New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-06
FINANCIAL MARKET
Local Banks Gain More than
100000 on Weeks
Money Movement.

While stock market prices moved IN an
irregular manner in the large part OF the
FIVE hours Of business, final quotations
az a rule showed gains as compared with
the closing Of the preceding day Trans
actions represented little beyond the op-
erations Of the professional element, eX-
cept in the case Of Union Pacific, Read
ing. United States Steel. Atchison and
international Harvester. the last named
issue being bought by substantial Wall
street interests financially identified with
the company. The remarkable progress
Of the international Harvester Company
IN the matter OF earnings and physical
efficiency suggests much higher price
for it's common stock, but the fact that
the issue has enjoyed rapid advance in
the last ten days should serve 70 restrain
heavy purchases on margin by persons
who have small bank accounts. The In
,ernstional Harvester Company is big
concern. backed by prominent bankers,
and. while the character of its business
warrants confidence in its future from an
investment point of view extreme eau
ton ought to be exercised at this par
tic,dsr time In buying it's securities on
borrowed money And the same thing
may be said of Canadian Pacific shares,
which have gone up almost by leaps and
hounds In recent weeks
There is a big bull pool in Canadian
Pacific. which in itself offers reason
for outsiders toleave the stock alone. UNI
less they wish TO buy it for investment
account a good demand was reported
for Atchison throughout the day. and
close observers Of market movements
thought the issue would be a feature on
the bull side of speculation in future bull
markets. while they also thought the
metal issues would give a good account
Of themselves in the days to come.
Amalgamated Copper is finding more
favor in investment and speculative
circles: likewise American Smelling and
Refining. The iron and steel trade is
going through a period of semi-depres-
sion. but in spite Of this and the resolu-
tons in Congress 10 investigate the
United States Steel Corporation the
securities of that concern show most
obstinate refusal TO respond to the at
tacks of bear operators The short in
terest In the general market is heavier
than reported two days ago, and it is
conceivable that in the event of aggres-
sive buying a material advance in prices
will be recorded In all parts Of the list.
According TO the known movement OF
money In the week the local banks have
gained little more than S1,OOOOO in
cash holdings. the loss on Sub-Treasury
operations being more than offset by re-
odpts OF currency from the interior and
deposits Of new gold on New York AS
say once checks. Receipts Of currency
this week from the interior, while in ex
cess Of shipments. have been much
smaller than recently reported, and In
banking quarters IT is thought that al
though interior exchange at most points
NAV run In favor Of this centre for some
time 70 come. the local banks will not in
the course Of the next few months, be
able 10 report the cash gains Of recent
weeks, owing 10 the probability OF bet
ter demand for funds in other cities.
Reports received by the commercial
agencies do not warrant the expectation
Of long period Of business depression.
Fundamental conditions appear to be
sound, and the movement of capital into
old and new mortgage securities is Gre
atine a much more optimistic sentiment
in money and business circles than re-
Gently noted. Notwithstanding the fact
that certain spectators are using all
their limited talents 10 induce the idea
that the country il going TO the dogs.
Prosperity is not a thing OF the past
There is enough money in the country 10
make the wheels go round. and just as
soon as the throttle of our business en-
CINE is opened by the elimination of vari-
Gus uncertainties in the present situa-
ton industrial machinery will move
along high speed lines. In the last ten
DAYS more than s90.OO0000 Of new
securities has been marketed. This is a
fair weather sign for the business com
munity and d danger signal for the
prophets of disaster who may be selling
.tocLs SHIRT for a long null