New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-15
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
American Securities Sold Here
and in London for German
Account.

sharp declines were feColOeu VT Iho
early dealings in yesterdays stock mar
ket, due In large part TO liquidation for
foreign account, the European selling
being especially heavy In the American
stocks, which are popular with Berhn
GENERATORS. With the cessation Of for"
eign trading the general market recov-
cred. and while price movements SUB
seouenrly showed great irregularity the
larger number Of prominent issues pre-
sented small gains at the close as com
pared with the final figures of the pre-
cedjng day Notwithstanding the curry
selling for European account and the
circulation Of the usual crop Of unfaVor-
oblA r1Imors and persistent bear pressure
"a times. little stock came upon the mar
l,et and whenever declines developed
MANY bears took advantage OF the OPP
nortunitv offered TO cover their con-
tracts especially in Union Pacific. the
metal issues. Lehigh Valley and Reau-
ing. The general market appears 70
have been oversold, but the larger NUM-
her NJ professional operators still NAM
,ain that lower quotations will be re-
corded before anything IN the nature
If a sustained bull movement can ne
brought about.
The substantial banking interests ap-
narentlv are doing nothing TO ehcourdee
HIGHER prices. but it IS worth noting tlac
=, recent declines they have been the
ohiof buvers and have been ready TO
offer support on the appearance OF oe-
.,,oralization Most stocks are cheap al
,reva,,jpc figures from an Investment
a,,t ~ view. Market depreciation
si,co the high levels Of the year has
heen enormous, and high grade ISSUES
may NOW be bought to return from =
20 rnore than 6 per cent, as, for instance
obtgb Valley. Baltimore & Ohio. North
~, pacific. Union Pacific, New Haven
,.cb,son Great Northern, southern
Pacific. Pennsylvania and Chicago q
Northwestern. Even in the event Vi
dividend reductions by certain com
renias stocks on the basis Of prevailing
nr,ces would not be dear. Talk Vi
lower dividend for Lehigh Valley Goes
not annear TO be well founded, and the
came thing may be said Of Baltimore
e. Ohio. but there are good reasons
for the belief that the New Haven and
tho Ct paul ultimately may find IT
necessary for time TO make smaller
disbursements 10 their stockholders.
Railroad earnings, however, do. not
UNFOLD the Wall Street theory that the
,ransnortation business in general is
on the down grade. Gross returns are
holding UP well, while operating costs
are being reduced through the employ
mont of more scientific methods of hand
ling traffic and by economies in opera
lions that are not weakening TO the
phvsical efficiency Of the various prop
critics. While business throughout the
country is being conducted on a large
dav-to-day basis, great hesitancy is
shown I'm the matter OF making FORWARD
contracts. Money rates were unchanged
here and the Bank Of England main
tanned its minimum rate OF discount
at 3 per cent, while II showed a proper
ton OF reserve to liabilities Of more than
IS per cent the highest figure for this
period in the last ten years, with the
exception OF 1904, ana almost per
cent above the ten-year average. In
gold holdings the British institution Is
stronger than ever before reported in
the middle OF September. Although
Paris has been drawing on London Tor
money and is supposed 10 have With
drawn credits from Berlin, the state
ment OF the Bank OF France does not
reflect the two operations, as loans show
material increase and cash holdings
contraction 81 more than SlWoUo