New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-14
FINANCIAL MARKET
Banks Lose More than So, OOO,'
900 on Weeks Currency
Movement.

Stock market prices were strong IN the
best part of the day, with net gains IN
the larger number of issues at the close.
Covering of shorts rather than aggres-
sive buying for long account was respon-
sible for the. strength displayed in most
parts OF the list. although in few ISSUES
evidence was presented Of concerted buy-
ing for higher quotations. notably IN
Union Pacific. Iehigh Valley and Amer
lean Beet Sugar The question of plac-
ing the last named issue on n dividend
basis has not been formally considered
by the directors Of the company. and II
is authorltatively stated that no dividend
will be declared until the directors are
assured it can he maintained. Both
Union Pacific and Lehigh Valley APP
reared to be taken on their merits the
bullish comment on the issues rejecting
the change that has taken place IN SEN
timent i'm recent days. a few weeks ago
nothing but the gloomiest talk was
heard regarding the future of the two ~
per cent stocks, and, for that matter, OF
the list in general.
There is n more confident feeling in
speculative circles. Traders find stocks
are in strong hands, that the larger In
forests are not so pessimistic over the
future as James J. Hill would have us
believe. and that investors are exhibiting
a disposition to buy bonds The bond
market has improved materially under
the influence Of buying by insurance
cornpsnies and savings banks, and as an
expanding market for state, municipal
and railroad bonds generally in the past
has been followed by q better market lor
stocks. people who are holding their
shares for higher prices naturally are
growing optimistic. Enormous dealings
~ advancing quotations again were re-
corded in the American Tobacco bonds
General Electric stock was strong. It Is
understood no appeal will be taken from
the decision against the so~caled Elcc-
trical Trust. and that the General Elec-
trio Company will proceed at once to
make such changes in its organization
as TO insure conformity with the decree
Of the United States Circuit Court al To-
ledo. The cotton market was weak.
According to the known movement of
money in the week the local banks have
lost a little more than 100000 in cash
holdings. about one-half of which repre-
sents direct shipments Of currency TO the
interior Receipts Of money here are
chiefly from nearby points. while the
outeo Is principally to the West and
South incident TO the financing OF me
harvests Crop demands on New York
are still light. and from all indications
the call by interior institutions upon
their New York correspondents for funds
this fall will be we'll under normal. owing
TO the strength of banks at out-of-toWn
roints in the matter Of cash on hand and
the light demand for accommodation
from mercantile sources. Time money at
this centre remains inactive, and long
period loans are offered at from 3s4 to
per cent. with January money occasion
ally quoted as low as 37s per cent. while
the best commercial paper can he dis
counted at from A. TO AZ per cent.
Money IS easier in the London market
than recently reported, and in spite of
the heavy Withdrawals Of gold from the
Bank Of England the weekly return Of
th.t institution shows proportion or
\ reserve to liability well above the av-
orage for this period in the last ten
wears