New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-10
FINANCIAL MARKET
Active Demand for Bonds on the
EXCHANGE and Over the Counter.

Stock market trading was moderately
active on movement of prices that
showed unimportant changes on the
davis operations, small net gains pre-
dominating. Strength was somewhat
marked la the early afternoon, when the
leading issues showed fair recovery
from the low points of the week, but the
movement was not attended by material
buying orders from the public. the larger
mart Of the transactions representing
covering of short contracts, particularly
in Reading, Union Pacific. United states
Steel the Erie shares and Missouri Pa
cifc. Bull tips are out on Erie ana MIS-
souri, Pacific. and efforts apparently are
heine, made to create an impression OF
so,,e sort of an alliance between the two
nroperties. despite the fact that such an
idea is extremely farfetched. Erie Is
doing we'll in the matter of earnings ana
traffic appears TO be improving on the
Could lines. but the best bull argument
on Missouri Pacific is the fact tnat
e,rono financial houses are becoming in
terested in the future of the property
The general market became duii OF the
advance. and traders Thought the puy-
ing power had become exhausted, ther
op,nion. however. falling to encourage
imuortant operations for short account
With the money market in its present
nosition. and with the larger interests
committed to financial plans, the success
Of which depends TO large extent upon
stability in securities prices. 1t does not
seem likely that declines will amount TO
much in the near future, barring, Of
course. the development Of some radical
adverse factor with a bearing on money
and business Bonds were in good de-
mand. both on the Stock Exchange and
over the counter.
The Bank Of England made no change
in its minimum rate OF discount yester-
dav. although it's weekly return pre-
sented substantial Improvement in the
J nercentage of reserve to Liabilities. Az
IA % per cent the reserve compares with
a nine-year average for this period OF
1905 per cent. and the fact that the IN
stitution is in such an easy position sug-
eests a. reduction In the bank rate az no
distant time to 81 per cent. The gen
eral tendency in money In London ap-
! pesrs TO he in the direction OF lower
levels. but rates are still we'll above those
reported in the local market, reflection
Of which is found in the course Of ster-
ling exchange quotations. There is lit
tie proba bility Of gold shipments from
here in the near future. as the metal IS
not needed on the other side. whiic a
| change Is expected 10 be effected IN the
movement Of sterling rates by European
buying of our railroad bonds. In the
last few days there has been moderate
absorption by foreign interests Of high
grade issues in the local market and ao-
cording 10 bankers adviccs from abroad
London. Amsterdam and Paris banking
circles at those centres are quito Wiling
TO Join in American syndcates engaged
i'm underwriting new securities issues. II
is understood that considerable
amount OF bonds will he put out in the
near future Securities issued since jan
nary ! have found a good market. in
Guiding the new municipal AS In
bond houses government issues are being
more closely watched, owing TO the new
Panama 3's which will come upon the
market Just as soon as Congress taxes
action on the suggestion Of the Secre-
tary Of the Treasury 70 make them un-
available for banknote circulation pur-
roses The movement of money from
the interior TO New York appears TO be
falling off IN volume from the recent
ptalg rcpOrte0