New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-08
FINANCIAL MARKET
Domestic Exchange Rates Sug-
geSt Movement Of Money
to the Interior.

STOCK market trAQlng was again uul
and narrow on an irregular movement OF
prices that showed small net gains in the
larger number Of issues The Wabash
and Missouri Pacific shares. Canadian
Pacific. Norfolk e. Western and United
States Rubber gave a fair exhibition OF
strength, but elsewhere in the list fiuctu-
atoms as a rule were confined within
fractional limits. with. however. firm
underlying tone exhibited. There APP
peared TO be little inclination on the part
Of traders 10 make commitments on
either side Of the account. and In such
usually active stocks as Reading, Union
Pacific and United States Steel transac-
lions reached unimportant totals, while
in all issues the total dealings amounted
TO only 2l9,164 shares. Of which Few
stocks supplied more than two-thirds,
United States leading in point of &C
tivity. although not in point of gain.
The idea that a decision in the Union
Pacific Southern Pacific merger suit
might be handed down In the day, the
refusal Of the public 10 participate In the
speculation and the general uneasiness
I'm the Street over the possibility OF dis
turbine tariff agitation in the extra ses-
sion Of Congress were responsible for
bear sentiment among ordinary traders
but this sentiment. however, did not de-
velop aggressive selling. The profess
sional element is bearish, although II Is
afraid TO put its conviction 10 a market
test. Even the announcement that the
government had decided 10 mass large
number Of troops near the Mexican Dor
der failed Yesterday TO Induce any i'm
portant selling. Ordinarily the stock
market becomes extremely nervous when
anything happens that suggests interna-
tional complications. and While some
traders are endeavoring 10 create visions
of trouble between this country and
European nations that are large holders
Of Mexican bonds there is no indication
Of uneasiness IN local banking circles
over an action by the United States
which apparently involves nothing more
than the protection Of American inter
ests in our sister republic. II Mexico
should ever become a part Of the United
States Mexican securities would enjoy a
boom.
The local money market is inactive at
the moment, but an increased interior
demand for New York funds is reported.
Domestic exchange at Western cities IL
NOW moving against this centre, and II Is
-, <r1ri INK ri
mand for currency incident 10 the LIANT
ing Of the crops and mercantile require
ments will cause the withdrawal Of a
considerable amount OF money from the
hanks at this point in the current month
and in April. although the movement in
itself is not likely TO be heavy enough 70
become an important factor in the course
of money rates. The monetary situation
lie far stronger than Il was at this time
year ago. when foreign exchange was
high enough 10 drive gold from the coun-
try. and when We had no credit balance
abroad Just now New York is lending
money in London. the operation repre-
senting the placing Of funds from the
proceeds of sales Of American securities
TO Europe. The money is not needed
here, and as 1t can he loaned in Lombard
Street 10 as much If not better advantage
than In the local market, while the
credits thus established will come in
handy for the liquidation Of maturing
American short term notes held in Eu-
rope, ii is not surprising that the recent
sales Of securities 10 foreign interests
have found reflection to only a small ex-
tent in the sterling exchange market in
New York. ON merchandise account this
country is showing an increasing favor
able balance. and with the prospect OF
tariff changes at the Forthcoming session
Of Congress there should be a marked
gain in the excess Of exports over inn
ports in the next few months, owing 10
the probable tendency Of importers 10 re
strict their operations 10 immediate
needs.