New-York tribune., 1911-01-12
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Better inquiry Reported for High
Grade Mercantile Paper.

on q relatively light volume Of ousl-
ness stock market prices moved in an IT.
roguIar manner throughout the five
hours Of trading. with the general ton
dencv i'm the last hour i'm the dlrectloh
of lower figures. Especial weakness de-
veloped in Pennsylvania and New YORK
Central among the standard railroad is
sues. selling of the former being oased
on an announcement that the company
nroposed 10 put out large issue ol
s,ocl, and in the latter on the idea that
the Vanderbilt company would come into
tho market for more money at no re
mote period. The Pennsylvania and
New York Central arc big systems 'hdI
have further important construction ana
in,nrovement work to handle that VIII
involve new financing, but in view OF 'he
eound credit Of both companies ana the
increased earning power that will come
with new capital expenditures there
should be no uncasiness on the part oi
stockholders over increasing capitdlZa-
tion. Until the late trading Readlhg
Was strong feature; also Brooklyn
RAND Transit, Consolidated Gas ana
Amalgamated Copper, but the general
character OF the operations did not sug-
,est efforts on the part of the chlel
6rancIal interests in the Street to work
eo,. . buu boom. Bonds Of the forth
coming CITY issue sold at a premium on
the curb. Net losses were ahoWn IN lle
larger number Of prominent securi'ies'
The local banks enjoyed another gam
in cash Yesterday on their operations
with tho Sub-Trea sury, making the toldI
cain since last Friday more than 60
4OOOpo Direct currency movement"
are now iu favor Of the New nork III
e,itntious. and from current Indications
Saturdays Clearing House sta'e'He"'
,,iu show a material increase in the re-
eor,.es above legal requirements. Money
rates are tending toward greater east
bpt in spite Of the decline the puollC mas
shown no desire 20 buy stocks on DOT
rcvcd funds. although the lower rdleS
,a,.o attracted a heavier inquiry Tor aC-
comrnodation from mercantile soufces'
The demand for time money is 'ndc''N''
but there is moro high grade CONNER
cial paper offering in this market
di,io,e anpear to he about the same III
tho, narts Of the country, although en-
- renorts a somewhat better inquiry
.o, loans Expanding money supPl'cS
Of this centre continue to be reheclod III
activity i'm the market for railway "'oi'
cage issues and in preparations for the
ororine of new. bonds, including To''-
nno oo0 issue 10y the city, which pro-
,osos N secure its money on 4A per
cent basis. against AZ per cent 'or 'iio
last preceding sale Of its securlticS'
Al no distant period the government
doubtiese will put out Panama IS "h'Ie
4, &c understood that various railroads
I'm odd tn their bonded Indebtedness
when the railroad rate situation mas
beon cleared up, which should he !"
February. Tho larger benkins inter
ests appear 10 he doing htf'e IN IN"
stock market. but the quiCkness WIN
,,bicb they acted i'm the recent banking
e,,r,1, and their intention 10 weed "u'
concerns that arc menace 10 'he so
bil,tv Of the financial situation suggests
that they have I'm mind plans the sue
o.ss of which will depend IN large meas
ure upon confidence in business ana IN
vestneut circles Mushroom BANKING
and frcrzied finance viii not be 'o'er-
ated IN the future by the interests VINO
are now absolutely in control ot 'ne
eranciaI institutions Of this city, Con
centration Of bank and trust company
control has made rapid progress In re
cent wears. and as consequence SIT
nation has developed which provides
greater security for bank depositors and
trust funds than ever before recorded IN
The history of the country.