New-York tribune., 1911-03-16
BANK STOCKS ON STOCK ExCHA
FINANCIAL MARKET
Recession After Strength-Mls'
souri, Pacific Weak.

The stock market opened strong and
active Yesterday. and in the early trad
ing the tendency was toward a con'ihu-
ance Of the general advance OF Iues-
dav. gains Of a point or so pelns re-
corded in many issues. But In the alter-
MON hours the market became dull, ana
under the pressure Of proht TAKING
which had been going on during the ses-
sion. and Of short selling, Whlch ue'
veloped as the day neared lts close
prices declined to such an extent d.
nracticallv TO offset the earlier improve
mont final figures for most OF the list
showing only fractional net changes
with gains and losses about balancing
while thirty-odd issues closed unchaheeu
from the preceding day. Totai safes
we're about 10000 shares. The feature
of strength was Canadian Pacific, Whlcn
rose TO q new high record level, and
closed with a net gain OF 2as points, al
21S The weakest Of the active stocks was
Missouri Pacific, which was adversely
affected by the uneasiness caused by the
reported utterances of a junior memoei
Of the Gould family, from which the I'M
preston was gathered that the ne"
hoard Of directors would not act as
unit IN the work of reha bilitation Of that
notentially great property, although the
belief is strong in the best INFORMED
Quarters that, despite the present Houio
majority in the board, II a rupture
should occur the plans 10 be irameo oy
tho banking interests for the upbulldlhs
NJ the Missouri Pacific system VIII pe
the plans which will be carried into eH-
ecution.
Reports of possibly serious compiica-
.ions from the Mexican situation were
current and perhaps had some part IN
causing the weakening OF the market
and Mr.. Hilrs expressed opinion OF 'he
condition of business in the West was
NOT of a nature 10 kindle bullish en-
thusiasm. But no great influence was
exerted by either Of these factors, and
tho relapse into dulness and the graduai
price recession were commonly reieiieu
IN the cause which has now for con-
siderable time operated TO keep the maj
l<et IN a lstless state, the uncertainty
md anxiety regarding the nature OF the
decisions which before many weeks VIII
no handed down in the Standard OIL ana
American Tobacco cases by the supreme
court Of the United States. The organs
NJ the iron and steel trade reported IN
their weekly issues yesterday falling
off IN the volume Of new orders. although
the mills are operating on larger sCdIe
than at any previous time since OCTOBER
The weekly statement OF exports oi
,roduce and merchandise from the Port
of New York showed a total OF nearly
SIG. .OOO.OOO which is about So'1"'ooo
more than for the corresponding week oi
1910 although S2.pn,0W under the hg-
ures for week ago and is in lire with
the favorable statement of the country
foreign commerce for February.
The banks have lost Sl42J.ooo TO the
Sub-Trcasury since last Friday, ana are
forwarding large sums 10 their CORE
snondents in the interior for use III
meeting the requirements Of trade ana
agriculture. There is no indication, how
ever. Of any change in the extreme case
of the local money market, where the
maximum call rate yesterday was only
90 per cent and further slight reces-
sjons occurred in the rates for time ac-
commodation for nearby maturity. FL
nancial institutions have been and still
are considerable purchasers of short
term notes and other securities, finding
profitable use In these investments for
the funds for which they cannot obtain
profitable employment in the money
market in its present condition Of stag