New-York tribune., 1911-04-20
FINANCIAL MARKET
Covering blythe Shorts Advances
Prices for All Leading Stocks.

Commission houses were without i'm
portant selling orders for public account
Yesterday in spite Of the liquidation OF
the day before. while they also were un-
able to report a disposition on the part
of outside interests to take advantage OF
the lower prices TO accumulate stocks
on borrowed money. A large amount OF
noorlv protected stock was sold in Tues
DAVIS operations. but the fact that the
selling movement was not based upon
developments affecting adversely the IN
,rinsic worth of American investment
Issues served TO encourage the well
founded idea among actual holders that
the general situation presented no argu-
ment warranting the sale OF raliroao
stocks and bonds in the current market
Stocks sold Tuesday were taken py
strong interests. That the professional
element is making no long time commit
noonts on the short side Of speculation is
effected in its unwillingness TO leave It's
,.utraCts uncovered for any length OF
time. and in the cautious buying by IN
AuentiaI members OF the group on all
recessions. The chief buying yesterday
represented purchases by the shorts put
their operations were not large enough
70 bring about important improvement
IN prices in the general list. except 10
some extent i'm Missouri Pacific when
was bought on the report that nothwlth-
standing the withdrawal OF the Kuhn
Loeb & Co. interests from the property
other substantial banking houses would
supplv all the money necessary FOR the
rehabilitation of the road
The question of supplying new capltai
for the Missouri Pacific is of vital I'M
rortance 10 every holder of the COM
ranv's securities. and it therefore ap-
pears extremely unfortunate that the
Gould interests have cut loose from
fnanciers who have the means and the
business experience to make a great
property Of the so-called Gould lines. H.
however. the Speyers. as 1t is now sus-
gested. become Missouri Pacific bankers
tbev doubtless will he able to make
something of the property If they are al
lowed to use their own judgment in the
r,anacen,ent of the road. but II is
thought in some circles that they VIII
have the same troubles as those expert
enced by Kuhn. Loeb & Co. unless
creat change Of heart develops in the
could camp. Many persons have lost
money in Missouri Pacific stock, because
they bought the issue on the assump-
tion that the powerful international
rspkine house would handle the finances
of The road and place its own men az
tho head Of the operating department OF
the COMPANY From their point of view
there has been a serious breach OF Iai'h
somewhere. Most stocks closed at or
near their best prices Of the day.
Money continues to accumulate at this
centre. and the opportunities for the
rrofitable employment Of funds here are
co moor that local bankers are placing
some of their idle cash in London, where
rates for accommodations are more at
tractive than quoted in this market.
reflection Of which is found in the course
Of foreign exchange, which is relatively
strong in the face Of trade balance III
our favor and substantial credits for our
account abroad Growing bank reserves
in New York indicate comparative trade
stagnation at interior points as well as
an inactive stock market al this point.
No man can tell how long this situa-
ton will prevail but from the current
course of affairs 1t looks as If the money
market will not move out Of its present
rut until the autumn. The demands for
money incident to the planting season
on the Western farms has been satisfied,
and currency is now returning 10 the
East I'm heavy volume, as shown in the
big gain i'm cash holdings Of the local
hanks last week and in the movement of
exchange at out-oftown points on New
York. the rate at Chicago. yesterday, for
instance. standing at - cents premium,
against par at this time a year ago.
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