New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-26

Call Money Advances to Highest
Level Since the End of MAY.

Stock market prices moved in an ir-
regular manner throughout the five
hours Of trading, with final prices show
ing more let losses than gains. Activ-
ity was confined in large part TO the
metal issues, Reading and Union Pa
cifc, though fair volume Of business
was reported in the local traction shares.
which moved toward a higher level
without the accompaniment of news de-
velopments affecting the properties. As
a rule traders were unwilling to make
extended commitments on either side Of
the market, owing TO the uncertainty
over the earnings of the United States
Steel Corporation in the quarter ended
September 80. 10 the apparent with
drawal from the market Of some OF the
substantial interests who were such i'm
portant factors in the dealings a week
ago and TO the position Of the money
market at home and abroad, which pre-
sented symptoms distinctly opposed to
aggressive speculation for higher prices
The Steel report, which was published
after the close of business, showed net
earnings for the three months ended
September so of So 800. 49,, equal to
about 315 per cent on the common stock,
after all deductions. and insuring from
Is TO Il per cent on the issue for the
year. even with a heavy falling off in
the earnings Of the last quarter.
In steel trade circles there is no I'M
easiness over the future OF the indus
Try. a reflection of this confident senti-
ment recently has been noticed in the
character of the buying of Steel COM
mon on the Stock Exchange, and while
in some quarters Of the Street il is
thought coming Improvement in the
business Of the corporation has been
amply discounted by the advance in the
price Of the Steel stocks. the larger num-
her Of operators who base their transac-
tions for the long pull on factors affect
ing the intrinsic value of investment
securities are buying the issue on all re-
actions TO hold for par or better. Al
the moment. however. a cessation Of bull
operations in Steel shares and all stocks
would help the money market and
strengthen the chances of better quota !
tions later on. A favorable develop
ment yesterday was the publication Of
the Atchison report for September. |
showing a comfortable gain both in
gross and net earnings as compared with
the same time a year ago. the statement
being especially gratifying in view of the
recent pessiristic statements by the
president OF the company regarding the
outlook for net earnings in the face OF
increased expenditures for labor and
materials The whole market was weak
in the late trading, following an advance
in call money TO 4 per cent.
Call money in London was put out
yesterday as high as , per cent, while
the Bank Of England lent a small
amount at So per cent, against maxi
mum rate in the local market of / per
cent. London discounts We're not APP
probably affected by the assistance ex-
tended by the Bank Of France. which
discounted on Monday S2,OO0.o00 Brit
ish Treasury bills while the idea that f!
the Bank Of England had switched the
de mand for gold to the French capital /
found no response in the sterling ex-
change market al this centre quotations F.
for demand sterling advancing u points |
TO level not far remote from the gold |
exporting level. The money market here /
IS in an uncertain position. with indica- /,
tions pointing to higher rates for &C
commOdation. irrespective of the course /
of speculation on the Stock Exchange /
New York banks continue TO lose money 4
TO the Sub-Treasury and on their direct /
operations with the interior, the move 1
nent OF currency naturally suggesting |
the danger of buying stocks on margin |
at this time, especially as bank reserves |
are low. while loans are heavily in ex-
cess of deposits. 1t is not unlikely that !
bankers who have been supplying funds /
for the purchase of stocks which they
themselves have been selling soon may /
be compelled to ask for the return OF !
this money but this possibility receives /
little attention among commission 1