New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-30

FINANCIAL MARKE!
Local Banks Losing Money to the
Government and to Canada.

In Yesterdays stock market transac-
ticns were made up in large part Of the
operations of the professional element.
There was nothing new or novel IN the
character Of the trading, the general
course of business being wholly in line
with the SPECULATION that has prevailed
IN the stock Exchange for many weeks.
Certain sDccialtics We're taken in hand
hv traders in the expectation Of attract
ing an outside interest in the market
but commission houses were unable to
report a disposition on the part OF their
out -of-toWn customers 10 become ac-
lively identified with either side Of the
account. Canadian Pacific made q new
high record. This stock is a foreign
issue and does not move under condi-
lions that affect the general list. As
there is little TO say about the stock
market as a whole at present. the writer
Of this column may be pardoned if he
mentions to- fact that several years ago
when Canadian Pacific was ceiling under
100 he advised its purchase for Ions
pull. The high price for the stock yes
terday was above 20.
The Canadian Pacific Railway is oper-
ated by men who know the railroad
business. and its lines run through
country that is quickly growing up To
the mileage Of the company Further
more. II is backed by the support Of the
stable and able Dominion government.
The stock Of the company is on 10
Ter cent dividend basis, and although
at its present price it Yields little less
'han tle per cent it is nevertheless q
good investment for persons who con
slider safety rather than dividend re-
turn. At the close the larger number
oT issues showed unimpOrtant losses as
compared with the final figures in Tues
days market. Missouri Pacific was
pressed for sale FOR a brief period, but
the movement brought out no subs;an-
tial offerings. While Reading. Union
Pacific and United states Steel supplied
a large proportion Of the dealings, the
rrice changes n these issues were not
extensive Bond houses reported a far
demand for railway mortgage issues for
investment account "ith transactions
on the Stock Exchange relatively more
active than those in stocks.
on their operations with the Sub
, Treasury so far in the current week the
local banks have lost more than SIVpo-
600. including Withdrawals Of SNoV'
gold coin for Canada. As New York eX-
change at Montreal is quoted at dis
count shipments of the yellow metal to
that point are not surprising, especially
as AT the end Of the first quarter IF tha
YEAR the Canadian banks arc ACCUSTOMED
70 increase their holdings ror window
dressing purposes. II Is worth noting
however. that the Canadian money mar
vet &c more active thon our own. and
that general business i'm the Dominion
shows an expanding tendency. with an
increasing demand for loan accommoda-
ton for the account Of mercantile m
tcrests. Changes in national bank mold
ings i'm the United states. a. shown by
thc ccmpilation of the Controller Of the
Currency under his call of March I. pre-
eent an increase in loans, as compared
with the call of January II, 81 fl''"'o'-
Cos and IN increase since March ~
1910. Of S125,94J.SjJ. and an increase in
cash since January Of the current year
Of 81. IG9.2GS. Total resources have in
creased since the last preceding call
more than S120,O00O0o, while compared
with n year ago there has been gam
of S3gN. Nl9. SG2. The national banks AT
this centre SHOW a gain in loans since
Jauuarv. 1911 Of o1,21oHs6, due IN
largo rart to syndicate operations. Inc
general position of the banks through
out the country is stronger than reported
al this period year ago, ana 'hey
or, i'm excellent condition 70 handle de-
mauds incident 10 expected expansion III
,,r industrial activities and the financing
of The requirements OF our railroad cor