New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-11
FINANCIAL MARKET
Weeks Money Movement Shows
Lighter Gain in Currency
from the Interior.

The outside participation IN the cur
rent speculation in stocks is light, the
larger part Of the daily operations rep
resenting the transactions of the pro-
fessional element In the bond market
investment buying continues in fair vol
ume. both on the exchange. and over the
counter. and bond houses appear 10 be
unite confident that no difficulty will be
experienced in finding ready market
for forthcoming issues Of railway mort
gage securities. as we'll as for the bal
ance Of unsold issues now on hand.
Trading in bonds yesterday was more
active than In stocks, the operations in
the latter being confined to small totals.
while the volume of business was poorly
distributed, with the chief transactions
in Reading Union Pacific, United States
Steel. the Erie shares and Missouri Pa
cifc. The activity in Erie and Missouri
Pacific in the last few days has not
been explained by actual news concern
ing the properties. but the Street is well
supplied with rumors regarding the fut-
ure Of the two companies.
AS pointed out in this column yester-
dav. the best reason for buying Missouri
Pacific is found in the strength Of f1nan-
cial interests now identified with the
road. who are not likely 10 part with
their stock at prevailing quotations, IL
at all. although it is suggested that they
would be willing 10 turn control over 70
the Hawley people if the right hgure
were offered. The latter interests are
capable of making the Missouri Paclhc
a great railroad property. The Street
developed the idea yesterday that the
Union Pacific would take over the west
ern end Of the Gould system--that is, the
Denver & Rio Grande and the western
Pacific. Such a combination would
make good meat for the government, as
II would be a single control OF parallel
and competing lines. Price movements
showed few important changes In the
day, with the final tendency in the direc-
ton of lower levels on selling pressure
from the trading element which was
without significance as indicating any
change on the part OF the larger inter
ests. The bull movement. however, APP
pears TO be In tired out condition. n
good sized reaction would give 1t re-
newed strength. The United States
Steel Corporations report, showing Dig
gain in untitled orders in January, was
without effect on prices.
According TO the known movement OF
money in the current week the local
banks have gained upward Of S6,WDooo
in cash holdings. practically all of the
gain coming from the interior. The re-
ceipts from out-of-town sources. how
ever. showed material falling off from
those Of the preceding week Of the pres
ent wear. and reflected the usual Fepru-
ary cessation of heavy shipments OF cur
rencv 10 this centre. The banks also no
longer are gaining on their transactions
with the Sub-Treasury, payments in the
last week by the local institutions TO the
Government exceeding payments by the
latter to the banks by more than w.
600 900. To-days Clearing House state
ment showing the condition of the banks
viii be governed 10 large extent by
changes in the loan item. A week ago
thc reserve above legal requirements
stood at S37 1913 $40, and IT Is not I'M
probable that to-day's exhibit viii re-
port a gain in loans large enough To
offset the increase in cash as an infiu-
ence on the reserve. While there has
been no appreciable change In money
rates the general tendency appears To
be in the direction of frmer levels, a
movement wholly in line with the course
of affairs in the financial and business
markets The demand for money from
mercantile centres is expected TO In
crease. while the use OF money ana
credits incident 10 the financing OF the
requirements OF corporations VIII be an
important factor in strengthening loan
| .ntnt tiODg.