New-York tribune., 1911-01-18
RANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Further Ease in Money Rates on
AccumuIating Supplies of
Currency.

On moderately active volume OF
business stock market prices showed
general advances, with decided improve
mcnt I'm some Of the more prominent
shares. as. for instance. Union Paclhc'
United States steel and Norfolk &, west
crn. the last named developing an
amount Of strength that suggested
something more important in the way
Of coming news affecting the property
than an increase I'm the dividend rate.
4 consolidation Of the Norfolk & West
ern and the "Pandhandle" is talked of
in the Street; also the purchase by the
PENNSYLVANIA OF all the outstanding
holdings OF Norfolk e. Western that Il
can lay its hands upon The Pennsyl-
vania already owns II per cent OF the
capital stock Of the company but many
people in the speculative community per
sist in believing in the face Of denials
tha. the proceeds Of the forthcoming
issue Of Pennsylvania stock will be used
10 pay for Norfolk & Western stock now
reported to be in process Of accumula-
tion. Whatever possible developments
may he affecting Norfolk & Western. tn"
present price Of the stock is wholly
warranted by tho financial and physical
condition of the property, which hss
made tremendous progress since the
date Of its reorganization. in 1896.
In the late afternoon the market
pF
ing tendency than at any time since th"
beginning Of tho current year; also of
strength in which many stocks recently
inactive shared. particularly Northwest
orn Atchiscr. "Pandhandlc" and Chosa
peake e. Ohio. tho last named moving
up in sympathy with Norfolk & Western.
Transactions in honds werc heavy. with
especial strength and activity in the
American Tobacco Is and Norfolk &
Western convertiblos total dealings IN
all issues heinG almost double th"s" 81
the preceding day. Now York city ~
bonds when issued. also were features.
The rise in tho Norfolk & Western con-
vorijhIes. of course. was due to tho
advance IN the price Of tho stock, tho
movement in tho latter. according 10
statement made after the close Of bust
ness bv q baukor Identified with tho
property. being based entirely upon talk.
Quite true. but possibly this talk is based
uron coming events Of which bankers
do not care 70 talk az tho present time.
Tho local banks hsvn gained upward
Of S4.no0.O0o on their operations with
the Sub Treasury since last Friday. and
they also have gained substantial sum
On tho interior movement of currency,
which doubtless will he reflected i'm =
large increase in cash holdings in Sa'nr-
dav's Clearing House statement Further
case is reported In the money market
Time loans can he Effected AT . per cent
for short maturties. with 3% per cont
Tho maximum for distant periods, Whil"
good commercial paper is marketed at
per cent. compared with ~ 10 pcr
/ cent last autumn. the supply Of bills.
however. being limited. II is not un-
| likely that the growing ease In money Is
attracting an inquiry from corporations
|
! ton and general improvement purposes,
and. Furthermore. II is probable that the
Accommodating bank reserves here Will
serve 10 maintain a good demand for
bonds for a long time TO come and a
gradually increasing volume Of business
| in stocks.
The financial community evidently is
preparing for big things in the future.
and if II could be assured that currency
reform would be a development OF the
operations of the next Congress it would
enjoy a measure Of satisfaction never be
| fore experienced. Senator Aldrich's
! scheme of monetary and banking reform
! is a step in the right direction. ana
while it is not probable that bill en-
bodying his ideas will be passed at the
present session of Congress, the presen-
tation Of the Senator's views, which are
based upon two years Of careful study
Of. the subject, will serve the useful pur-
pose of arousing public discussion and OF
imprcssing upon the people Of the coun-