New-York tribune., 1911-10-26
BANK STOCKS ON STOCK
FINANCIAL MARKET
Governments Cotton Ginning
FiuureS Indicate Record Yield.

Stock market trading was light in vol
ume in the early dealings, and after the
luncheon hour speculation practically
ceased owing to the exodus of opera
tors from the Street to the Polo
Grounds, or to attractive resorts where
news of the baseball game was received
over the ticker Little commission
house business was reported at any time
in the day. Floor traders amused them
selves with scalping transactions which
were not productive Of important profits,
price changes as a rule being limited to
fractions, with more net gains than
losses at the close among the prominent
issues. The chief weakness was in the
Republic Iron and Steel shares, the COM
mon and preferred giving away easily on
bear pressure based on poor trade re-
ports Bethlehem Steel also was weak.
while United States Steel showed marked
re sistance to efforts to bring about lower
quotations. orders for finished steel
products show a material falling off, and
as prices continue TO exhibit a declining
tendency the outlook for favorable earn
irgs in the current quarter is not at all
promising. The question Of the mainte-
nance of dividends by independent steel
concerns naturally is receiving attention
in Wall Street circles. but there appears
to be no uneasiness over the ability Of
the United States Steel Corporation to
make it's usual disbursements. Southern
Railway made a favorable response to
its statement of earnings for September,
which presented a substantial gain both
in gross and net income. while Atchison
was not affected to any extent by its re-
port for the same month showing a loss
in gross Of S470252 and loss in net Of
! $114,213. Good buying was noticed in
the Erie stocks. American Tobacco
bonds were strong. buying apparently
being based on the idea in conservative
quarters that the petition filed by the
| independent tobacconists was weak and
would not upset the reorganization plan
now before the court. The closing was
! ifeless.
The governments return of the num-
| ber Of bales Of cotton ginned up 70 Oc-
tober Is was extremely favorable for
! bear traders in cotton options. showing
total Of 1.740 ga bales. a gain Of more
! than 40 per cent over the corresponding
| time last year and new high record
| for the period. Based on the percent
ages Of cotton ginned 70 October Is in
preceding years the crop of 1911 will be
extraordinarily heavy and the prospects
| for a total harvest Of more than 1900
900 bales are considered encourage IN
cotton trade circles. There was no
change in money rates at this centre
and no important movements in the Eu-
ropean markets. An easier tendency in
commercial paper was reported i'm Chi
cago The banks are bidding for high
grade mercantile paper. but the offer
ings are we'll under the demand. mer-
chants apparently needing no extended
accommodation, as Their business is of
hand-to-mouth variety while their
working assets are unusually strong.
Foreign exchange was firm, with strength
in local rates on Berlin. Improvement
was shown in the London and Paris Sc
curities markets. both i'm prices and
sentiment. while the excellent exhibit
made by the Imperial Bank OF Germany
in it's weekly return created better
feeling over the situation in the German
capital.