New-York tribune., 1911-02-01
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Stocks Generally Hiqher--UnIon
Pacific Improvement Plans.

Tho announcement Of the Improvement
nroerammo decided upon by the Harri-
man system could hardly he called J.
factor in the strength of TN" stock mar
le, ,estnrdsy. for il did not come out
until the last hour and the market had
heon strony from the opening. but there
&c NO doubt that u will have an tmpor-
tsnt and continuing influence upon sen
tinent and viii make for the reStora-
tion If confidence The Hartman sYs-
tom like other railways has for cop
siderable time been eXpendine upon Us
nroperties little or nothing beyond I've
amount ne essarv for maintaining them
in good condition. and the considerations
,ror,rtine This policv Still exist. ss
President Invett SAYS in his statement.
Put these unfavorable conditions the
Union Pacific management-Wnich m
cludes some OF the most able and tar-
s.nirc, nnanciers of the Country-iudg"s
r. he only temporary. and, holding that
opinior. it has decided upon plans 't
hetterment which will involve the e\-
,enditure of S7i.o00,O0n within the com
i,o 6va wears for double tracking and
tho expenditure of a further heaNN sum
for extensions and now lines. The DO
cision. II is probable. will ennearteh
so,ne of The other great railway sys-
toms. leading them to place orders FOR
rails and equipment beyond the amount
~ their irreduciblc necessities, and may
mark the turning of the industrial uoe'
The quarterly statement Of earnings
nj the United states steel Corporation
was AS usual. not issued until after the
close OF the ma ket The net earnings
had not been commonly expected to he
greater than around S2S0b".0po, and
rroved 10 have been slightly under SD
unnOnN Judse Gary. however In a
statement supplementinG the report
said that the outlook was becoming
much more promising, there having peen
decided quiCkening of business dur
;ro the month of January, and that
,bera was a marked Improvement in all
lines. steel common was as active AS
usual in the stock market. and made
net advance Of - per cent Closing a' us
best Of the da-.
The Hill issues were again among the
strong features Of the market, North
ern Pacific gaining 2$t and Great
Northern 10. Atlantic Coast Line ana
! o,,isville {. Nashville also made con-
eiderahle gains. as did the various
enocialtios and inactive stocks, but IN
tle majority Of the issues the net
changes. most Of them advances were
,nIv fractional. Pennsylvania advanced
:, nor cent. in the face Of a disappoint-
ing showing If earnings foi December
The gross having decreased S44o.SJO ana
,xnonses having increased Sl44l.9o.
resulting in . loss in net of 81, ,SS2,"o for
the month.
There was much discussion of the dis
MATCHES from Washington which poihteo
ont that the national banks of TINS city
had lost S1JS0OO!OOO i'll indlVlduai de
rceite between November 10 last ana
January I. and various explanations OF
INC cause were advanced, some or theil
decidodlv fanciful. In the opinion OF
rrominent bankers. the heavy decrease
i'm dtpnsits between the TWO dates Is as
scriballe primarily to the fact that the
banks had borrowed largely from Eu-
roye last fall. 90 AIRY them over the
ucw wear. in the expectation that money
might be tight at that period. The trade
balance in fafor of the United states
however. proving Unexpectedly large
thcv were enabled 10 liquilate very
considerable part Of these ohllSd ppns'
and aid IL through drawing upon IN" de-
,osits IN tho New York banks. Another
,,use Of the shrinkago IN the deposits
oC the national banks. IT was pointed
ont was the action Of the trust COM
tanics in increasing their own deposits
hv drawing upon their balances with the
national banks