New-York tribune., 1911-02-24
FINANCIAL MARKET
EXCHANGE at interior Points In
dicates More Active Demand
for New York Funds.

Trading in yesterdays stock market
was marked by an absence OF public
participation in the operations and ny
apparent unwillingness on the part OF
the professional element to make eX-
tended commitments for either account
The total volume Of business was light,
while price fluctuations were conhned' as
= r,le. to fractional changes, with net
gains predominating at the close. In
the bond department heavy dealings
again were reported in the Missouri Pa
cifis convertible IS and In the wabash
refunding and extension As the issues
evidently being accumulated by people
who felt convinced that both the specu-
la+ive and investment outlook for the
securities is extremely promising as
of the radical changes TOT
the better in the management OF the
Gould properties. These bonds certainly
have great potential value. The gem
eral market for stocks presented no par
ticular feature. unless dwindling busi-
ness could be so dignified and the char
acter of the operations contained little
pronise of sustained activity In the Inn
mediate future.
No decision was rendered in the rail-
road rate controversy I'm the course OF
business hours. but the Street had the
pleasant rumor that the Interstate Com
merce Commission would grant all the
demands Of the transportation com
panies, the idea. however failing to at
tract any buying worth noting The
abundance of money available for the
purposes of speculation evidently does
appeal TO outsiders, who perhaps
have gained valuable experience from
past operations in the stock market after
a considerable period OF advancing
prices. Most stocks have enjoyed sub
stantial Improvement from the low
points Of 1910 and in view Of the fact
that since January | there has been an
almost uninterrupted advance In quota
tions the lack Of interest In current trad
ing is not at all surprising, especially as
the time is approaching when important
Supreme Court decisions are TO be
handed down. TO say nothing OF the
strong possibility Of an extra session Of
Congress. The railroad rate decision
came long after the close Of the Stock
Exchange. and the fact that in deciding
against the companies the Interstate
Commerce Commission added the pro-
viso that If in due time the roads could
show that they could not make money
under existing tariffs the question could
be resubmitted. should serve TO restrict
professional selling in to-day's market.
The Bank of England made no change
in its minimum rate of discount yester-
day, and showed only an insignificant
decline In it's proportion Of reserve to
liabilities az compared with week ago,
its return OF 51.86 per cent standing
against 5272 per cent last Thursday
and 51.S7 per cent at this time In 1910.
Actual reserve in this weeks exhibit Is
larger than reported In 1910 and l9O9,
although the institutions discount rate
st present is one-half Of l per cent
ntRnor imam dJ Niib pStiou III inv WV
preceding years. In maintaining the 3hs
per cent rate the governors Of the bank
NAV have had In mind the possibility
of a demand at the British capital for
gold for New York account. owing to
the changed conditions in the sterling
exchange market and tho probability OF
higher rates for money at this centre In
the spring. 1t is generally believed that
the spring demand for currency from the
interior will be moderately heavy. AL
ready exchange at interior points is be-
ginning to indicate a more active in
ouiry for New York funds. and in view
Of the growing confidence in mercantile
circles over the outlook for money and
business there is good reason to expect a
spring trade throughout the country that
will involve large amounts Of credits.
Local bank reserves are in a strong
position to meet the demands Of busi-
ness and those in connection with the
financing Of new securities issues. And
the general financial situation is doubly
strong as a result OF our strengthened
position In the international money mar
ket as O consequence OF the country's 8
growing international trade balance