New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-07
FINANCIAL MARKET
Firmer Tendency Reported in
Time Money Rates.

Trading in yesterdays stock market
was moderately active on q movement
OF prices that showed small net gains In
the larger number Of issues, final quota
tons, however, being well under the best.
owing to heavy realizing sales In all the
prominent securities. Opening figures
presented advances as compared with
the closing in Saturdays operations, the
Improvement being due in large part to
public buying and manipulation by Wall
Street interests who evidently were anX-
ious 10 convert paper profits into cash,
the latter operations being especially
pronounced In Reading, United States
Steel, Missouri Pacific and Union Pacific.
At the close OF business well informed
market observers thought that many OF
the larger Wall Street interests had
gone home with their lines materially
reduced. The general character Of the
trading, nevertheless. did not suggest
that tho bull market had run its course,
and in most quarters of the Street opin-
ion favored the theory that the tendency
higher levels, with only minor reactions,
lust as long asrloans could DO effected
at rates favoring the borrower
The equipment shares were strong.
transactions in these issues have shown
a substantial enlargement in the volume
If buying orders since the announce
ment of the Union Pacifc's plans for
double tracking and other improvements,
on the we'll founded idea that the de-
cision of the Hartman directors to spend
. large amount. of money on their prop
erty means a policy If increased eXpen-
ditures for physical betterments on the
part of all the railroads of the country.
irrespective Of the outcome Of the freight
rate controversy. 81. Paul vas helped
20 only 2 small extent by the compsny's
report Of earnings for December. show
ING gain Of more than S1,Nb.U0O in
gross and an increase I'm net Of S521 $40.
As conra rison is made with the same
period in 1909, when the road suffered
from q serious snow blockade. the return
loses some Of its slgnifcsnce as a re
Election Of actual conditions I'm the traffic
business in the last month n 1910. II
Is believed, however. that January trans
portation results will reflect genuine i'm
provemert in business conditions in oil
parts ~ the country. The general mar
ket was heavy in the last hour, but de
clines from the high points do not reach
important proportions
Time money rates arc firmer than re
CCntly reported but the demand is not
especially active from Wall street houses
which are financing their needs from day
to dav e. q large extent in tho call dc
partment, where quotations are well
Under 3 per cent. Commercial paper also
shows a hardening tendency The i'm
preston prevails that the general money
market has passed the minimum Of lend
ing rates for long time 10 como, and
that in spite Of the current strength OF
bank reserves quotations for fixed pc
RODS viii work in the direction OF higher
levels from. now on. owing ~ the eX-
pcctation ri an increasing demand for
lNfOH III -OAtllFI'ipil y WI ''' i'tbiiN
ments Of corporations. the stock market
and the federal government An inter
esting development OF The international
money market Is the reduction by the
Bank OF Germany in ITS rate az discount
from 10 ~ per cent There has been
more or less 'stringency in the German
market in recent months. and an easier
situation at Berlin naturally will not be
without influence upon the London mar
ket. and 10 some extent upon our own.
Money rates both In Berlin and London
are higher than the quotations at this
centre. and just as long as this condi
lion prevails strength may be looked
for in the local price OF sterling ex
change. The upper branch OF Congress
yesterday passed 2 bill restraining the
Secretary OF the Treasury from receiv-