New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-26

FINANCIAL MARKE!
Domestic Exchange Rates Nov
ing Against New York.

Stock market prices moved to higher
levels in the best part Of the day, the
only indication of weakness being in the
early operations, when a fair amount of
selling was reported as a result Of the
decision by the Interstate Commerce
commission in the long and short haul
case against the railroads, and at tho
close, when most Of the list became dull
and heavy Sales We're well taken and
support appeared in all the prominent
issues. while the decline attracted an in
crease in commission house buying
rather than the liquidation that traders
counted upon following their attack
upon the market. The resistance shown
10 bear pressure, the favorable weekly
government weather report, the expec-
tation Of A better showing by the United
States Steel Corporation for the last
quarter than in the preceding quarter
AMI the signing Of the bill extending the
time in which stocks held by insurance
companies must be sold five years en-
couraged active covering in the larger
part Of the FIVE hours Of business and
induced the expectation Of gradual i'm
provement in the volume OF operations
in securities Under the insurance law
stocks held by the insurance companies
were ordered sold before the end OF the
current year. and the fact that the mar
ket is now relieved Of absorbing some
S1O0OO0,0O0 Of securities before January
| is, OF course, a great relief to the finan-
cial community. while the same thing
may be said OF the forthcoming ad-
journment Of Congress. The figures or
the United States steel Corporation pub
lished after the close Of business bear
out recent reports Of expansion In the
steel industry, net earnings in the last
three months amounting 10 S2S'loS'o-o'
against S23,519,203 in the quarter ended
March 81. So, 99097S in the last quarter
| Of 1910 and S40.17O960 in the June
quarter last year Untitled orders on
! hand show a decrease Of Sc, 243 tons from
the preceding quarter. In the last houc
| the general market was reacuonary
under the influence Of profit taking sales,
and in the majority OF the leading Issues
! last quotations were under the final hg-
ures In Mondays transactions.
The gratuitous interference by Ger
many in the Moroccan situation was re-
! sponslble for general weakness In the
| London market yesterday and another
new low record for British consols as
! Oh per cent securities at rs. compared
with the last preceding low point Of
! 1876 The lowest price ever recorded
for British consols when on 3 per cent
basis was IN 1881. when as low as I4sa
was touched. while the highest quota
tion ever reported for the issue was IN
1897. when ia was paid, the advance at
that time being due TO purchases for the
postoffice savings banks and extremely
easy money. In addition 10 the unfavor-
able effect created in London financial
circles by the somewhat threatening re-
lations between the powers over Mo-
rocco, the deadlock in Parliament over
the House Of Lords veto bill also en-
Outraged bearish sentiment. Foreign
houses sold on balance In the local mar
ket but to no material extent. London
discounts were not affected by stock
market weakness, while at this centre
there was no change in rates for call and
time money, although slightly hrmer
tone was reported in six months loans.
Exchange at Chicago on New York Is
moving against this centre, and from
no. on an increasing movement OF cur
rencv from this point 20 the interior may
be looked for.