New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-17
BANK STOCKS ON STOCK ExcHAN
FINANCIAL MARKET
Demand for Loan ACCommoda-
ton Continues inactive.

Realizing sales on the strength OF last
weeks advance in prices and bear press
IRE based on the theory that buyers on
recent declines would have selling orders
IN expectation Of an over-Sunday inquiry
from the public were responsible for a
declining tendency i'm quotations in the
larger number Of issues in yesterday :
stock market. Losses. however were
not heavy. owing TO buying power
which. though representing no attempt
on the part Of substantial interests 10
bring anput an advancing movement, re-
elected a disposition on the part OF sucn
interests 20 stand in the way Of opera
+ions for materially lower price levers.
The general market is in strong teen
-,icsl nositiou. Traders are bearish be-
ceuse the public shows no inclination 10
b,,,. stocks on borrowed money but the
fact the public holds practically no stock
on marginal account, while II IS quietly
absorbing high grade issues for perma-
mont investment. ought to discourage the
idea that another liquidating market IS
about IN develop. General conditions are
far stronger than realized by the ordi-
nary Wall Street professional Expert
o.ririon IN most lines favors the opinion
that The industrial situation is on the
owe NJ Improvement. and I'm the iron and
s-eel business. which is accepted as the
barometer Of trade, decided evidence is
presented of a change for the better IN
prices and I'm the actual volume OF orders
heine hooked Investment buying of
bonds generally precedes expansion IN
stock market operations. The demand
for bonds at the present time is heavier
than il has been in many weeks. the IN
ouIrv not being confined TO issues dealt
i'm on the stock Exchange. The general
market closed heavy. with the chief loss
among the prominent shares in United
states Steel. Lehigh Valley, which. Ike
Union Pacific is a 10 per cent stock
crossed the latter and ended ar net
gain of more than . points. The Ameri-
can Tobacco securities were fracuonal|
lower. but Wall Street as whole liked
the plan for the reorganization OF the
American Tobacco Company
Notwithstanding the fact that the local
hanks have lost more than 100000 on
their operations with the Sub-TreasurE
since Friday and have sent more cur
rencv 10 the interior than they have re-
reived from out-Of-town points, money
rates remain unchanged. with no indica-
I'D m The fol-
date future The demand for accom-
mediation here is unusually inactive for
this season Of the year. but our bankers
believe that before the end Of 1911 a
better stock market and mercantile in
auirv will develop, while they have some
hopes of finding greater employment
abroad for their surplus funds owing 10
the relative scarcity Of money in the for
eign markets. The possibility Of re-
sumption Of exports Of gold from New
York to Paris is reflected in renewed
weakness in French exchange on Lon
don. Furthermore. the course Of sterling
rates here and the difference between
New York and London money market
quotations lend weight 10 the idea that
II we do not ship the yellow metal direct
10 the British capital we will indirectly
help 10 finance London's obligations in
South America by sending gold TO that
country for London account Gold coin
10 the amount Of $4,000 was with
drawn from the Sub-Treasury yesterday
for export To Venezuela. and it was gen
orally understood in banking circles that
the shipment was on London orders.