New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-09
FINANCIAL MARKET
Money Rates Apparently Moving
Toward Hiuher Levels.

The stock market was active and weak
IN the best part 81 the FIVE hours Of bust
ness. selling I'm the early afternoon
carrying the large number OF issues 70
new low figures on the current move
rnent. While there was no investment
liquidation. pressure from the bear ele-
rnent was heavy enough 70 bring out
large amount Of marginal accounts, go
weakened by the decline last week that
they could not withstand new operations
for lower prices at a time when transac-
tons Of that sort became aggressive.
especially IN the prominent issues. which
practically received no support from sub
stantial banking interests. Banking in
terests however. bought on a scale down
and exhibited no uneasiness over the
condition Of the market Although many
small traders were wiped out the specu-
lative situation was materially strength
ened. The technical position Of the mar
ket grows stronger with each successive
decline In prices, but bear operators
should not assume that their present
success uLlNluS IADlclL4btAo ~ a 49,
range foreshadows an indefinite down
ward movement. There is nothing In
the current situation or in the outlook
affecting intrinsic values that warrants
the sale Of investment securities. And
it is not likely that investors will sacri-
fee their holdings in order 70 add 10 the
profits Of a wholly gambling element in
Wall Street.
Canadian Pacific stocks and shares Of
companies allied with the Canadian Pa
cifc company were leading weak feat
ures. not because Of any development
affecting adversely the Canadian Pacific
property. but owing 10 an overextended
speculative account. These stocks. how
ever. were so savagely attacked by pro-
fessional traders that the whole market
suffered. Expectation OF q poor govern
ment report on spring wheat to-day and
visible signs OF labor unrest among the
euploves Of Western railroads, TO say
nothing Of the activity OF Democratic
Congress committees in their work Of
harassing corporations naturally in
duced enthusiasm on the part OF traders
who for many weeks have been operat-
ing on the bear side Of the market. The
favorable report by the Copper Pro-
ducers' Association for the month OF
July was scarcely noticed on the Stock
Exchange. Prices rallied before the
close the shorts being the chief buyers.
A big week bull account was closed out
yesterday, and people well Informed on
the market thought that profits on the
bear side OF speculation would not
amount 70 much in the immediate
future.
The local banks are in strong posi-
ton. but money rates nevertheless are
beginning TO exhibit an advancing ten
deucv. Inquiries for accommodation
from mercantile sources are growing. a
reflection Of which is found in the quota
tons for commercial paper al this cen
ire and at out-of-town points, interior
institutions even holding out for better
terms than those demanded by the local
banks. Chicago banks have advanced
their rates from one-half Of l per cent 70
/ per cent Paper which q month ago
could be marketed in that city at 31@ 10
4 per cent is now selling az 10 AZ per
cent. while IN New York the best names
bring to Al per cent for ninety day in
dorsements The volume OF offerings,
which is probably larger than at any
preceding time in the last twelve
months. supplies a good indication Of
general Improvement In the country
business. Call loans here are unchanged. /
owing 10 the adequate supply OF money
available for this class Of borrowing ana
10 the absence Of real activity on the /
Stock Exchange Commission houses /
are not buying stocks IN quantity on 1
borrowed funds for public account. and /
in recent DAYS their sales have exceeded /
their purchases "a far as the so~called /
outsiders are concerned, the result Of the |
liquidation on the Stock Exchange being /
reflected in material reduction In the |
holdings Of small operators and a gain