clIrities both on speculative and invest
ment account fail to bring forth the de-
sired buying orders. In yesterdays mar
ket operations amounted to the small
total of 157.1N shares, the larger
part of which was supplied by Reading,
Union Pacific and United States Steel,
in which transactions as we'll as else
where in the list represented nothing
beyond the dealings of an unimportant
professional Element that showed little
confidence on either side of the account.
There was relatively more interest in
bonds than in stocks. Good bonds are
cheap at ruling quotations, and they are
we'll worth buying by people who have
idle money on hand and who are anxious
to have their funds employed in con-
servative investments that still return a
satisfactory income. There was no fndf-
cation of commission house interest in
the speculation but sentiment among
idle heads of firms and blackboard
watchers appeared to be hullish on the
rather excellent theory that stocks are
selling at levels that more than discount
political and business uncertainties. and
that the general market is in a better
position to respond to favorable develop
ments than it is TO decline on the ap-
oF Da2r
Much talk is heard of factors that may
drive the market to d lower level, but 1t
is we'll worth noting that the real hold
ers Of stocks are not selling in eXpecta-
ton Of buying back at cheaper figures
While many things, of course. could hap
pen To weaken market values. there ap-
pears to be nothing in sight of an ad-
verse nature that already has not been
discounted by market movements, even
a possible increase in the Democratic
representation in the next Congress.
Wall Street. if it cares to take the time
to analyze the current situation and fac
tors that will have a bearing on the fUt
ure. will find bear arguments outclassed
in a betting ratio of about 10 to by bull
was exhibited in yesterdays stock mar
knt. people who own stocks on margin
or outright may be glad to know that
fractional net gains were recorded by
the larger number of issues. The only
incident of the five hours of trading was
some heavy selling of Union Pacific con
yertibIe bonds in the late operations.
According To the known movement of
money in the week the local banks show
a small loss in cash holdings, against
heavy actual reduction a week ago, and
unless there has been Il substantial eX-
pansion in loans to-days Clearing House
statement should make a relatively ia
vorable exhibit. The outgo of currency
To the interior has moderated to ma
teriaI extent. but it need not be assumed
from the showing of the current week
that out-0f-town requirements have been
satisfied or that the West and South will
not be compelled to draw on their bal
ances here in connection with the financ-
ing Of the harvests. The New York
hanks lost $170o0p00 in cash last week,
the decline representing the first impor-
tant movement of the season to the in
terror, and the fact that such an enor-
nous amount Of money was withdrawn
supplies adequate reason for the heavy
falling off i'm the demand in the week
Just closing. Last weeks shipments sat
istied temporary requirements The local
banks are in d position to handle the in
terror drain on their resources. even
though il should be unusually heavy,
and in banking circles no apprehension
is felt over the immediate future of the
money market. especially IS current in
dications point 70 the absence of an
active drmand for loans against specu-
l.tive commitments for weeks to come.
Cau money rates last year did not
90 above per cent in September,
q per cent in October and November
and per cert in December. the lat
ter rate being quoted for brief period
in the last week Of the wear Based on
known conditions affecting the money
market there is no reason to believe
that lending rates this autumn viii not
average lower than in the corresponding
time i'm 1869.