New-York tribune., 1911-11-25
FINANCIAL MARKET
Banks Lose Upward of $4,000,
600 on Weeks Money
Movement.

Transactions in Yesterdays stock mar
ket were light in volume and represented
little beyond the operations of an uldm-
portant professional element. Strength
in prices in the early dealings brought
out enough stock to check the upward
movement, while in the chief part of the
day pressure by bear traders helped by
realizing on long accounts was effective
i'm carrying quotations for the larger
number OF issues to levels under the
closing in Thursdays market Final
6s-l!rcs showed net declines in most
parts of the list. Commission houses
wero not active factors in the specula-
lion. Tho important Wall Street inter-
csts apparently were concerned with
larger propositions than stock market
movements, while investors were not
much i'm evidence. except TO some extent
in the bond department. Excellent op-
portunities for the safe and prof1tanle m
vestment of funds may be found IN the
bonds OF our high grade railway COM
panies. and equally attractive chances
for the placement of idle funds are
offered in the securities of various public
utility companies and the issues or mu-
nicjpalities- one does not have 10 go 10
the Stock Exchange to secure good IN
ves+nents The idea that only securi-
ii s dealt In on the New York stock EX-
change are worth considering is absurd.
The securities of sound traction, electric
lighting. gas and power companies Which
are not listed on the exchange, and
which are not looking for a speculative
market. are in good demand, and Just
now investment dealings in them are
rroportionately more active than the IN
vestment dealings in listed issues. In
1899 Third Avenue stock sold at 242;
Yesterday its low price was 4. The new
stock sold when issued in the oOs.
To secure new stock present stockholders
will have TO pay an assessment or $40
share Under proper management there
is no reason why the Third Avenue Com
pany should not make money and the
ne-y stock eventually sell at three times
the price Of the assessment
According TO the known movement or
money in the week the local banks have
lost upward of S9.000,Oo0 in cash hold
ings. due 10 shipments of gold to Can
ada and South America and transfers
If currency TO San Francisco. On the
direct movement with the interior the
hanks gained approximately S6.OOO.OOO'
hut the shipments from here TO Mon
treal and the Pacific Coast more than
offset receipts from nearby and Eastern
ooints. Unless there has been marked
contraction I'm loans in the week, to-
dav's Clearing House statement. showing
the actual position Of the banks at the
close Of business last night doubtless
will present a material reduction IN the
raserve above legal requirements which
a week ago stood al Sl0,SJ00 600 Not
withstanding the expectation of lower
hank reserves. money rates show no dis
nosition To advance at the moment, but
II is conceivable that the persistent
strain on the banks here for funds for
oit of town account and the financing
incident to the December interest and
dividend disbursements will be reflected
i'm better quotations next week and In
tho rest Of the year. Just now New
York appears 10 he financing the entire
world