New-York tribune., 1911-03-03
BANK STOCKS ON STOCK ExcHANe
FINANCIAL MARKET
Domestic Exchange Rates Sug-
qeSt Currency Shipments.

The expectation Of an extra session OF
Congress, the absence of public interest
in the market and poor returns by some
railroads for January, TO say nothing of
apparent unVillingness ON the part Of
larger Wall Street houses TO partici-
pate in the dealings were responsible for
some aggressive selling by professional
traders in yesterdays operations on the
local Stock Exchange. the net result OF
such transactions being confined TO net
losses in the larger number of issues. In
a few stocks maximum declines ran in
excess OF two points, notably in the case
Of Missouri Pacific. Reading, Union Pa
Cifc and United States Steel, but as a
rule the volume Of selling was too light
TO bring about substantial depreciation
in market values in the general list.
Sentiment on the floor and in commits
sion houses was bearish. Ideas of specu-
lators on the future Of the country's
business are not particularly encourag-
ing at the present time, but such ideas
are not worth considering for the rood
reason that they are not based on act
uaI conditions or on common sense. An
extra session of Congress will not lessen
the intrinsic worth of American invest
ment securities, though it may supply
ammunition for a certain class Of specu-
lators in campaign for lower prices.
~r!vcs against stocks on the extra ses-
sion business will not, from current in
dications, upset the plans Of the finan-
Gers who have in mind operations in
volving the development OF our corpora
tions 10 meet the demands Of growing
population and the needs of the general
consuming public Wall Street-that is,
the speculative element in the Streets
overfed with the sort of fodder that
brings fat rather than brains. Specula-
tors do little 10 encourage confidence
among the little business men. Cnfort-
unately. the latter are paying more atten-
ton at the present time 70 the silly talk
Of narrow minded spectators than 10
the operations Of big men who are work
ing TO establish our industries on a basis
that always will insure physical eff
cheney and permanent dividends Cur
rent conditions suggest no reason why
Ueople who have idle money on hand
should not buy stocks on all declines.
Stocks bought for cash now and tucked
away will come in handy later. Money
was easy yesterday, and there was
no material change in sterling rates.
eli
falling off in its percentage Of reserve
to liabilities in its weekly return, but IL
presented proportion of reserve. never
theless. higher than the ten-year average
for this season.
Our House Of Representatives is made
up Of men whose opinions on financial
topics seldom agree 10 2 point that
allows o majority vote in favor Of legis-
iation along lines indorsed by the bank
ing community. II therefore is en-
couraging 20 note the fact that the
lower branch OF Congress has passed the
measure, already carried through the
Senate. eliminating the circulation privi-
lege on the Panama 3 per cent bonds au-
thorized by Congress in 1909, this action
of our lawmakers rejecting a tendency
on their part TO listen To the arguments
"a men experienced IN the business Of
finance and suggesting the possibility
that the campaign OF education looking
10 currency reform eventually viii result
In the establishment OF our monetary
system upon a basis that will best meet
the requirements of the general business
situation. An impractcable situation
I'm reference to the government bond
market was created by the authorize
ton of Panama Canal per cent bonds,
as such bonds would carry circulation
privileges, which OF course. would affect
adversely the -, which are largely held
against national bank note circulation
The latter issues held against cirCulat-
ing banknotes are subject 70 a tax or
ore-half Of ] per cent. against a tax OF
per cent on the 3s. While at one time
il was the intention OF the government
10 ask Congress 10 pass "A law equaliZing
the tax on the 3s. 50 as TO place them on
a par with the p, II subsequently, was
decided that the better course would be
10 let the 81 stand on their merits by de-
nriving them OF the circulation privilege
From SJ00W,oOD 10 S100000O0O Of
the Panama IS will be issued in the i'm
mediate future, and there is no reason
10 suppose that they will not hnd q ready
market. There is a good market for