New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-19
FINANCIAL MARKET
Time Money Rates Develop
Firmer Tendency, Without an
Increase in Demand.


the strength exhibited in Saturdays OPP
erations, selling off to a considerable
extent in the early dealings, and as
rule closing at net losses, although, a
part Of the forenoon decline was recov-
cred under the influence Of covering by
the shorts. Commission houses had few
orders from the public and the fact that
the advance at the close Of the last
week failed TO attract an active outside
demand discouraged trading for long &C
count and created further bearishness
in speculative circles, while reports OF
an extension Of the price cutting move
ment in the steel trade also tended to
strengthen enthusiasm on the part of
operators who insisted that quotations
for stocks would go to a materially
lower level before anything in the nat
IRE Of a sustained bull market could be
brought about. There certainly is MOTH
ing in the character of current business
on the Stock Exchange that warrants
the idea that securities can be safely
bought on small margins for higher
prices at present It is a good time for
the sman operator 10 Keep away from
Wall Street. unless he can afford to buy
stocks outright and forget all about
them until the inevitable advance de-
velops Based on income return, the lars-
er number of securities are attractive
investment purchases. but this fact does
not preclude the possibility Of still lower
quotations. International Harvester lost
more than g points in the course OF the
day. selling being based on the alleged
theory that President Taft's remarks on
the Sherman antitrust law contained
hint that the federal government would
prosecute the Harvester combination al
though it was difficult to find anything
in the Presidents sensible and conser-
vative words that singled out this con-
Germ. our Wall Street bears have big
lamentations and their power of reason
ing is beyond that of the ordinary NOR
tai mind. Mr.. Taft made practical eX-
nosition Of the Sherman law, ana MS
evnosition of the Supreme Courts IN
fermentation Of the measure was an I'M
nortant factor in the partial recovery IN
nrices before the close. The Erie issues
were strong features most of the day.
The strength of this country in the in
ternational money market finds refiec-
tion in the official report Of our foreign
commerce in the last month, exports OF
merchandise in that time being larger
than in any preceding August in the MS
tory Of the country, amounting In value
10 S144.241,5 15, an excess over imports
Of S1S.414. 4O3. which compares with an
excess Of imports in the corresponding
time in 1910 Of $3,619929. Imports
likewise were heavy. and with the
execution of August year ago
made new high monthly record. For
the eight months ended August 81
total foreign trade reached valua-
tion of S2.267 .477.O29 with an ex-
cess of exports of $252, 041, 1S9, against
an excess Of imports in the same period
in the wear before of $1,O44, 7S1. OF the
total exports in the eight months cot
ton supplied S239, $50, 1873, compared
with S192, 1S4,7S3 in the preceding year.
and breadstuffs $7S,7S5, 631. a gain of
S23. 943, $50 Rates for time money were
somewhat firmer yesterday than recent
" reported but there was no apprecia-
Bile increase in the inquiry for accom-
mediation, the developments in the for
cign money markets apparently being
responsible for the stronger tone here.
European discounts were strong, and the
advance in the open market rate in Ber-
lin suggested the probability Of an in
crease in the Imperial Bank Of Ger
many's rate to-day, especially as the IN
stitution made a poor showing in its
weekly return