New-York tribune., 1911-02-16

FINANCIAL MARKET
Time Money Rates Easier. While
Sterling Exchange Declines.

Interest in yesterdays stock market
centred largely in Missouri Pacilc. IN
which dealings reached q relatively
large total on a price movement that
showed great irregularity, with small
net gain at the close after maximum
advance Of more than ) points. Ger
tain Gould directors are TO retire from
the Missouri Pacific and representatives
Of powerful financial interests are TO go
on the board. while an experienced
operating man is to succeed Mr.. Gould
as president, all Of which will make TOT
harmony in the management or the
rropertv and serve TO strengthen the
credit of the company. Although the
general market showed little life in the
day prices as a rule were strong until
the late afternoon, when reactonary
tendency developed. traders apparently
believing that IN view OF the long period
Of advance through which the market
had PASSED all favorable developments
should be ayailed OF for liquidation
Erie was among the few issues that
showed decided strength In the hnal
transactions. its advance reviving the
old rumor of a connection between the
Erie and the Missouri Pacific. Perhaps
the Erie would like 10 secure more OF
the Pittsburg traffic through the Gould
lines. There is any amount OF specula-
tion in the Street regarding the future
of the Erie. and while a vast amount OF
hnn I'd
property. the road is making good
record In the matter Of earnings ana
moving toward the point where re-
sumption OF dividends on the first pre-
ferred will be justified. Missouri Pa
ci6c earned about 3 per cent on its stock
iast year, while the Erie did as well on
its common. but Missouri Pacific
chances OF a dividend are more promis-
ing than those Of Erie common. as the
latter ie n third claim after two pre-
! fcrred issues Moreover. the earnings
| Of the Missouri Pacific are likely TO eX-
pand faster than in the case OF the Eric.
/ Northern Pacific was among the days
/ strong features. Call money was un-
! changed, while time maturities were
easjer Sterling exchange was heavy.
The average price Of the leading rail-
| road stocks is less than point under
/ the best figures Of the year, while the
same thing may be said Of the average
FOR the industrials. Notwithstanding re-
cent efforts by traders TO bring about
I substantial reaction. No large amounts
! Of stock appear pressing for sale on re-
actions. and offerings are well taken.
/ In view Of the probability OF decision
/ IN the railroad rate case by the Inter
! state Commerce Commission before the
| end Of the current month hesitancy III
the market at this time is natural ana
10 he expected. Furthermore, the 1act
that the Supreme Court convenes on
Eehruerv 20 likewise serves 10 restrain
speculative activity, although IT IS not
generally believed that opinions IN the
goyernrnents suits against the Standard
on Company and the American To-
! hacco COMPANY will be handed down on
| that dav Doubtless the market will get
tts next impulse from the railroad rate
case. A decision against the railroads
should logically be followed by dggres-
sive selling by the professional element
but the general characteristics OF me
nresent market and the attitude II the
larger interests toward investment Sc
curjties. including their Willingness To
undertake the financing Of the require
ments of corporations. do not suggest
that more than passing weakness Will
devcIop Bankers are endeavoring to
preserve stability in the stock marker
! and they appear TO be quite saiislsu
| with the prevailing level OF prices. The
! dcnnnnd for bonds both on the stock
| exchange and over the counter con-