New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-08
FINANCIAL MARKET
Money Rates Unchanged. with
No Immediate Prospects of
Higher Figures.

best part Of the day under the influence
of selling by the professional element.
! The advance of the two preceding days
failed to encourage an outside demand.
and in the absence of support from
prominent interests traders exhibited a
disposition to operate for lower levers
throughout the list. their transactions
however bringing out little stock, eN-
cept i'm few issues ina which weak pun
account had been accumulated. as Tor m
stance, i'm Reading. Union Pacific Lehlgh
Valley. International Harvester, United
States steel and Missouri Pacific. Ihere
are any number of bears on the last
named stock. vet the shares Of the MIS-
souri Pacific company are being quietly
absorbed by buyers who feel convinced
that the property has promising iuturc
and that purchases of its securities al
nresont prices and on all declines VIII
result in profits at a later period. Mis-
souri, Pacific is long way from dlVl-
dend. but the present management OF lhe
company is going about its WORK I'D
WAY that suggests a gradual appreciation
I'm The intrinsic worth of the stock. while
fine possibilities of the country through
which the compauy's lines run warrant
the expectation of steady gain in new
traffic. Missouri Pacific and Erie are
two stocks that may not be wanted by
investors at the present time. but the
chances are that they will prove good is
had large supply Of bear rumors WIN
ont the Development Of actual adverse
news. the downward course of quotations
apparently rejecting nothing more than
a reaction from the recent advance In
Canadian Pacific. Lchigh Valley. Mis-
souri, Pacific. Northern Pacific, Reading,
Union Pacific and Baltimore & Ohio net
losses amounted to more than points
the decline I'm the last named being ac-
companicd by traders talk Of a reduction
i'm the dividend on the stock. which is
now ON per cent basis. The issue
would not be dear as . per cent stock
at it's present price.
So far i'm the current week the local
banks have lost moro than sS.ooo,o0o on
their operations with the Sub-Treasur>,
notwithstanding the lact that In the
same time general federal Treasury dis
burscments have been in excess OF re-
coiptS. The loss to the Sub-TreasurN al
This centre has been due i'm large part 4"
transfers of currency to Chicago and san
Francisco for the account Of the banks
and heavy payments by the latter of
drafts by interior institutions ON their
balances here to the Assistant Treasurer
nf the United states i'm New York. lu
,.io,y Of the loss TO the government il is
not unlikely that to-morrow's Clearing
House statement will show reduction
I'M cash holdings and decline i'm the To-
serve above legal requirements unless
tho contraction i'm cash has been offset
as AN influence on the reserve by a hiG
falling off in loans Money rates remain
unchanged. Current quotations for time
funds and commercial paper arc below
the levels prevailing at this time last
wear. and from current indications there
will be no material advance until later IN
the nature OF stringcncy is likely to de-
velop. In the last month the amount of
money I'm circulation increased more than
S21 GOO 000. and as compared with year
ago the figures showing the total amount
OF money i'm the country, exclusive OF
that in Treasury vaults. presented on
September ] net gain Of $73,1S6,7S7
The money market is in strong posi-
tion. and as our credits abroad on mer-
chandise account are growing the coun-
try's financial outlook is most encourag-
ing. The Bank of England made no
change in its minimum rate Of discount
yesterday and showed an almost abb
normally high percentage of reserve To
liability. Al $50 per cent the proper
ton compares with high ten-year aver
age of $3.50 per cent.