New-York tribune., 1911-11-29
FINANCIAL MARKET
Banks Lose More Gold to Can
ada and South America.

Trading in stocks in the larger part
Of the five hours of business was mod
erately active on a movement Of prices
that tended as a rule. in the direction
of lower levels Losses, however, did
not reach important figures, and press
ure from the professional element failed
to bring out public offerings, except in
q few instances where holders on mar
gin account preferred 20 convert paper
profits into cash. on the theory that.
rending the assembling Of Congress,
quotations might move to cheaper
range. While there is nothing in the
current character Of Stock Exchange
transactions to encourage the eXpecta-
ton Of an important reaction, activity
on the part of the bears is not sur
prising. Prices have enjoyed marked
improvement in recent weeks, the short
interest has been materially reduced and
"A natural hesitancy in operating for
higher levels with the approach Of the
reconvening Of the national assembly
has developed. When the professional
element is in doubt It generally throws
the weight Of it's influence on the bear
side Of the market. When the public is
in doubt it stays away from the Street.
The larger benking interests are not
Worrying over the Presidents message
CT the legislation that our lawmakers
will seek TO enact, but at the moment 1t
does not appear likely they will do any
| thing to encourage bull activity in
stocks. nor is it probable they will dis
! courage operations on the part Of specu-
| lators for temporary lower prices. The
general investment situation is sound
and business conditions and sentiment
over the outlook for our industries are
! improving. Actual expansion IS under
way in the country's industries, but
nothing in the nature OF boom IS
| looked for or desired
! New York bankers now returning
from the recent convention Of the Ma
lional Bankers Association in New Dr.
/ leans report a decided change for the
better in conditions underlying bust
ress. their opinions being based on the
statements made to them by bank Off
GERS from all parts Of the United States
More remunerative figures have de-
velooed in the cal money market ano
frmer rates are predicted for time loans
! Higher money rates at this centre doubt
less will serve the useful purpose Of at
tracing a large amount Of funds from
the interior in December and encourage
a more active demand on the part OF
borrowers for future needs. The hisi
for call money yesterday was 3@4 pei
cent. The banks lost more money OF
gold shipments and transfers Of cur
:ency to the Pacific, while they showed
on their direct operations with the Sub
Treasury since last Friday a loss Of up
ward Of S4OO0,O0O Sterling exchange
was weak The general stock market
was heavy until the final dealings, whcr
active covering Of shorts carried prices
well above the low points Of the morn
| ing. maximum advances Of point oi
more being recorded by Union Pacific
United States steel st. Paul. American
Smelling. Reading and Lehigh Valley
! The pubHca ton Of the salient features
of the Metropolitan Street Railway re-
organization plan was followed by heavy
buving Of the bonds Of the company
and il was thought that the final steps
| In the rehabilitation Of the street rail-
way systems Of the greatest city in the
country would have a decidedly favor
able influence rpon sentiment in flnan-
cial and Investment quarters.