New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-05
FINANCIAL MARKET
Foreign Exchange Weak Here,
While Paris Rates on Lon
don Advance.


ms affair throughout the day transact
tions representing little beyond the op-
creations Of the professional element,
which showed preference for the short
side If speculation in the larger num-
her Of issues. Opening prices were IN
dor tbo closing Of the preceding day
and As rule. the prominent issues
closed al net losses. United States steel!
I.obigh Valley and St. Paul supplying
tho chief points Of weakness. St Paul
made new low record for the year ri
1923, although recovering good part
~ IT'S decline before the close. selling
gain being based upon the theory that
tho companv would be unable 10 main
tain the : per cent dividend rate and
that a reduction to = ner cent would he
made at the next dividend meeting ~
the hoard which will be in January.
Tho road barely showed its dividend
earned I'm its last fiscal wear. In the
fret two months Of the current fiscal
neriod the companv's gross earnings
have decreased S799.S44. while in the
same time net earnings have fallen
sos oe7 under the record Of the cor
responding months last year. an exhibit
which. Of course. encourages the idea
that for time at least the stockholders
will have to be satisfied with lower
,.o+,,rn on their investment I'm the prop
ertv. As per cent stock st. Paul
would not be dear at its present price,
Int the ticker appears to indicate fur
Their decline.
There has been quiet absorption Of
Western Union stock for many months
IN the basis OF the improved position
NJ the property under It's new manage
ment and on steadily growing earnings
which suggest an advance in the divi-
6end either TO a or , per cent basis.
The dividend for this quarter has been
declared at the usual rate Of 2 per cent
wear. but there is no good reason why
tho stockholders should not look forward
~ higher rate at no remote PERIOD
nc the company is moving toward the
noint where the directors will he fully
justified in making larger disbursements
IN tho stock. which closed at 80 yester-
dav. a net gain Of 25s. The low i'm 1910
was IS and this year Il. Total opera
tions I'm all stocks were in excess OF
400 coo shares. compared with 1I2tpo
q week ago. United states Steel common
unp,vinc more than one-third, with
Reading and Union Pacific following in
roint NJ activity. fair sized short
interest is reported. Tho European
markets presented a more cheerful tone
both british consols and Turkish bonds
advancing on the London Exchange.
Sterling rates in Paris on London were
higher while francs We're easier here
tho movement i'm French exchange sng-
letting the improbabirty Of engage
,nepts of gold for the French capital
nc direct exchange operation without
q material marking mo If francs In the
local market and \ substantial decline
in Tondon exchange IN tho French cap
fital Exchange between New York and
London moved more in our favor. with
demand rates q long way from the gold
exporting point. despite tho difference
in quotations for money between the
two markets. Demand for bills is light
London continues TO lose gold on ship
ments to the Continent, Egypt and
South America. but the Bank Of Eng
land. which is i'm an unusually strong
condition for this season Of the year h
not likely 10 make any attempt 10 shift
the inquiry 10 New York. an operation
that could not he easily accomplished.
owing to the position this country occu-
pies In the international money market
London can borrow money here. but IT
cannot take our gold under current eX-
change market conditions. our trade
balance abroad is heavy ana New York
has no obligations TO meet in London
in the shape Of maturing finance bills
which generally may be counted upon
summer borrowing by our bankers in
the British market This year there
has been practically 10 borrowing Of
This sort while each month has added
to our balance on trade account In
september last wear our excess NJ Nor
chsndiec exports over imports amount
ID IN value to more than SCI o000oo and
u BE- quito likely that the figures for tho
month just closed viii boz equally fa-
vorabc. 81 not better.