New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-11
BANK STOCKS ON STOCK ExcHANt
FINANCIAL MARKET
Banks Show Estimated Loss of
More than Se,5OO,000 on the
Weeks Currency Movement.

stock market trading again was light
in volume and without important feat
urc. prices. however showing fair de-
gree Of strength, especially in the Ca
madam Pacific and $500" shares and
Missouri Pacific, the advance in the
Gould issue doubtless being due both to
the contest for proxies and to buying by
interests who are looking more into the
future than the forthcoming election of
directors. 1t has been pointed out I'm
this column at various times that Mis-
souri, Pacific has great potential value,
and there IS now no reason to change
this view. Indeed. the possibilities Of
the road cannot be too strongly empha-
sized. and while it will take more than
day TO regenerate the property the
chances are the stock will move 10
higher levels long before dividends can
be paid The contest for proxies may
result in giving minority holders a rep
resentation on the board, but the char
dGlt'i 81 Alf ItODlt StthlllS SUN l'Il'-
sentation insures the Endorsement by
them Of the progressive management in
tended by the banking interests now i'm
control of the property. Commission
houses were not active in the market,
and their reports all agreed over the lack
OF interest in speculation by the public.
The public is rather cautious at pres
cnt. and it apparently does not intend to
buy stocks until the corporation de-
cisions are out Of the way and it finds
out what effect the reassembling of Con-
gress will have upon prices and the
country's business Just now our indus
tries are picking mp, as shown by the
United states Steel Corporations report
Of untitled tonnage, showing for Febru
airy Is a total Of 3.4OO54 tons. against
3.11O.919 tons on January 81 and 2,614.-
7I7 on December 81. Judging from the
February figures shipments Of the cor
poration's products in the month were
much larger than generally expected,
the increase i'm tonnage amounting 10
200. OOO tons compared with bookings at
the rate of 4O715 tons q day. which
would make bookings Of $500 tons for
the total working days Of the month.
The gain in untitled tonnage deducted
from this total would leave a balance
representing shipments Of 6SS,6O0 tons.
The general market closed dull, with net
gains as rule confined TO fractions. In
the course Of the trading Canadian Pa
cific sold at a new high record.
According to the known movement of
money in the current week the local
banks have lost $6,SOO000 in cash hold
ings. due to increased shipments TO the
interior and large payments to the fed
cral government in excess of receipts.
The loss TO the interior, which amounted
TO S3.J7OOOO. is heavier than looked for.
and represents the beginning Of the de-
mand for funds incident TO spring plant
ing in the West and to the dulness in
the New York money market. which has
induced out-of-town institutions 10 re-
duce their balances a this centre. on
their operations with the Sub-Treasury
he banks IOSI 81, tDt,VN'. d Idi 80 pcl "
which also reflected the interior demand.
as interior obligations to the national
Treasury were settled in large part by
drafts upon New York correspondents In
favor Of the Assistant Treasurer Of the
United States i'm New York. A further
indication of the growing inquiry for
New York funds is found in transfer
Yesterday by the Sub-Treasury Of 500
900 10 Cincinnati for the account Of local
banks. Unless there has been material
contraction in loans to-day's Clearing
House statement showing average and
actual conditions doubtless will make
an unfavorable comparison with the ex-
bibit Of "A week ago. The stock market
demand for money is inactive. and there
appears to be little chance of important
Improvement in the next few weeks, al
though it is not unlikely that some
what higher level Of rates will develop
i'm the course Of the spring.