New-York tribune., 1911-11-17
BANK STOCKS ON STOCK E
FINANCIAL MARKET
Withdrawals of Gold from New
York for Shipment to Canada
and South America.

Bear traders came into the Street
yesterday in the confident expectation Of
driving prices for stocks to lower levels,
but in the best part Of the five hours Of
business quotations moved in the direc-
ton of higher figures under the in
fuence of covering by operators, who
found in the character Of the buying at
the opening no reason for maintainin- a
position on the short side Of speculation
for the time being The speech of Judge
Knapp, of the Court of Commerce. on
the future of our railroads was favorably
received; former President Roosevelts
remarks in The outlook" found re-
sponsive chord in the financial com
munity. and the Union Pacific's annual
report. showing an enormous increase In
the company's assets. was not without
influence upon sentiment although the
publicat ton of the report was followed
by some responsive selling, on the
theory of liquidating on good news.
Judge Knapp says il we are TO go for
ward the revenues of the railroads
should be sufficient TO pay such return
l Don honest investment that capital may
be attracted for the construction and
extension Of railways and the develop
ment of regions that await IS. and that
there is danger in the presen- condition
of experimental legislation and expert
mental dealing with the transporta ton
companies.
Theodore Roosevelt says the effort to
prohibit all combinations. good or bad, Is
bound to fail and ought to fail, and that
our purpose should be not to strange
business as an incident Of strangling
combinations. but TO regulate big cor
porations in thoroughgoing and effective
fashion. so as to help legitimate business.
Our big financiers and business men are
wholly i'm accord with the sentiment of
these two big men. 1t is high time to
adopt safe and sane policies. Norfolk
e. Western sold at a new high level.
Lehigh Valley advanced to within a
point Of its highest price on the current
movement and Louisville & Nashville
gained more than points, the advance
reviving the expectation Of an increase
in the dividend. The upward movement
by important buying by commission
houses for public account. The close
was activ. and firm, although certain
room traders insisted that speculative
anC outside conditions demanded lower
prices. If conditions Warrant lower
prices declines will develop. Wall Street
bulls take much comfort in the refusal
Of the Attorney General TO appeal from
the Circuit Court on the American To-
ba 'co dissolution plan. Mr.. Wicker
sham's attitude is wholly in line with
law and precedent
The withdrawal of 81 10000 gold
from this centre for shipment to Canada
is natural development Of the price Of
exchange in Montreal on New York,
while the arrangement for sending $500
900 gold coin from this centre TO South
America for the account Of Paris is n
normal development Of the international
monetary situation. Both Paris and
London have heavy obligations to meet
in South America, and owing TO the
present situation OF the foreign exchange
market and the ease of money rates here
.ho,, 1ouI,IoeS ALL oxporicpea Httla diH
Guilty in making payments through the
New York market. which just now is in
a position 10 do almost any amount OF
reasonable financing for foreign coun-
tries Ordinarily at this time of the
year New York is called upon to meet
finance bills representing loans made
earlier i'm the season for local account,
but i'm the present instance New York
has no obligations Of this character,
while il is extending accommodation to
foreign borrowers In view OF the slack
domestic demand for money the trans
fer Of funds TO Europe will continue
home The Bank OF Engl. I'd in its
weekly return shows a proportion of re-
serve TO liability OF $3.50 per cent.
against J2.3G per cent at this time last
compares with n ten-year average for
this period OF 1892 per cent. The per
cent discount rate remains unchanged.
AT this time last year the rate was per