New-York tribune., 1911-02-17
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Stocks Decline, Despite Favor
able Developments,

Aft,r a fortnight OF marking tlfne
the stock market yesterday developed d
,.oisod weakness and on volume oil
,.i,,oss double that Of wednesday
,,r,cos declined all along the line. cios'hs
a,,,,r.o heinc In most instances at or al
=. =. the low Of the day and many OIL
the active issues showing net losS''
from H. to 2l2 points or more Inc a."
nouncement of the passing OF coil''o' ''
.ho Missouri Pacific Railway INTO lne
hands of powerful banking houses III
notation with John ID. RockeIeler
,,.,s evervwhere taken as meaning ''d'
the property was to be brOusht "P ~ "
state of high efficiency ana OF resui'ins
nrofit. but the stock, after an Ihi'i"l "u
,.once of 81 per cent. was heavily soiu'
souir, sharplv on profit taking such as
- ,,..,,o,,,. seen "when the good news IS
ont bear operations also oeins III p''
tn, cause of its weakness. Inc pear
marty. indeed. early eXtendeu 'fiei' oP
erations to other parts OF tle Hs' an
fonnd that prices yielded with a reaui-
-, ,vhich might be thought to nave
,,,oda unnecessary the circulation in the
afternoon of the rumor OF the ued'' "
Iobn d. Rockefeller, which hatuI"h!
gave added impetus to the do""" diu
,andepcv but the authoritative prompt
denial of which had no effect III checN-
,r,, the decline. Consideration was also
given TO the fact that the supreme Coui
of the United States would be recon-
vened on Monday after the three "eehs
vocation. the possibility Of the handing
don.n of some opinions which might un-
favorahlv affect the stock market beng
urged as another reason for selling. Not
all of the decline, however. was due 10
the short selling. fairly large part OF
tbe sales probably being liquidation py
holders of stocks who argued that as
the market had for many days refnseu
IN continue the advance Of last month IT
ought to go down and would go down.
The lowering of the Bank of England
rate was a favorable development or the
dov. as giving an additional guarantee oil
the continuance Of ease in the money
market: but II was disregarded by the
local market for stocks. as was the ex-
| cellent showing made in the govern
ment's foreign trade statement for jan
nary and the seven months OF the cur
I rent fiscal year Exports for January
were nearly S53,000,OO0 greater than for
the same month In 1910, and the excess
of exports over imports was about S6',-
| 600 900. against less than S11,VNoo a
| wear ago For the seven months ended
/ on January 81 the exports exceeded the
! imDorts by 1868. 900, 600 comparing with
| S193. 100000 in the same period Of the
last fiscal year. This great gain has an
| important and highly favorable bearing
upon the position of this country 40 re-
spects it's international obligations, al
though il should be noted that II Is the
result chiefly Of the higher price of cot
ton, and thus may be much reduced in
! future. with less favorable cotton crop
conditions, even though the volume of
! IMPORTS should not increase.
The local money market yesterday
! showed practically no change in rates.
! ease continuing in both call money and
/ funds for use for various fixed periods
! The foreign exchange market was feat
ureless Cotton and grain prices closed
at slight advances over the preceding
/ a..