New-York tribune., 1911-01-10
FINANCIAL MARKET
Money Rates Moving Toward
Lower Levels.

STOCK market prices n1oNed - nlRner
levels in the carly trading. while in the
afternoon dealings realizing sales We're
heavy enough 10 bring about reactions
that left last quotat AZ irregular
changes as compared with the closing
in Saturdays operations. Sentiment
naturally was cheerful over the an
nouncement of the successful efforts Of
tho chief banking interests TO prevent
the possibility of disturbance as a result
Of the suspension of the Carnegie Trust
Company. but many traders long of
stocks seized the opportunity to convert
paper profits into cash. while the time
honored theory Of selling short on the de-
velopment of good news was religiously
followed by operators who never depart
from the unwritten laws of speculation.
Transactions Of this sort however, failed
to carry the general level of prices TO
a lower range. although they were eftec-
tive i'm cutting down maximum gains
10 a material extent, as. for instance, in
tho case OF Reading and United states
steel. which ended the day about one
half under their best figures.
Amalgamated Copper and New York
Central also suffered in tho reaction.
both closing ut net losses. American
Smelling was i'm good demand, but there
appeared 10 be disposition 10 sell Anal
Eanated copper, which showed pro
nounced weakness following the monthly
report Of the Copper Producers Associa-
tion. indicating q large increase In the
output of the mines in December in
spite Of reported Curtailment. Weak
resses I'm trade prices for the metal here
and in London also affected the copper
issues Although production increased
in December expansion was shown in
foreign deliveries. Bonds were in active
demand and sales were heavier than re-
ported FOR the same day year ago,
while total dealings in stocks likewise
corresponding date in 1910. The grain
market was excited. with prices MP on
advices of adverse weather conditions in
the winter wheat belt and on the light
Money rates developed an easier ten
dency, while sterling exchange quota
tions after initial strength moved tow
ard a lower level under the influence
~ offering Of bills accumulated over
Sunday and an absence Of active de
nanG for remittance. Apparently, tho
inquiry for exchange incident 10 Jsnu-
arv interest payments for the account
Ct foreign holders of American securl-
ties has been satisf1ed. and as A conse-
ouence important fluctuations in the
| sterling market arc not looked for IN the
| immediate future unless an urgent de-
msnd for gold should arise in London.
The Bank Of England has been called
uron in recent weeks 10 supply gold for
the Continent and South America. and
~ Withdrawals continue situation may
develop involving exports Of gold from
| New York 70 the British capital. ms
international trade balance Is now run
ming in favor of this country, but IT is
estimated that orr credits on this &c
count must reach an annual total OF up
ward Of 100000 in order 70 oItset
what practically amounts 10 hred
charges due by the United states TO
Europe
In tho Last four months the excess ~
merchandise exports from the unfeo
States over imports have been heavy
but IN the twelve months 20 September l.
1o1O the ir,rnrts and exports have Al
most balanced From current iholos
ticns there will be large accumulation
Of money ~ this centre in the course or
the next few weeks, and unless Europe
becomes a heavy buyer Of American Sc
curtties exchange and money market CON
ditions here may encourage shipments
Of gold 10 London II Is generally pc
neved, however that our securities VIII
And q good market abroad IN ths cur