The Washington times., 1911-02-19

/ through antagonizing the Pennsylvania
railroad interests in the East and thu
Union Pacific in the West. The Mis-
souri, Pacific is really a great railroad
and under proper financial and physica
management it can regain much of IT.
| old time prominence. Ii will require {
very heavy expenditure to bring tht
property up to the state of operating
efficiency of its competitors, but unde
the new order of things the capital vii
| doubtless be forthcoming. With per
| sons familiar with the Missouri Pacific
| problem 1t is not believed that it's inde
' pendent status will be in the slightes
affected by the changes which have
taken place in the directorate, or which
are contemplated in the management
The new interests in the Missouri Pa
cfic are so closely identified with tEC
chief competitors of the road that Wal
Street has better reason to look ,upoT
the developments as recTudescence Oi
the old harmony of interest idea thar
4 revival of contests for control" Tht
latter are a better memory.
Though unnOticed I'm Wall Street the
most important development of the
business week probably was the fine
showing of international trade for Jan
uary. This again shows the tendency
strongly in our favor, and the balance
though total exports did not reach The
heavy aggregates of either October, No
vember. or December. The total ship
ments for January, however, reach the
large figure of Sl97. .O60, ,557 and the excess
of exports over imports for the month
was $66, 71i1,334. During January. 1910
,he excess was but SO, 79l l57, and with
but one exception, that of 1903, the eX-
cess exports of January are the largest
for that month since 1901. For the
seven months of the fiscal year to date
excess exports amount to $G6S. .OZ9, so
They COnStrast with $l93, 49S go for the
same period in 1910, and they have been
exceeded but twice in a like period,
1908 and 1904, since 1901.
Money and Investments.
The bond market of the week con-
tinued on the quieter basis which has
already been noted in this column, and
that quiet nursing of that division
seems necessary is clearly indicated by
the official announcements of tempo
rary financing by no less than three
railroads: the New York Central So, ,0OO,- =
90 three-year A.. per cent notes: the
Baltimore and Ohio two-year Az per
cent notes, and the Erie, which asks
authority TO bring out $l2,JO0O00 notes.
the rate of interest and the period not
being stated. me proceeds of these
last two issues is TO take up like
amounts of notes maturing. Temporary
financing is not associated with a
strong and active investment demand,
and though there may be special rea-
sons. on this occasion. which rob these
transa CtiOns of their usual significance,
they do not point to extensive individual
investment buying. A note issue is a
banking. rather than an investment,
proposition.
All developments In the money mar
kct of the week were favorable, in
Guiding reductions in the minimum dis
count rates of the Bank of England and
the Imperial Bank of Germany, as
result of which, in part, time money
eased off slightly In the local market
Other causes contributing to easier
money were still further reductions in
commodity prices.
The bank statements of the week were
not illuminativc, the loans and deposits
increasing in the report built up on av
erages and decreasing in the report
showing actual conditions. The surplus
reserve. under the system of averages,
declined SS13,2o0, while It increased S3,-
S72.650 in the actual report. Under the
old method of reporting cash holdings
increased S.sl9, 400. and about twice that
sum actually. The banks now hold $685.
$3.50 in excess of requirements. about
one-half Of the amount continuing, as
usual, in one large banking institution.