New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-29
FINANCIAL MARKET
Wall Street Sentiment Shows
Some Improvement.

stock market prices were strong in the
best part Of the day, substantial net
gains being recorded in many prominent
Issues. An absence of selling pressure
in the general list and disposition by
traders to cover short contracts encour-
aged a more optimistic feeling in specu-
lative circles over the labor and Mo
roccan situations. while actual advlces
from the West and from Europe sug-
( eested a satisfactory settlement of both
problems at no distant period. In the
event of a strike on certain railroads
victory could hardly rest with employees
al a time when there is much uner-
ployed railroad labor I'm the country AS
far as the stock market is concerned an
nouncement of a strike in the immediate
future would find prices at or near the
lowest Of the year and big short inter
est outstanding. In the past stock quo
tations generally have advanced follow
ing the declaration of labor war for
the good reason that the market always
has discounted the effect Of strike
upon the country's business. Liquida-
ton may stu he in progress, but in view
Of the extended decline that has taken
place since the high points of July il
would seem as If prices were near the
point from which the beginning of bull
movement will be marked. Northern
Pacific and Canadian Pacific were among
the few issues that were sold for bear
account in the forenoon dealings, but
both rallied easily before the close, their
movement dispellng the early theory
held in some quarters that the sales
represented actual liquidation. Union
Pacific ended at gain Of 1as; Reading,
~: United States Steel, /; Amalga-
mated Copper and American Smelling
1ss each. and Lehigh Valley, rs. Chi
cago & Alton common sold at II on 100
shares. a drop Of 10 points since the last
preceding sale early in August.
Although there is as yet no direct de-
mand upon this centre for funds for in
| terror account. Out-of-town institutions
are conserving their cash on hand by
7
1 settling obligations due the government
by drafts TO the Sub-Treasury at this
point on their New York correspondents,
Ia reflection Of which is found in the
icurrent losses by the local banks on
/ their operations with the federal Treas
ury. 1t is not unlikely, however that
actual Withdrawals from this centre soon
will be made in volume incident TO the
financing Of the harvests Fortunately,
the New York banks are in a strong po-
sition, and as there is no extensive mer-
camille or stock market demand for ac-
commodation 1t is not likely that the in
ouirv in connection with the crops Will
be attended by anything in the nature
Of stiff rates for money. Some overpes-
simistic observers have an idea that the
| financial markets are tending toward
panicky conditions because large
amount Of speculatively held stock has
been liduidated and because the business
community is unwilling 10 make impor-
tant future commitments pending the
elimination Of various uncertainties in
the general situation. With the banks
throughout the country In strong po-
sition. with the supply Of money in
actual circulation O00c0,oo0 in excess
Of the amount reported at this time a
wear ago. with securities in strong hands
as A rule and with foreign trade bal
ance for the last twelve months Of more
than S5OOOO,000 in our favor there is
no reason for the expectation that the
few prevailing adverse factors viii lead
| - acute disturbance. Europe is not
throwing over its investment holdings
Iof American securities, while our own
investors are not converting their GER
| tj6cates into cash.