New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-13
FINANCIAL MARKET
Usual Autumn interior Demand
for Funds Has Not Yet
Developed.

Activity in Yesterdays stock market
was confined TO a few of the prominent
issues, while price fluctuations as a rule
were narrow and Irregular losses in the
morning generally being recovered be-
fore the close. The public was not
factor in the trading, and the substan-
tial Wall Street interests who checked
the decline in Mondays operations were
! inactive. following their policy OF keep
ing out of the market except when
! liquidation Of speculative accounts
makes purchases especially attractive
There has been a large distribution OF
stocks in recent weeks, the major part
Of which has been by spectators who
have been unable to protect their COM
mitments. but the securities sold have
gone into the hands Of people who are
strong enough to hold their new posses
sions for higher prices. irrespective OF
declines that may develop before mate
rial improvement can be brought about.
Stock market prices are low. but the
mere fact that an enormous decline has
taken place is not surety that sun
cheaper figures will not be recorded. The
bear party is strong, and apparently It's
campaign is not 70 be abandoned at pre-
vailing quotations. Nevertheless. each
decline brings the market nearer the
point st which investment capital will
be attracted. and when money from in
vestment sources begins 10 move in vol
ume into stocks the shorts will not oc-
cupy an enviable position.
The selling Of stocks short at present
prices Is a far different proposition than
II was few weeks ago and the fact
that many traders who would not take n
position on the bear side when quota
lions were far in advance Of the current
range are now operating for lower fig
ures suggests that the time is not far
distant when covering Of contracts VIII
be forced at a considerable expense 10
the shorts Selling pressure developed
after the delivery hour. but II was not
effective in bringing ont stock, while in
the final trading the general tendency
again was In the direction Of higher quo
tations, although no important advances
were recorded, the best strength In the
late dealings being supplied by Amalga-
mated Copper and American Smelling
The majority Of issues ended az small
net gains Commission houses were
practically deserted throughout the day
factor that suggested 70 many minds
The development OF 2 long period Of dull
ness
The local banks continue 20 lose cash
or. their opera lions with the Sub-Treas-
,1rv. but the course Of Chicago exchange
on New York does not indicate a de-
uand az this centre for funds for in
terror. account Ordinarily at this period
Of the wear Chicago exchange IS quoted
at discount. and the autumn move
n1ent Of currency from the East 70 the
West is well under way, but just now
New York money at Chicago Is quoted
~ 90 cents premium, against p cents
discount Al this time P year ago and 2
discount OF from 10 70 so cents n the
preceding ten years The rate at Chi
cago as rule represents conditions
throughout the Middle West, as the de-
uands Of banks In the section OF the
country 20 first 70 Chicago, which in
turn draws on its balances here when it
has not funds on hand TO meet out-of-
town -eouirements. The Chicago banks
are well supplied with money, and as
the mercantile and stock market de-
mand for accommodation is light they
ara an better position this year than
in former years 10 finance crop needs
without calling upon their correspond
orts i1 New York for assistance.
/ At present it looks as If this centre
would be called upon 10 do little Of crop
financing. but even If an active demand
should develop before the season is over,
stiff rates for money are practically out
/ NJ the question. assuming that condi-
r,ons do not arise encouraging the
boarding Of money, as was witnessed in
1907 and in the early part Of 1905. There
is no reason why such situation should
he brought about. as there Is nothing In
the factors affecting money and business
that bears the slightest resemblance 10
the conditions that ended In the panic
of 1907. Money rates continue station
arv II more gold were needed here
New York could import the metal from
Europe. but the requirements Of the cur
rent money market do not demand q
movement Of this sort. Money continues
To move from London 90 Paris refec-
f,- rrr~~ har do
cline Of "a centimes in Paris exchange
on the British capital. while the course
Of the local foreign exchange market
suggests that New York is extending
/ p Ea-ILr