New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-18
BANK STOCKS ON STOCK
FINANCIAL MARKETS
Sterling Exchange Rates Move
to Hiuher Level.

More than three-ouarters Of the busl-
ness in Yesterdays stock market was
supplied by seven issues, and Of the Ito
stocks dealt in SO were traded In TO the
extent of only 100 shares each. There was
no activity outside of the copper and
steel securities, Brooklyn Rapid Transit
PENNSYLVANIA. Reading, Union Paclnc
and Southern Pacific. and even IN thlS
group. with the exception of Reading,
Sales were confined TO unusually small
totals. In the absence Of any response
from commission houses TO the advance
in Mondays operations professional
traders worked as a rule on the snort
side of the market, but declines were I'M
important and generally amounted 10
insignificant fractions at the close, the
copper shares being the only really weak
features among the prominent issues,
while comparative strength was shown
by Brooklyn Rapid Transit and Penn
sylyania Selling of Amalgamated Cop
per and Anaconda appeared to be based
on the sudden realization Of the fact that
the purchase of the Clark properties in
Butte would involve some financing by
the Amalgamated company to raise the
cash which the seller evidently prefers TO
stocks or bonds with which the Amalga-
mated people doubtless would rather set
tie the bargain. Although speculative
sentiment was bearish because Of the
lack of general interest in the market,
the strength in sterling exchange, the
foreign selling Of stocks here and the
Hooking Valley mess, which may cause
a postponement Of an increase in the
! Chesapeake & Ohio dividend, were ma
terial factors in encouraging operations
for the decline The bond market was
| as dull and uninteresting as the stock
market Little investment buying is re-
ported at the moment, but some invest
ors are selling sound issues to buy and
endow automobiles.
There appears to be a halt in the
negotiations for the placing Of new mort
gage issues Of American railroads with
foreign buyers. and unless large sales Of
this sort soon are concluded sterling ex-
change may return TO the gold exporting
level. Sterling rates have been advanc-
ing for several days, and in yesterdays
market pronounced strength was re-
ported as a consequence Of an active de-
mand for remittance and scarcity Of
bills and, to some extent, to the selling
oi stocks on balance for London ac-
count, which has marked the course of
arbitrage operations on the local Stock
Exchange for the last week. While
there has been a fair amount Of COM
mercial bills in the market, the supply
has not been adequate to maintain ster-
ling quotations at the low level estab-
lished two weeks ago. when announce
ments were made Of deals with Paris
bankers involving the purchase Of new
bonds Of the ST. Paul and other COM
panies and it is now quite evident that
the sharp decline at that time was due
more to the expectation of a successful
outcome Of the proposed transactions
than to actual heavy offerings against
operations OF this character. Nothing
definite has yet been made public re-
garding the S50.oO0,0O0 Chicago, Mil
waukee e ST. Paul bond issue alleged to
have been taken by foreign bankers. and
in spite of reports yesterday that the
sale had failed it is believed in well in
formed quarters that the negotiations
will be concluded at no remote period
Il would not be a disaster, however IL
the deal should not go through. Money
rates continue to rule at firm level
and apparently the New York market is
on per cent basis for the immedi-
ate future. Notwithstanding the i'm
provement In bank reserves and the
movement of money from the interior
and from the Sub-Treasury in favor Of
the local banks