New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-15
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
HeraIded Bull Movement IN
Stocks Fails to Develop.

stock market prices showed q fair de-
eraa Of strength in the early operations,
but the movement failed TO attract out
side narticjpation in the dealings, which
in the afternoon amounted to unlm-
,,or+ant totals and represented little be
vond the transactions of the professional
element Closing quotations. as RUE
were under the opening figures Sooer
reflection on the political SITUATION ala
not encourage q further manifestation
OF interest in speculation Tor hshef
quotations by the operators VINO DIG
stocks I'D in Tuesdays trading on the
basis OF the Maine election results. While
the remarks OF . prominent Western
fnancier. in which the assertion was
made that the country is passing
through a period Of agitation that has
interfered seriously with business al
fairs likewise served 10 discourage the
neople. who found in the advance OF the
preceding day reason for the expectation
Of the Immediate development OF an &C
tive bulI market Stocks are a good
rryrchase for operators who can pay for
Them. but signs are lacking Of an eN-
tended speculative movement on Dor
roved money at present. despite the
ease in money rates. Commission
houses are well supplied with time funds,
and they naturally are becoming some
what impatient with the refusal Of the
public TO take a hand in the specuia-
ton. The only activity reported in the
afternoon trading was in the late deal
OF C7nIK-pG
little evidence Of life. although at the
expense Of prices room traders selling
an the refusal al London bankers 10 &C
cep1 orr cotton bills OF lading without
= bank guarantee on this SIDE Of the
water
The money market IS exceedingly dull
so far as the local demand for accom-
modarjor is concerned. and from cur
rent Indications an active inquiry for
funds will not ho development of the
immediate future. Crop demands con
rinuo 70 take moderate sums from this
centre. while the banks are losing on
their operations with the Sub-Treasury.
bur the extent Of the liquid resources Of
the local institutions suggests an alb
scuce Of anything in the nature OF q
money squeeze this autumn. CONNER
ciaI borrowing Is light. In view Of the
announcement by cable yesterday that
foreign bankers would not recede from
their position IN demanding bank
guarantee on this side on cotton bills
our bankers doubtless will be compelled
To do the financing in connection with
the cotton export movement, and &C
CordinE TO opinions expressed yesterday
the operation could be handled here
without the danger Of disturbance IN
money and al 4 profit at the expense Of
London interests New York bankers
believe that cotton bills Of lading have
been MADE absolutely safe financial in
struments through the decision Of tho
railroads 10 attach valuation cE5rttfl-
Gates to the paper. and they can con
ceive Of no good reason why they should
be guaranteed by the banks simply be
cause III a few Instances London has
suffered loss as 4 consequence Of
fraudulent transactions, which are now
made impossible by the valuation Ger
tihcate Of the cotton carrying railroads.
Europe needs our cotton, and if is not
likely that the obstinscy Of British
Gnanciers IN refusing To accept cotton
bills without a New York bank guar
antee will have any serious effect upon
the outward movement of the staple. al
though il may interfere with the bust
ness Of the small exporter.