New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-12
BANK STOCKS ON STOCK ExcHf
FINANCIAL MARKET
sterIinu Exchange Weak, while
Call Money Advances.

po,,n-,ful crops in the West appear u
eliminate the possibility Of financial as
.-,,,,.,oa as q consequence Of the heavy
x-, loans contracted last winter ana III
the spring. This consideration Is soiiie-
+,,;re ~ 2 factor in the current SUN
market while the idea that the 'ii-ie
,;,7,,- annroaching for the discouilIlllS
= s,,-o-sbl. change in trade condl-
80 likewise encourages bull sentiment
:, e-,ac,,7atiye circles without, however
a++-ac-;ng 2 public demand for securl-
- The money market is easy enough
al the moment, but the deVelopHleAI VI
on aggressive bull movement on INT
stool. Exchange would change the com
,lexion Of the monetary SITUATION III"
+sr,a1Iv A quiet market now VIII ieaO
n biz bull affair at some suoseq ue1i'
,eriod and in expectation OF such
movement many operators who nave
tz1o Funds on hand are accommodating
-+ool-e IN all favorable opportunities
Strength IN prices yesterday WIS a0
COMMANDED by greater activity ID 1le
dealings. which amounted 70 loIal %
aO- OH shares. of which the larger part
&c s.,,,,7,lied nv the metal issues, Read
ing and Union Pacific The market us
-.a,-srded the further rise in cotton ana
-ba heavy loss 10 the banks on their op-
e-a-ions with the Sub-Treasury and with
the interior. fair advances being made
and in the case of some Of the special
-ias marked net gains were recorded
Cau money rates advanced, while
sterling quotations again moved 10
lower level under the influence OF further
.c,Iva offerings of cotton bills Cotton
hills are coming into the market III vol
,,-,e owing TO the fact that only short
,i-,a remains before European bankers
will refuse TO accept our cotton Dllls Oh
lading without an American bank guar
a,-ae and as a consequence exchange IS
weak and promises 70 reach cheaper
,o,-e1 in the course of the next week OF
-, aa1-s after which IL will be too laie
:. ,,sr cotton bills TO arrive IN Europe
before October 81, when LONDON pS'i4A-
ars will make effective their decision re-
snac4ing the acceptance OF our oId4 -
AGAINST exports Of cotton, unless IN Ille
80, time they recede from their an
- ,osi-ion. London bankers have ad-
vanced no sound argument against Iile
accentance of the cotton bill OF Iadlng
18th q valuation certificate attached.
but in spite Of their illogical ATTITUDE
local bankers do not anticipate any dls-
Y,1rbance in the money market as re-
silt of the probable necessity OF nnahc-
ing the outward movement OF the STAPLE.
O,,r hank reserves are low, and al
though London may not be Wiling 10
accent cotton bills without bank guar
ar+ae il NAV be disposed TO lend Us
money for the cotton export movement
through the issuance Of finance bIlls.
Without such assistance, however, the
financing Of exports viii cause at the
most only temporary embarrassment
And IS cotton continues 10 be rusheu
forward at the present rate, exchange
may decline to a level that will permit
If a passing movement Of gold TO New
York. In the month Of September cot
ton exports from the United States
amounted in value TO Sod. SSZ'ell l.
AGAINST SIC. 16S 80 in the same time Il
wear ago and So, 539, 4S7 in 1903; but
against the good showing by cotton III
the export trade shipments last month
OF breadstuffs showed decline from
the corresponding period in 1909 to the
value of 81, sos, 745, while there also was
q falling of in shipments Of meat and
dairy products. cattle, hogs and mineral
oils. Ii win require something more
than an increase in exports of cotton TO
change the balance of trade ia this
colutrv's favor