New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-24
BANK STOCKS ON STOCK ExcHANe
FINANCIAL MARKET
Idle Credits in Our Banks Being
Shifted to London.

Stock market trading represented little
beyond the operations Of an unimportant
professional element. transactions for the
account Of substantial interests being
confined to limited buying Of Union Pa
cifc. United States steel, chesapeake q
Ohio. Reading and Amalgamated Cop
per. The last named issue appears at
tractive TO big spectators, owing To It's
relatively low price and indications OF
the DEVELOPMENT of Improvement in the
conner metal market. Foreign and do
nestle consumers of copper have been
heavier BUYERS in recent days than re-
uorted I'm several weeks, and some haste
* now noted in the filling of require
ments for the rest Of the year especially
Inv F,uropoan interests. whose stocks of
the metal have been allowed TO run 10 an
extremely low level. Trade authorities
look for an increase in copper stocks III
the present month. but they are predict
inc q much more favorable statistical
shaving in November and December.
Prices for the larger number OF issues
moved in an irregular manner in the best
rart of the day, with small net gains ana
losses about evenly divided. Reading and
Norfolk & Western. Of the prominent
shares recording the best advances.
Amone the so-called spcCialtes lnternd-
tional Harvester was a strong feature.
luving Of the stock apparently being
based OH the report that Russia had de-
cided TO exclude American made ma
cbinerv from its markets. This, of course
would help the International harvester
COMPANY. which has a large plant in Lu-
bortz, Russia, where it employs l,Joo
men and has an annual capacity of 10TH
machines. chiefly suction gas and crude
all engines The company's land area in
I.ubcrtzv is siXty-four acres. The re-
rorted borrowing demand for stocks was
large. one house putting out upward OF
ST 600 900 on that account. Operations
If this sort. as a rule, were handled pri-
,.a+erv. and not through the loan crowd
Foreign markets were strong on the pe-
lief that the Moroccan situation was
.,bout 10 be finally cleared up.
Idle credits with the large local BANKS
or. bo,ng shifted to Europe through inc
medium Of the foreign exchange llai Ne''
ord credits established by this country
,a~co foreign trade balance are 9eihs
,,eod abroad rather than being u'iHeu
G.. ,be imnortation OF gold. Bank state
,ort 0ourcs reflect a plethora of money
bore while the absence Of the CUSTOMARY
outumn interior demand on TINS coh'ie
for currency incident TO harvest Ii"d''''''s
nd tho participation Of out-ol-to"''
Ills {r the foreign loan movement III
,iicato . similar situation outside New
work The local banks arc DONG H''''
,u-irese in the domestic loan moi N'''
,,d tho fact that their loans sho" ~
,..,,ian in tho last week OF S116lo'"p"'
..in, - much larger decline in deposits
....o,osts credits are being transferred 10
r,urcpe 20 larger extent man I'i''' aug
...,,,,ated Foreign owners oi A'ncii'' on
.l.,,r;tios are not liquidating lhe'r az
&C although. in spite of prevailing
....;,.o nrices FOR high grade issues
,bov are not adding to Their ho'u''lsS
ms. material degree. il Is nov R'i'' w
,nc present Abnormal conditions }" ' ~,
home and foreign money markets VIII
nontirue for any great length Of tune
W. may vet send gold direct TO LONDON
hrt shipments could not be pro1'aDlS
,ao - existing rates of exchange WIN
art special inducements on the part OF
priush bankers, as, for instance wv
aynont Of interest on the metal III
transit. Although local and out-of-toNn
to,,l,e ars i'm the market for coIninerciai
rorer they are finding little employment
tor their funds in this line owing 10 the
sroa1l amount Of mercantile BORROWING
,-..oor,ional bills have been discounted as
low as Az pec cent.