New-York tribune., 1911-02-03
FINANCIAL MARKET
Sterlinu Exchange Strong, with
Demand Rates Up Is Points.

..oo,, market prices made further
,rogress in the direction OF higher ioNeiS
&, .bo host part Of the day, final nsureS
showing net gains in the larger nul''D''
70 ;eeues. Advances were recorue"'
erita heavy realizing sales lncludns u''
.-u,,,tior bv important Wall street III
forests. and although selling y! p''N'''
/ renresenting certain substan'lai OPP
+ors suggested 10 some minds the cu'"'-
r,.io, of the bull movement, the aoNo-
.,,.e ~ higher prices. as rule inslsteu
that with only minor Interruptions Q'"'"
ions would continue 20 sho" li"p'V''
mont for weeks 70 come. since '''
of december the average price ~ ''
,,,dipe- railroad stocks has ADVANCED
fr.,r, IA ms 10 1879. while in the same
t.. .ro chief industrials have shown
rain on the basis Of averages OF P'''.'@
80 S45O Taking the market as "ioIe'
r-icas are from ; to - points above 'hc
low levels of December. ana II >s on ''o
sbovinc that traders who Wouia INC w.
.., , 1o,,-er- range Of stock market Nalu''
.-o nrodictinc q reactionary movement
As the banking community mas P'a'9 III
mind the success OF which depehus 70
arca extent upon good prices i"T s'o'N''
.. docs not appear likely that anything
in the nature Of a serious decline VIII pe
,.,rr,,itted in the immediate future
,ftar q January rise lower prices gen
erallv are looked for, but at the nio'ieh'
,bora * good reason for the eXpec'dt'o"
that in the current month pr'ce 'no''
mcnts will prove an exception 10 'he 'u'e'
l., tho carly afternoon the larger num-
80. =, active stocks made ne" hlsh
rr;ces on the current advance ReauihB
! and Union Pacific sold at better heurt7
than at any time since last july WIN
1-,itod States steel reached IeVeI
,oirts higher than the closing hsure al
the orenjng Of the present year. buyerS
- Tho last named stock are not baslhs
,beir operations on past CONDITIONS
that is. the conditions repor'eu III ''o
showing OF the United States steer NoI-
noration for the final quarter OF l9lV-
while the same thing may be sara re-
suoctinr the operations in other issues.
:, &C. ouite evident that the people ldent-
fed with our great corporations nave
made I'D their minds that reacuoharS
tendencies in the industries OF the couh-
ivy, ended with the close Of the last year.
ond that from now on Improvement
craduaIlv will develop. one OF the best
too,rree NJ present speculative opera
tions in stocks for public account IS
| found in the heavy margins back oi such
transactions. In the larger number ol
! instances these margins almost amount
70 cash purchases. The general market
closed strong. with the best net gains IN
/ American Sugar Refining, Consolidated
| Gas Amalgamatcd Copper St Paul,
Great Northern ore certificates. Penn
svlvania. American Smelling and Mis-
! souri, Pacific. Northern Pacific. which
advanced more than points In Nednes-
DAYS operations closed at net loss OF
/ l point.
Current strength in the sterling eX-
change market is based in large part
upon international monetary conditions.
/ Money in London is ruling at level well
above that prevailing here. and the DIFF
ference is large enough 70 encourage the
transfer Of accounts from the British
capital to New York, which serves TO
strengthen sterling rates at this centre
while q material reduction In the supply
of commercial bills IN this market Is
another factor of weight In influencing
the course If foreign exchange quota
tons. At the moment there appears 10
be little prospect OF material decline
in London discounts in the near future or
an advance in money here. and as &
consequence the sterling market at this
point will need heavy pressure OF for
eipn buying Of our securities or a sub
stantial increase IN offerings against
/ shipments Of merchandise from this
country 10 develop an easier tendency.
II Is reported by cable from Paris that
the Bank of France, owing to big de-