New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-06
FINANCIAL MARKET
Sterling Exchange Is Drifting
Toward Gold importing Level.

Stock market prices moved In an ir-
hours of business. with small net changes
a the close. The general course OF trad
ing reflected efforts by bear operators 20
bring about a lower range of quotations
and a DISPOSITION on the part of infiucn-
tial interests to render support TO the
extent Of preventing important declines,
buying by the latter being most pro-
nounced in the Hill shares. Union Pa
ci,ic. United States steel, Atchison. Nor
folk & Western and Rock Island. the
last named issue was one Of the active
features Of the trading. and the charac-
ter Of the buying suggested accumula %
ton by persons well informed regarding
the financial position Of the Rock lsland
property and its outlook for increased
business as consequence Of the large
amount Of money that has been OK
pended on it's lines In recent years ana
the remarkable growth Of the country To
which il caters. The same sort or nuy-
ing is reported in Atchison. The Atchi-
SOL. Topeka & Santa Ft owns track
age from Chicago To San Francisco
through states that are rapidly growing
i'm population and manufacturing ana
agricultural activities. and owing ~ the
farsighted policies Of its ma nagement the
nropertv has been built ND on physical
lines cspable Of meeting the increased
needs Of the community 1t serves Win
out Weakening it's position As far as div
dende are concerned.
With the exception or American Smet-
ing Reading. Union PaclflC. tnhod
states steel and 81. Paul most OF inc
nromjnent issues ended at small net
gains. while the stocks named showed
ONLY small fractional losses. The Erie
stocks were strong features. and II was
reported in connection with thor 40
vance that a part Of the Great NORTH
ern's 100000 NOO bond issue would be
used for the purchase Of the controi OF
,he Erie Railroad. Through it's contein-
Mated absolute ownership Of the Bur
lington the Great Northern could use the
Eric. if II could get It. 40 an east end
NJ q transcontinental railroad II may
hc recalled that about ton years ago
James I Hill bought into the Erie. and
subsequently retired from active connec-
ton with the company because. as II
WAS reported AT the time. he did not Ike
the mean looking condition OF the com
nanv,s Jersey city terminals. Erie has
changed for the better in the last ten
wears. and there is every reason ~ ne
lieve that it will continue to change FOR
tho better. Likewise Norfolk d west
orp the stock of which was in good de-
mand Yesterday.
There was no material change III
money market rates yesterday as com
nared with last weeks closing hsures
and I'm banking circles the loss In CAST
and reserve holdings of the Clearine
House institutions in Saturday state
mont was not taken as an indication OF
higher rates for funds in the immediate
future. The chances are. however tna'
FROM now on the general tendency 81
loan quotations VIII bt III ''i' VI"
~ hotter figures for lenders, although
rothing i'm the nature Of stiff prices for
accommodation is looked for before the
autumn. Banks at this centre are in a
strong position, while throughout the
country cash and reserve holdings oil
state and national banks are much
boa vjer than reported at this time year
ago and with only a few exceptions IN
wears preceding 1910 the gain IN cash
and reserve resources being due To the
WIDESPREAD liquidation that has taken
Mace I'm money and business since the
collanse of the unhealthy temporary for
yard movement that followed the panic
of 1907. The money market at present
IL absolutely sound; and the same thing
NAV be said OF conditions underlying oui
industries. Everything is i'm readiness
for trade expansion, and stock market
nrices already are discOunting the return
NJ the country's business To a normal
| basis The outlook for the crops IL
most promising. confidence about thu
! future is most pronounced in bust
ness circles. money l. in abundan
supply and owing 10 increasing exports
If merchandise and q disposition on the
Part OF Europe TO buy our securities ON
credits abroad are growing. The factor,