New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-11-18
FINANCIAL MARKETS
Money Easier and Sterling Ex-
chance Rates Higher.

Tho stock market showed no ANNA
ton at any time in the five hours Oh
business. trading being made up IN large
MARI Of the operations Of an unlmportant
professional clement Neither sloe OF
the account appeared attractive 10 the
so-calied public and declining prices
failed to bring out much commission
ho7,se stock. while they die not tend 10
bring in buyers. Stocks are not cheap at
prevai.ing levels. and the general char
ac1er Of the current dealings suggests
thar y would require some exceedingly
stimulating developments 10 induce an
active demand 81 ruling figures, espe-
,ial1Z- for the railroad issues. II net
earnings of the transportation companies
make as poor q showing il the year 10
come as recorded 81 far IN 1910, the
maintenance of present dividends on
MANY stocks VIII DC in doubt. but &C
cording 10 we'll informed railroad men II
is a safe guess that both gross and net
returns next year VIII enjoy material
improvements. even if higher freight rates
are not granted by the Interstate Com
merce Commission.
At the moment the Street is bearish
on the Hill stocks. ST Paul and New
York Central or the theory that the
earnings Of The companies in the current
fiscal year viii not he large enough to
cover dividend requirements. An
nouncement made yesterday Of the sale
of S15On0. 900 Chicago & Northwestern
I per cent bonds naturally called atten-
ton 70 the probable capital needs OF the
Hi roads in 1911. and several commits
sion houses informed customers that the
Great Northern and Northern Pacific
soon would make public plans for new
financing. IN an effort 10 rally the gen
eral market bull traders put forth the re
mort that the United States Steel Cor
poration would increase the dividend on
its common stock to 8 per cent IN Jan
uary. but as the directors last spring
practically made > per cent the maxi
mum rate the rumor attracted little al
terltior1- Extra dividends will he de-
clared as earnings warrant but in view
Of the depression that has prevailed in
the iron and steel industry for many
months extra disbursements in January
the close. which showed net losses of
from large fractions to = points among
the leading shares.
Money rates are easier than reported
week ago. and the decline in call funds
doubtless foreshadows a favorable bank
statement tomorrow. Domestic OK
change is now running in favor of this
centre The banks are not losing on their
onerations with the Suh-Trcasury and
the speculative demand for accommoda-
ton is light. these factcrs supplying rea-
son for the belief that there VIII be no
disturbance in the market N the rest OF
the wear. although they do not warrant
the idea that loan quotations will i'm
rnedfatelv seek 2 lower level The month
of December IS not. IS q rule period of
cosy money None is cheaper here
than Il is in London. but conditions are
improving AT the British capital q re-
Election Of which is found in the weekly
return OF the Bank OF England. which
shows proportion Of reserve 10 liability
OF - Is per cent. against a ten year aN-
craze for this time Of 1896 per cent.
The > per cent bank rate has been ef-
fective in attracting gold TO London. and
while the banks position at the moment
is strong enough TO warrant q reduction
10 : per cent. il is not thought likely that
any change viii be made pending the
outcome Of the present political IN
certainty. There does not appear TO be
the slightest possibility Of a drain on the
Bank Of Enclands gold holdings for
American account at any time in the re-
rnaining months OF 1910. but it IS en-
couraging 10 note that foreign trade con
ditions and investment buying Of our
securities by Europe contain possibilities
that eventually may enable Us to secure
the yellow metal abroad when II is
needed here IN the last week q large
amount Of American stock certificates
have been shipped to Europe. although
purely speculative operations for foreign
account have been in large part on the
selling side 81 the market.
GOVERNMENT BONDS