New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-03
FINANCIAL MARKET
Call Money Again Touches 3 Per
Cent. with Ruling Rate at 234.

On an active volume or business slV'N
market prices moved toward a higher
level in tho best part Of the day the
metal issues showing conspicuous
strength and rejecting in their opera
tjons accumulation by important inter-
eets and heavy covering Of short con-
tracts especially in American Smelling
and Refining. which presented max
imum gain Of 35s points and a net gam
of "a. The movement in this stock was
NOT ACCOMPANIED by news developments
affecting the property buying being
heeed on the current character Of the
smelling business and on the known
large outstanding bear commitments III
the stock. The American smelling ano
Refining COMPANY is managed by men
,,bo ,rou. tho business. Talk Of 3 gov
,r,,,,o,t eu,t AGAINST the corporation has
strengthened confidence on the part OF
hear traders that the concerns secur-
+ie,. are Good short sales. but operators
,rbo have sold these securities short IN
uo svncrtation Of proceedings against
the company by the fedora Department
If Justice are not making money on
tboir ventures. The American Smelling
and Refining Company is not monop-
DIV And the same thing can he said
of the United states steel Corporation,
the shares Of which are in demand, not
withstanding the fact the government
has indicted the corporation under the
sherman antitrust law.
steel preferred is going into investors
boxes. and actual investment buying OF
the common also is reported. The steel
trade is operating on the basis Of eX-
tromsIv low prices for finished steel
materials, but the United states Steel
CORPORATION is making money neverthe-
LESS. Earnings in the present quarter
doubtless will BE- under the returns re-
ported for the three months ended Sep
terober 80. but the years results should
ebo,v comfortable surplus after COM
mon stock requirements. The general
market ended quiet and irregular, with
the larger number Of issues under the
high points. The short account has
ncen materially reduced in recent days.
and unless the big interests render ag-
gressive support the bear elmcnt may
he able to bring about lower prices to-
day and tomorrow. In the bond de-
partmont American Tobacco Us were
active and strong; likewise Third Ave
ME IS Wall Street sentiment has un-
dorgone q wonderful change, but buyers
! of stocks on borrowed money should
hear i'm mind that there are many I'M
Icertainties in the situation that may en-
courage professional selling pressure.
! Three per cent is not high rate for
lean money al this time Of the year; in
deed. under ordinary conditions 1t would
! he considered low quotation. The fact.
however. that after a long period of in
iactiyitv in this department Of the money
market stronger tendency is reported.
brings some encouragement to lend
ers Of funds. Notwithstanding tho
fact the course of the time money
market does not warrant the IDEA
that the advance IN call rates
means general Improvement ~ the
jnnujrv for accommodation. In the first
week IN November the banks are apt to
WITHDRAW from the call money market
owing 10 the demand upon their re-
sources incident 10 the financing OF CITY
Iraxes. while i'm that time arrangements
have 10 be made for November interest
land dividend payments due on American
securities held abroad which naturally
have a direct bearing N the foreign oN-
change and money markets. The most
encoura ging feature IN the general Sit
nation IN relation 10 the money market
from the bankers point of view, is the
Improvement noted in sentiment IN bust
ness and Investment circles over the fr-
t,,re Of our industries and tire more OPP
,imistic attitude Of the so-called public
regarding opportunities for accumulst-
mo rrofts in the stock market The
Pank nj England shows in its weekly
return = proportion II reserve 10 -liabil-
IT, NJ II 90 per cent, which has been eX-
caeded oilv twice i'm the last ten wears.
IN srite Of this strong exhibit IT Is use