New-York tribune., 1911-10-25
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Continue to Lose Money
on ub-TreaSury Operations.

stock market trading was hElll III WI
umo throughout the five hours Of ous'-
moss total transactions amounting to
only 1q4 $50 shares. Prices as q RUE
,vc~a firm and while certain interests
cndeavored 10 bring about lower levels
declines when made. outside OF ie"
iesues affected by special conditions
wore confined to fractions, the che'
weakness being reported in New YORK
Air Brake and American Cotton OIL
the latter being pressed for sale on the
expoctation OF either reduction ID
the dividend rate or total suspension
or payncnts on the common stock lof
limited period. Earnings of the COM
many in its last fiscal year we're iar
from satisfactory. II is understood the
concerns annual report VIII show
surrlus available for dividends OF little
moro than tho SGl1 600 required for the
n~eferred. owing TO the high price pre-
vailinr in tic larger part Of the year
Cor cotton seed but 1t should be re-
r,eubered. however, that conditions IN
the cotton market arc now waterway
different from those reported IN lSl"'
and that cotton seed AT present Is sell
inc at the lowest price I'm wears. IL IS
possible that with the current favoraoi'
outlook I'm mind the directors may DC
eide TO continue common stock divl-
dende AT the = per cent rate paid in the
last two wears. although their conserva-
in IF
nonts ON this issue does not encourage
the theory. The decline In New YORK
Air Brake apparently represented noth-
ing bevond liquidation by tired holders.
Business being handled by the company
does not warrant bearishness on rs
securities. Chicago is the home OF a
banker whose opinions are not given TO
foster speculation on the Stock EN-
chsngc-wo refer to James e. Fcrgan,
president Of the First National Bank OF
that citv-and his statement that condi-
fions i'm the West have undergone great
improvements and that fall trade IS
heavy. ought therefore To strengthen
confidence in investment circles over
the future Of money and business. The
general market closed without the
slightest sign of life.
on their operations with the Sub
Treasury since last FRIDAY, the local
banks have lost more than S3,0p0.oeO,
while i'm the same time shipments Of
currency TO the interior have been light
or than receipts notwithstanding the
fact that al this period Of the year
money generally moves in volume from
New York 10 out-of-toWn points. The
interior is in no need OF New York funds
FOR harvest financing at tho present
time. and there Is no indication Of AN
active inquiry here in the rest of tho
wear for money for the account of Dor
rowers in other cities. OF course, con-
ditions affecting the money market may
change i'm the next two months, but al
tho moment known factors do not sug-
gcst anything in the nature Of hiGa
rates for loan accommodation at this
centre in November or December
Furthermore. as far as tho money
market in the new year is concerned
there is nothing just now in the out
look that warrants tho idea Of high
rates in January and succeeding months.
Paris is drawing gold from London.
and il now looks that If sold exports
should be MADE from New York, the
movement will be in tho direction Of the
French capital. II is worth noting that
tho larger part Of the South African
gold laid down in London Monday was
taken by French bankers. The fact that
the Bank of England made no effort
10 secure the metal suggests that Lon
don bankers no longer are apprehen-
sivc over the. European political stu
alton. New York continues 10 lend
money to Europe on short term loans.
That sort OF borrowing on the part Of
foreigners means weaker local foreign
exchange rates later in the season. as
when these loans reach maturity there
will be heavy Offering OF bills here.