New-York tribune., 1911-03-04
FINANCIAL MARKET
Banks Show Lighter Gain on the
Weeks Currency Movement.


market prices moved in an irregular
manner throughout the five hours of
trading. with net gains in the majority
of issues at the close. Trading was
made up in large part of the operations
of the professional element. except in
the bond department, where buying was
reported for the account OF actual in
yestors. and operators who believe that
railway mortgage issues secured at pre-
vailing prices offer an excellent oppor-
tunity for future profits. Such issues as
the American Tobacco As and the Wa
hash refunding and extension As found
a ready market. While the Street
showed little disposition to make ex-
tended commitments on the long side of
speculation, owing TO the prospect of an
extra session of Congress. it exhibited a
distinct dissemination to operate for
lower quotations, the few traders who
felt bearishly inclined restricting their
operat tions to small totals. Wall street
that is. the speculative element on the
Stock Exchange-would like to be bear
ish. but it finds no encouragement FOR
it's views In the current course or aHairs
in the business world and no response to
its transactions for lower prices from
the substantial banking interests
Banking interests are engaged in oper-
ations that involve the development OF
orr railroad and industrial corporations
oion, lines that will help and strengthen
tho general business situation in TINS
country. Trade reports received yesler
dav were extremely encouraging lhul-
eating that general business is moving
in the direction of progressive improve
mont The selling of General Electric
stock. which supplied the chiel ped'
movement in the late dealings was
based on the announcement or aholhei
.o,arnment suit against the company OF
Tho Grounds that the concern was oper-
ating in violation of the antitrust Id"
New York Central was among the ie"
railroad stocks that showed pronounce
weakness throughout the day. the mar
ket is well supplied with bears on Ne"
Wi, Central. People who own the
stock of this company would pet'er pay
40 attention to bear attacks upon the
iesue. and the same thing may be salo
90 PENNSYLVANIA, St. Paul. Atchison' Bar
- 9. Ohio American Locomotive
and United States Steel.
According to the known movement VI
money in the current week. the lood
hanks have gained upward of S2'4Vo'"'
,r cash holdings, due almost entirely &c
rece;nts of currency from the interior
in excess Of shipments from this centre
Tba gain on the interior movement was
however. much smaller than recorded II
the preceding weeks of the present year
while the outward flow OF currency
showed an increasing tendency 10 'he
West where demands for accommodd'
t,on I'm connection with wholesale aho
retail trade are growing. The fact tha'
better inquiry for funds has developed
at Western points suggests gradua
contraction in local bank reserves, Whicr
at the moment are heavy. While the de-
cision of the railroads Of the country &c
ACCEPT without official protest the ruling
~ the Interstate Commerce Commission
on the rate question and TO go ahead
with their Improvement and betterment
plans promises increasing activity In tho
market for money. Furthermore. the
chances of higher rates for funds are
made more promising by the action o
Congress in passing the measure per
mitting the issuance of Panama Canal
per cent bonds without the national bank
note circulation privilege.
Within a month the federal govern
ment doubtless viii offer from $4,000
600 TO 500 100000 Of Panama IS. au
trorized by Congress two years ago
and there appears to be no doubt In th'
minds of our bankers that such an offer
ing will be highly successful, either as
nopular loan or as a banking operation
| Our bankers are ready TO underwrt'
the issue. and 1t is quite evident tha
the public is willing TO subscribe TO th'
/ issue as a popular loan. There is no rea
son in the world why per cent bonds
with the backing OF the United State:
government should not find buyers. II
be sure, the return on the investment il
not large, but the collateral back Of th'
bonds cannot be equalled in value by
that Of any nation in the world Pri
yate investors naturally are seeking Z
higher rate of interest than 3 per cen