New-York tribune., 1911-09-16
FINANCIAL MARKET
Banks Gain Upward of ST. ,000,.
600 on Weeks Currency
Movements.

The stock market was a duh and un-
interesting affair throughout the nve
hours OF business. Price changes as
rule we're small. with net losses predom-
mating, while actual dealings were light
IN volume In most parts OF the hst ana
represented nothing beyond the transac-
tions OF the professional element which.
while in It's usual bearish frame OF mind,
was not willing TO make extended COM
nitnents on the short side OF specuia-
-,on. Prices have declined so much and
such a large short interest apparently
exists that extreme caution in putting
out short contracts at this time ought TO
ne exercised by traders There Is no In
dication OF the development OF a sus-
tained bull movement in the Immediate
future. but the market Is N condition
that soon must invite sharp rallies. A
bear panic is possible even in bear
market Prices may sell lower in the
course Of the next sixty days. unless
some strong incentive develops 20 en-
courage active bull operations. as, for in
stance. heavy buying by the transporta-
tion companies In the steel market; but
even certainty that lower quotations
win be brought about should not lead 70
heavy operations for bear account by
public traders.
Fortunately the general public is doing
rttle or the Stock Exchange. The only
sorts of dealings that are safe for the
outsider lust now are actual purchases
on declines. Stocks that can be bought
outright on a scale down eventually will
show profits. II is only a matter Of
waiting The larger interests evince no
inclination 70 carry prices TO higher
levels When prices do advance. how
ever the big interests will have plenty
cf stocks for sale. Western Union was a
strong feature Yesterday on 4 small vol
Une % business, its price being helped
bv the cornpany's announcement OF plans
for the betterment Of it's cable service
and by the excellent report Of earnings
FOR the September quarter. September
figures estimated in part. The earnings
Of the company have shown marked i'm
provement in the last year and the gen
eral position Of the property has been
materially strengthened since its control
passed 10 the American Telephone and
Telegraph Company. Prices were weak
81 the larger number OF issues in the late
afternoon. the decline being accompanied
ny some increase in the amount Of trad
tng. with the ,hief pressure in Union Pa
oiic and United States steel. which bear
operators believed had not been thor
oughly nqui6ated.
According TO the known movement cf
money IN the current week. the local
banks have gained in the neighborhood
Of 100000 net IN cash holdings. SUBJ
stantial increase on their operations with
the interior and on new gold arrivals
more than offsetting the loss TO the Sub
Treasury. Excess receipts OF currency
from out-cf-town points at this season
OF the year are unusual, but IN the pres
ent case they are not surprising. owing
70 the strength OF interior Institutions
and he absence OF a heavy demand for
accommodation. That there is little or
no inquiry for Eastern funds incident TO
crop financing purposes is reflected in
the course OF domestic exchange rates,
which al Chicago. FOR instance, have
been ruling at q premium, when ordi-
narily a discount would be reported.
There was slightly better demand for
time money IL the local market yester-
Gay. az compared with that recently re-
ported. particularly for over-the-year
rnaturities. but rates remained IN
changed In all departments, with no in
dication Of a material advance in the
near future owing 10 Il decline Of
centlmes in exchange IN Paris on Lon
don francs were strong al this point, ad-
vancing 10 5.1s plus 3-64. the local mar
ket for sterling likewise being stronger
and more active. The foreign markets
were unsettled and further active Iiqui
dation was reported on the London Stock
Exchange TO protect weak commitments,
while conditions on both the Paris and
Berlin boerses continued TO reflect sp-
prehersion over the Moroccan situation.
Bankers here who have strong interna-
tIonal connections take little stock in
The foreign war talk.