New-York tribune., 1911-11-22
FINANCIAL MARKET
New York Sending Funds to
Canada, South America
and California.

the dav on O light volume Of business
which was made up in large part Of the
operations in Amalgamated Copper, Le-
high Valley. Reading, Union Pacific
United States steel. Louisville & Nash
VILE and Atlantic Coast Line. the two
last named supplying the chief feature
of strength on buying, based upon the
increase in the Coast Line dividend 10
:. per cent basis Amalgsmated Copper
naturally was materially helped by the
Improvement I'm the copper metal trade
and its advance Of more than = points
was wholly warranted by the advance In
the selling price of copper 10 1@ cents q
pound. Union Pacific and United States
Steel both presented . fair degree Of
strength. but in the so-called active list
rs a whole advances We're unimportant
a..d due almost entirely to the transac-
tions Of small traders In the late after
noon Third Avenue stock supplied
large proportion Of the dealings, its &C
fivitv, however. being at the expense ot
its price. which declined following the
announcement Of the court decision In
favor Of the reorganization plan. which
was opposed by the Public Service Com
mission While there was heavy selling
Of the stock, accumulation of the bonds
was reported Sentiment appeared TO
he conservatively bullish in banking CIR
cIes. but ordinary traders found in the
forthcoming meeting Of Congress and
various uncertainties In the situation
reason for bearish opinions, although
IN w did not back their ideas by increas-
ing short contracts. The short interest
still appears 70 be heavy. Cotton gin
ming figures showing the amount OF cot
tou einned to November II make a most
| favorable exhibit, and strengthen the
/ idea that the total crop will be the
largest on record, especially as the total
einned is larger than the entire crop IN
seven out Of twelve years since 1879.
| r increase 10 November II, as com
pared with year ago, is 2,4S9,333 bales,
and the total ginned to that date Of H.
o69 gs6 bales is ,4S3,340 bales more
than the highest preceding total for the
period.
! Money rates remain at easy levels, but
a firmer tendency is looked for before
the close Of the year especially if Eu-
rope should draw on this country to an
important extent for gold incident to its
licuidation Of obligations in South
America. At the moment the local
J banks arc shipping gold to Canada
| transferring funds to San Francisco for
the financing Of citrus crop movements
and exporting gold TO South America for
the account of London and Paris, the
last 1amed operation practically being
a loan by this country TO Europe \
nation that can lend money TO other
countries is in a strong financial posi-
uon. The United states probably never
has been 50 rich in cash and credit re-
sources as at the present. time. The
actual amount Of money in circulation
* enormous. the United States Treasury
* in a sound condition and the country s
balance on international trade account
aggregates for the last twelve months
inward of SGG0, 100000 Actual business
operations arc large, though there is stu
La tendency to confne transactions TO inn
mediate needs, which for our growing
ropulation are heavy. New enterprises
however. are appealing more to bankers
than recently noted and capital is faI
lest tfnid than reported few months
ago. The railroads are spending money
-. ,to rail and eouiptucut markets
which always is n good sign OF indus
trial Improvement, and there are MANY
railroads that are beginning TO i1gure on
raising additional funds for betterments
and improvements. It is understood the
I New York Central Railroad either has
sold or is about 10 sell Sl5OOooOo Of
equipment trust notes. People who like
securities Of short maturity should buy
railroad notes.