New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-24
FINANCIAL MARKET
Money Rates Unchanged, in Spite
of Further Gold Shipments.

The stock market opened active and
irregular. with prices Of many issues
under the close of the preceding day, but
the general course of quotations In the
five hours Of trading was I'm the direc-
ton of higher levels. final figures show
ing net gains in the larger number OF
securities. Louisville & Nashville and
the shares of all the roads in the South
were strong. Louisville enjoying a maxi
mum gain of 41s points on buying backed
by the theory that the company soon VIII
do something substantial for its stock
holders. The advance in the dividend or
the Atlantic Coast Line, which controls
the Louisville & Nashville may fore
shadow a "melon cutting for the share
holders Of the so-called Walters roads,
while not a few observers believe many
other railroad companies soon VIII make
distributions from undistributed equities
10 the owners Of their stocks. 1t is I'M
derstood that one Of the recommends
lions OF the i1dultN NDlHih'HH'pi' - ~
regulation of capital issues, and as The
Wall Street Journal" remarks, it there
fore follows that railroad directors VIII
he in favor of giving to stockholders the
benefit of equities to which they are
leoitimatelv entitled before public opin-
ION i'm the matter Of the regulation OF
capital issues crystalizes into law.
While there was nothing official In the
talk Yesterday on Louisville IL Nashville
Wall Street had the rumor the COM
panv's capital stock would be increased
Immediately from SGOOOO,OOO To SlV'-
OO0O 900. and that the present stockhold-
ers would he allowed to subscribe to the
nevy shares at par. The company has
beer earning at a rate of more than Ii
nor cent on its stock in the last three
wears. and at the present time II mas d
surplus equal to - per cent on its Sou
O0O 900 capital stock. while its income IS
steadily being increased from its return
an IFS investment In the prosperous
Nashville. Chattanooga q St LOUIS
I,ouieville & Nashville, on the basis Oh
IT'S current earnings, would have no dliii-
Guilty i'm paying per cent dividends on
a larger Capitalization. Good buying was
reuorted I'm the Southern Railway issues.
The Cincinnati, New Orleans d Texas
Pacific controlled by the Southern, not
only advanced its common stock dlVl-
dand hut declared an extra dividend OF
. Der cent. which will help TO strengthen
the treasury Of the Southern.
Strength in Union Pacific and other
prominent issues in the Afternoon was
effective i'm attracting commission house
buying to a moderate extent, while IL
encouraged the expectation of higher
prices I'm to-days market. The advance
in Union Pacific was accompanied by
reports Of a melon cutting 1t was
q melon cutting" rumor day in wan
Street. extra dividends. increased diFi-
dends and rights on new stock appar-
entity being taken for granted. Advances
from the low points Of the morning were
substantial i'm the active list, but net
gains seldom amounted 10 more IMAM
one point Union Pacific, United states
Steel Reading, Southern Pacific. Chesa-
peakc q Ohio, Northern Pacific. Louis
willie q Nashville and Atlantic Coast Line
being features. I'm spite Of further with
drawals Of gold from the Sub-Treasury
/ for shipment to Canada and South
| America and an estimated loss by the
banks Of more than 100000 in the
current week. money rates were I'M
changed. The Bank Of England made
favorable return. showing proportion
of reserve to liability of 51.O4 per cent.
compared with a ten-year average for
this period of $3.50 per cent.