New-York tribune., 1911-02-18

FINANCIAL MARKET
Banks Gain Upward Of $4,000,
600 on Weeks Currency
Movement.

a
market prices showed decided firmness
throughout the day. with small net
gains in the larger number OF issues at
the close. The decline that developed In
Thursdays trading failed TO attract
overnight selling orders from outside IN
terests. and in the absence of further
Wall Street liquidation operators VINO
covered their shorts at the low points IN
.ho Iote transactions Of the day before
took a position on the long side OF specu-
n tion. although they confessed little be-
lief in the theory of materially h'gher
o,,otations in the near future. AT the
moment there is no particular reason 'o
huv stocks on borrowed money lhete
;s however. no good reason why actuai
oUners should sell, while there are many
good and sufficient arguments Tor the
nurchase of stocks outright on all reac-
tions. With the railroad rate deosioh
near at hand, and the posslolllty OIL Oh
carly oninion from the Supreme Court
:, Tho Standard oil and American To-
bacco suits, il is not surprising mat
sueculation in stocks has assumed
hesitating tendency
Strength in .dissouri Pacific convert
ible IS was a feature OF the market
Tho IRON Mountain bonds also were
strong while Missouri Pacific recovered
much of its loss OF the preceding DAY
The general list showed its best strengtn
in the late afternoon, the character OF
tho buving at that time suggesting the
presence i'm the market of substantial IN
terests and rejecting the satisfaction
fe1t nv the decision Of the Southern Rail-
,va1, directors TO resume dividends on the
nreferred stock of the company. In We"
of the fact that the Southern Railway
is Morgan property the resumption OF
dividends, which were suspended IN l"oi'
is of unusual significance. Further
more. the action Of the directors is i'm
nortant in showing the growth and de-
velopment Of the Southern Railway sys-
tenn and the growing conviction on the
mart Of railroad managers that long
period Of business expansion has set IN
The Southern Railway is q great and
growing property. and in the last four
years tremendous amount OF money
has been expended in strengthening lts
physical efficiency.
According TO the known movement OF
money in the week the local banks have
ga,ned inward Of S4,5OOOOO in their
cash holdings. Receipts OF currency
from the interior exceeded shipments
from here by 100000. which, with
gain of S2,240O00 in gold in assay and
mint office checks. more than onset the
,oss on the operations between the Clear
irq House institutions and the Sub
Treasury. The estimated gain by the
hanks in the week and the course OF
money rates suggest favorable snow
ing in the bank statement to-day. Ihe
preesure Of money in the local market is
heavy. and as a consequence rates for
time funds have been reduced, with
ninety day loans lending as low as Ter
cent and FIVE months maturltles AT o12
per cent, while the maximum Tor SIX
months is 3aa per cent Notwithstanding
the easier tendency in the money market
bankers believe that higher quotations |
will develop in March, owing 10 an ex-
pected active spring inquiry for accom-
modation in the mercantile community |
and 10 the demands that doubtless VIII
be made upon the money market incident
TO the financing Of the requirements OF
railroad and industrial corporations.
Sterling exchange is moving in a direc-
tion opposite TO that reported at this time
last year and from current Indications
n will be a long time before Europe VIII
be in a position TO draw gold from this
Fortunately, money is growing
easier abroad, as reflected in the reduc-
tion by tte Bank of England in its min
imum rate OF discount. and II our mer-
chandise exports continue 20 exceed I'M
ports 10 the extent recorded in the last
five months, and II Europe continues TO
show a growing interest in our securities,
the yellow metal may move TO this centre
In the late spring.