New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-05
FINANCIAL MARKET
Call Money at 5 Per Cent and
Time Rates Flrmer.

Trading in stocks was light in volume
throughout the day, transactions repre-
senting little beyond the operations or
an unimportant professional element
PRICE movements showed great irregu-
laritv. with final changes presenting
more losses than gains among the prom
jnent shares. In the early dealings
marked strength was reported in the
Wabash issues. but the rise attracted
heavy realizing sales. which were effec-
tive in bringing about reactions that ieft
last quotations at about the closing level
i'm Saturdays market. 1t will he long
time before Wabash preferred returns
ANYTHING to it's holders. and 1t VIII be
long time before conservative investors
will care 10 place their money in the
mortgage issues of the Wabash property.
AT various times a report is circulated
that the Lackawanna will take over the
Wabash. There appears TO be no likeil-
hood that the Lackawanna has any such
idea in mind, but what a boon II would
be for the owners of Wabash securities
if the ably managed Lackawanna com
panv would take this Gould property
under its wing and make a real railroad
OF it. The Wabash comes Tito Buffalo
over the Grand Trunk, but the fact that
it has no trackage Of its own into that
city would not deter the Lackawanna
from securing control If the management
of the Lackawanna thought it would he
10 the advantage Of its property to eX-
tend it's lines TO the West.
The general market closed quiet and
firm, with prices generally we'll above the
low figures Of the day, especially in the
case Of st. Paul. Southern Pacific and
Union Pacific Among the specialties
Texas Company stock sold mp 10 SIla,
compared with a bid price of 50 i'm Sat
urdav's market and a low record Of AZ
in November. The advance in this issue
appeared to be nothing more than nat
uraI rebound from the low prices re-
corded on liquidation following the death
of John w. Gates. The fact that specu-
Iation was light in volume and that
traders We're unwilling TO make extended
commitments in the general market was
I
not at all surprising, i'll view of the un-
easiness that always develops in the
speculative community when Congress
| assemblies. Call money renewals were
made at per cent, and a decidedly
frmer tendency was reported in quota
lions for time loans and commercial
paper.
! On their operations with the Sub
| Treasury the local banks have lost more
/ than 100000 since last Friday, but in
/ the same time they have gained on the
| interior currency movement. The higher
rates for money At this centre are at
tracing out-of town funds. and as the
/ demand for accommodation here is more
active than at other cities. there doubt
/ less will be a heavy movement Of Cur
rency 10 New York in the rest Of the
wear. while current indications warrant
| the belief that there will be no further
| important shipments Of gold from New
/ York 10 Canada. Although the local
/ banks are not strong in reserves above
| legal requirements, the monetary situa-
! ton is sound. and in spite Of last weeks
/ Clearing House statement showing 3
surplus Of only little more than
| 81 100000 the associated institutions are
| in = position 10 strengthen their holdings
/ through reduction Of loans and higher
money rates Furthermore. New York
| would experience no difficulty in drawing
| gold from Europe if the needs of the
| situation should require imports Of the
/ yellow metal
/ our low bank reserves do not represent
| weakness i'm the monetary situation in
/ this country. There is more money in
/ tho country than over before reported
! our credits abroad are large. owing TO
our heavy trade balance; the federal
| Treasury has all the money it needs,
national. state and savings banks are
well off IN the matter Of assets. and
there is a substantial amount of idle
capital waiting for investment We
have plenty OF money. but We have q
poor currency system. and until laws
are enacted placing our currency on
scientific basis we viii have from time 10
time disturbing changes IN money rates.