New-York tribune., 1911-11-15
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Distribution of Surplus Stock
Holdings Appears Under Way.

| Stock market prices were steady at
the opening, but moved in an irregular
manner in the best part Of the day,
closing figures showing more net losses
: than gains. The substantial interests
made no attempt to advance quotations,
using their resources, however. to pre-
vent important declines in order to con-
tinue their distributing operations with
| out weakening the general market.
The fact that large Wall Street Houses
are putting out stocks should not
lead to the idea that sentiment has
changed in the high circles of finance.
ar that the big men are going into
liquidation They merely are TAX
ing profits on their surplus hold
ings. acquired at a time when their sup
port was necessary to stave off demor-
alization At times in the day decided
weakness was reported, but losses. as
rule, We're recovered in part before the
close. improvement in the early after
noon being helped by the publication in
full of the recent decision of the Court of
Commerce in granting a temporary in
junction against the carrying out Of the
ruling Of the Interstate Commerce
Commission against the railroads in
the so-called short and long haul case
The opinion shows that the Court of
Commerce has gone into the merits Of
the question most fully, and its action
in favor Of the transportation companies
apparently foreshadows a long drawn
cut contest. with the final determination
Of the matter in the Supreme Court.
which suggests litigation Of a year or
more In the meantime the transconti-
mental railroads will enjoy the benefit
of current fairly remunerative rates.
Union Pacific. Lehigh Valley and Nor
the rally, and the larger number of rail-
road stocks enjoyed substantial ad-
vances from the low points Of the morn
ing international Harvester, which
suffered a sharp break following an
nouncement that the State Of Missouri
had won it's suit against the 1nterna-
tional Harvester Company, and had
been granted a writ of custer against
the concern. found a thin market, losses
o. . points being recorded between
sales. but on the recovery the issue was
in such light supply that bears found
difficulty in covering their contracts. Ia
the final operations recessions were re
ported on realizing. Canadian Pacific
and st. Paul were heavy. the former on
disappointment that the company did
not increase the dividend. and the lat
ter on an apparently unfounded rumor
that St. Paul directors soon would an
nounce a new bond issue.
Financial conditions in New York are
strong and Improvement is reported in
the foreign markets, a reflection Of the
latter being found in the absence Of bids
for the usual weekly offering of South
African gold in London Sterling ex-
change rates here show remarkable
strength for this period Of the year, in
view OF our large exports of commod-
| tiles. but il should be borne in mind that
money is worth more on the other side
than il is here and that il is possible for
| powerful interests TO manipulate the ex-
| change market in the direction Of higher
prices I'm the face of conditions that sug-
| gest lower quotations. While our eX-
ports Of merchandise are enormous and
far i'm excess Of imports IT is quite prob
able the transfer Of funds from this
country 10 Europe is still under way and
| that maturing loans are being extended
And for reasons best known TO them
selves it appears quite evident that i'm
pOrtant foreign exchange operators here
are exercising their talents and their
financial backing to maintain quotations
at high levels. on the surface exchange
is against this country. but our actual
position in the international money mar
ket is on of extreme strength. We have
large credits abroad which are being
utilized in foreign financial capitals at
more profitable terms than bankers can
place their idle money in New York.
o-