New-York tribune., 1911-02-21
FINANCIAL MARKET
Money and Sterling Exchange
Conditions Without Feature.

Stock market trading showed decided
contraction in the total volume of busi-
ness as compared with recent daily
operations. while transactions were poor
" distributed. with the larger part OF
the dealings in a few issues. chiefly
Reading, United states Steel. Erie,
Union Pacific and United States Rub
Der. The Wabash shares showed some
activity I'm the afternoon and Interna-
tional Harvester was something OF d
feature in the morning. but elsewhere IN
the general list pronounced dulness pre-
vailed, early speculation being restricted
10 a certain extent by the possibility of
important decisions by the Supreme
Court and In the afternoon by unwilling
ness on the part Of operators TO make
extended commitments on either side of
the account until such decisions had
been handed down. The court convened
after its three weeks adjournment, but
made no mention of the Standard Oil
and American Tobacco cases. Trading
also was held in check by the uncer-
tainty over the outcome of the railway
rate controversy, on which the Interstate
Commerce Commission may make a rul-
ing in the current week.
Commission houses we're not factors in
the market. and the substantial financial
interests likewise We're inactive. the chief
part Of the days business representing
professional operations that had little
effect upon prices. AS a rule, net gains
were reported at the close, most stocks
showing a fair degree Of strength in the
afternoon. without the accompaniment
Of an expansion in the volume Of deal
ings. In the bond department activity
marked the course Of the Wabash re
funding and extensions Is, the advance
in the issues apparently being specula-
tive in character and based upon the
expectation that the company's securi-
ties would increase in actual volume as
consequence Of the change in control
OF the Gould system. II was suggested
that no more Wabash per cent bonds
would be sold and that the financial re-
quirements of the property would be
financed by the Missouri Pacific. The
declaration OF dividend on Southern
Railway preferred last week encouraged
some buying Of the Fries on the theory
that Erie first preferred would soon be
restored to the dividend class This idea
appears to be rather far fetched.
Money rates showed no material change
yesterday from the closing of last Week,
while sterling exchange likewise pre-
sented no new feature. Easy quotations
for sterling are looked for in the course
70 our improving foreign trade condi-
tions and TO the expected further par
ticipation by Europe In new American
securities offerings This country is
building up a credit balance abroad,
something which it has not enjoyed for
many months. Although our money
market is in a strong condition, as re-
fected in the changes in Saturdays S
statement Of the Clearing House banks,
higher rates for loans are not an i'm
spring, owing TO current indications OF
increased activity In mercantile circles.
heavy sales of new investment issues
and more active speculation in stocks.
In view Of the expected enlarged demand
for money, it is especially encouraging
TO see our trade balance with other coun-
tries growing II we should need gold
we would be able to secure it in Europe.
In the last month there were net i'm
ports of gold of SS.6l9.47O and from July
] net imports of $39, 1866, against net
exports Of the metal in the same time In
the preceding year Of $49,126.SS5. The
January movement was made up In large
part Of shipments from Canada and
Mexico