New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-09
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Money and Sterling Rates Show
Little Change.

Stock market prices moved in the Ill
rectiou of lower levels in the hest part
Of the day on a volume nj business that
showed only slight Improvement from
the small total Of dealings in Tuesdays
operations Although the street had
been looking forward To a reduction of
/ yor cent annually in tho New York
Central dividend the announcement
that such action had been taken was
followed by selling pressure by the pro-
fessional clement, while efforts were
made to create the impression that other
prominent roads also would place their
dividends on lower basis. There is no
reason to believe that anything of the
sort will take place. The New York
Central was not warranted in adVanc-
ing its rate to per cent last year, from
the viewpoint Of earnings. but il had
i'm mind at that time the raising 81
new capital. and accordingly endeavored
ia strengthen its credit by increasing
it's dividend--a very foolish proceeding.
At its present price the stock looks
attractive as a : per cent issue, and it
doubtless will find its level around the
current quotation. Wall Street, or
rather the speculative element in the
Street. was inclined To treat the MeXi-
can situation as market factor with
hearish possibilities. but the situation
caused no apprehension in banking quar-
tiers. bankers taking the view that Amer
lean and European capital invested in
our sister republic would he far safer
with American troops along tho MeNi-
bubble if Mexico were part of this
country. Commission houses were not
active factors in the market for public
account There was no important
liquidation ny outside interests. nor was
there any buying. while no attempt was
made 10y the substantial operators 10
bring about a rally. The latter would not
be averso To lower buying level New
York Central and Missouri Pacific were
the weakest features among the railroad
stocks. and the agricultural issues
among the industrials I'm most parts
of the list net losses were confined To-
fractions. The closing was lifeless.
Mexican stocks were weak i'm London.
Operations i'm stocks are being con-
Quoted i'm most cautious manner AZ the
present time. and the development Of
some seriously adverse factor in the out
side situation would find the market in
a strong position TO resist professional
attacks upon prices. Stocks are in
strong hands Commission house &C
counts. a. rule. are heavily margincd.
ana most public operators who are car
rving securities on borrowed money are
PEOPLE OF means and experience i'm Wall
street speculation There is no over
extended bull account nothing in the
nature Of harmful manipulation is going
ou and prices are not at fictitious levels.
Tho banks have more money than they
can lend. and il their reserves should
shrink they would. owing To- interna-
Honal money market conditions. be able
10 strengthen their holdings through i'm
ports of gold from Europe. Conditions
i'm the financial district have not been
better in years. and it is Tor this reason
and the growing confidence in the mer-
camille and general business world over
the outlook for expanding business that
the substantial banking interests are not
looking forward 10 any disturbance OF a
serious character i'm the event of Su-
preme Court decisions IN the Standard
OIL and American Tobacco suits against
the companies. No efforts are being
made To encourage an active bull spocu-
lauon in stocks. and there appears 10
be no immediate prospect Of "A material
increase in the daily dealings In the
bond market. however a good invest
mont demand is reported. and bond
houses are looking forward TO "A steady
absorption OF the issues they have on
hand and ISSUES soon TO come upon the
market. the latter including the Pan
anna IS. for which lively inquiry is
predicted.